Hong Kong SAR, China: Essential Oils Market 2024

Essential Oils Market Size in Hong Kong SAR, China

In 2022, the Hong Kong essential oils market decreased by -15.8% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption, however, recorded pronounced growth. Essential oils consumption peaked at $X in 2021, and then fell notably in the following year.

Essential Oils Exports

Exports from Hong Kong SAR, China

In 2022, approx. X tons of essential oils were exported from Hong Kong SAR; remaining relatively unchanged against the year before. Overall, exports saw a abrupt shrinkage. The pace of growth was the most pronounced in 2015 when exports increased by 57%. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, essential oils exports surged to $X in 2022. Over the period under review, exports recorded a noticeable descent. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for essential oils exports from Hong Kong SAR, with a 61% share of total exports. Moreover, essential oils exports to China exceeded the volume sent to the second major destination, the United States (X tons), twofold. The third position in this ranking was taken by Malaysia (X tons), with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to -6.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+24.8% per year) and Malaysia (+1.9% per year).

In value terms, China ($X) remains the key foreign market for essential oils exports from Hong Kong SAR, comprising 88% of total exports. The second position in the ranking was taken by the United States ($X), with a 5% share of total exports. It was followed by Malaysia, with a 2.4% share.

From 2012 to 2022, the average annual growth rate of value to China stood at +5.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+19.0% per year) and Malaysia (+3.2% per year).

Export Prices by Country

In 2022, the average essential oils export price amounted to $X per ton, jumping by 71% against the previous year. Overall, the export price recorded resilient growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the United States ($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 China (+13.0%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into Hong Kong SAR, China

In 2022, imports of essential oils into Hong Kong SAR contracted remarkably to X tons, with a decrease of -20.8% compared with 2021. Overall, imports continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2020 when imports increased by 34% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, essential oils imports contracted to $X in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 38%. Imports peaked at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

The United States (X tons), China (X tons) and Singapore (X tons) were the main suppliers of essential oils imports to Hong Kong SAR, with a combined 88% share of total imports. Taiwan (Chinese), France and Australia lagged somewhat behind, together comprising a further 7.5%.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +21.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of essential oils to Hong Kong SAR, comprising 70% of total imports. The second position in the ranking was held by China ($X), with a 17% share of total imports. It was followed by France, with a 3.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States amounted to +6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-8.7% per year) and France (+8.9% per year).

Import Prices by Country

In 2022, the average essential oils import price amounted to $X per ton, rising by 17% against the previous year. Overall, import price indicated a prominent expansion from 2012 to 2022: its price increased at an average annual rate of +7.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, essential oils import price increased by +88.8% against 2018 indices. The most prominent rate of growth was recorded in 2019 an increase of 38% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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