Guatemala: Essential Oils Market 2024

Essential Oils Market Size in Guatemala

In 2022, the Guatemalan essential oils market decreased by -42.7% to $X, falling for the sixth consecutive year after two years of growth. Over the period under review, consumption recorded a noticeable reduction. Over the period under review, the market attained the peak level at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Essential Oils Production in Guatemala

In value terms, essential oils production amounted to $X in 2022 estimated in export price. In general, production, however, saw significant growth. The pace of growth appeared the most rapid in 2013 with an increase of 546% against the previous year. Essential oils production peaked at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Essential Oils Exports

Exports from Guatemala

In 2022, the amount of essential oils exported from Guatemala declined to X tons, shrinking by -11% on 2021 figures. The total export volume increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 64%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, essential oils exports contracted significantly to $X in 2022. In general, total exports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when exports increased by 64% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then fell significantly in the following year.

Exports by Country

Mexico (X tons), France (X tons) and the United States (X tons) were the main destinations of essential oils exports from Guatemala, together comprising 73% of total exports.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +18.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, France ($X), the United States ($X) and Mexico ($X) were the largest markets for essential oils exported from Guatemala worldwide, with a combined 64% share of total exports.

Mexico, with a CAGR of +15.6%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average essential oils export price stood at $X per ton in 2022, declining by -21.3% against the previous year. Overall, export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, essential oils export price decreased by -25.5% against 2020 indices. The pace of growth was the most pronounced in 2019 an increase of 27%. Over the period under review, the average export prices reached the maximum at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to El Salvador ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+8.4%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into Guatemala

In 2022, overseas purchases of essential oils decreased by -43.7% to X tons, falling for the fifth consecutive year after three years of growth. Over the period under review, imports recorded a abrupt setback. The pace of growth appeared the most rapid in 2015 when imports increased by 37%. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, essential oils imports reduced rapidly to $X in 2022. In general, imports continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2016 when imports increased by 91% against the previous year. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), India (X tons) and the United States (X tons) were the main suppliers of essential oils imports to Guatemala, together accounting for 61% of total imports. Spain, Mexico, the UK, Germany, Canada, Brazil, France, Belize, Panama and South Korea lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Canada (with a CAGR of +1,589.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest essential oils suppliers to Guatemala were China ($X), India ($X) and the United States ($X), with a combined 64% share of total imports. Mexico, Spain, France, the UK, Canada, Germany, Brazil, Belize, Panama and South Korea lagged somewhat behind, together accounting for a further 30%.

Canada, with a CAGR of +973.1%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average essential oils import price stood at $X per ton in 2022, dropping by -7.9% against the previous year. In general, the import price recorded a slight contraction. The pace of growth was the most pronounced in 2016 when the average import price increased by 45%. Over the period under review, average import prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Panama ($X per ton), while the price for Belize ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Panama (+14.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform