Hungary: Essential Oils Market 2024

Essential Oils Market Size in Hungary

For the third consecutive year, the Hungarian essential oils market recorded decline in sales value, which decreased by -75.2% to $X in 2022. In general, consumption continues to indicate a deep downturn. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Essential Oils Production in Hungary

In value terms, essential oils production soared to $X in 2022 estimated in export price. Overall, production, however, enjoyed a temperate expansion. The most prominent rate of growth was recorded in 2013 when the production volume increased by 427% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Essential Oils Exports

Exports from Hungary

In 2022, overseas shipments of essential oils decreased by -30.5% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, exports, however, showed buoyant growth. The pace of growth appeared the most rapid in 2021 with an increase of 38% against the previous year. As a result, the exports reached the peak of X tons, and then dropped dramatically in the following year.

In value terms, essential oils exports fell dramatically to $X in 2022. In general, total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 27%. As a result, the exports reached the peak of $X, and then contracted notably in the following year.

Exports by Country

The UK (X tons), the United States (X tons) and the Netherlands (X tons) were the main destinations of essential oils exports from Hungary, with a combined 61% share of total exports. Germany, Canada, Serbia, France, Austria, Romania, Switzerland, Japan and Croatia lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Canada (with a CAGR of +27.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for essential oils exported from Hungary were the UK ($X), the United States ($X) and Germany ($X), with a combined 64% share of total exports. The Netherlands, France, Canada, Serbia, Switzerland, Japan, Austria, Croatia and Romania lagged somewhat behind, together comprising a further 24%.

In terms of the main countries of destination, Serbia, with a CAGR of +22.6%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average essential oils export price amounted to $X per ton, growing by 5.3% against the previous year. In general, the export price, however, recorded a noticeable downturn. Over the period under review, the average export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Romania ($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 Serbia (+0.2%), while the prices for the other major destinations experienced a decline.

Essential Oils Imports

Imports into Hungary

In 2022, the amount of essential oils imported into Hungary reached X tons, increasing by 12% against the previous year. Overall, imports recorded a buoyant increase. The most prominent rate of growth was recorded in 2013 with an increase of 86% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, essential oils imports reduced remarkably to $X in 2022. Over the period under review, imports enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2019 with an increase of 125% against the previous year. Imports peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of essential oils to Hungary, with a 54% share of total imports. Moreover, essential oils imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), fourfold. The third position in this ranking was held by the United States (X tons), with a 7.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +37.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+8.2% per year) and the United States (+32.7% per year).

In value terms, Germany ($X), Turkey ($X) and the United States ($X) appeared to be the largest essential oils suppliers to Hungary, together accounting for 41% of total imports.

In terms of the main suppliers, Turkey, with a CAGR of +47.7%, recorded the highest growth rate of the value of imports, 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, declining by -59.9% against the previous year. Overall, the import price showed a abrupt curtailment. The pace of growth was the most pronounced in 2019 when the average import price increased by 74%. As a result, import price reached the peak level of $X per ton. From 2020 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for China ($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 UK (+15.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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