Iran: Essential Oils Market 2024

Essential Oils Market Size in Iran

The Iranian essential oils market dropped to $X in 2022, waning by -8% against the previous year. The market value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Essential Oils Production in Iran

In value terms, essential oils production contracted modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2014 with an increase of 38% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Essential Oils Exports

Exports from Iran

After four years of growth, overseas shipments of essential oils decreased by -26.5% to X tons in 2022. In general, exports showed a abrupt descent. The pace of growth appeared the most rapid in 2019 when exports increased by 117%. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, essential oils exports rose slightly to $X in 2022. Over the period under review, exports, however, saw a slight expansion. The most prominent rate of growth was recorded in 2019 with an increase of 168%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Canada (X tons) was the main destination for essential oils exports from Iran, with a 35% share of total exports. Moreover, essential oils exports to Canada exceeded the volume sent to the second major destination, China (X tons), threefold. Germany (X tons) ranked third in terms of total exports with an 8.9% share.

From 2012 to 2022, the average annual growth rate of volume to Canada amounted to +57.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+42.9% per year) and Germany (-15.1% per year).

In value terms, Germany ($X) remains the key foreign market for essential oils exports from Iran, comprising 26% of total exports. The second position in the ranking was taken by Slovakia ($X), with a 7.3% share of total exports. It was followed by China, with a 4.8% share.

From 2012 to 2022, the average annual growth rate of value to Germany amounted to -3.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (+9.6% per year) and China (+18.0% per year).

Export Prices by Country

In 2022, the average essential oils export price amounted to $X per ton, rising by 42% against the previous year. Overall, the export price saw a buoyant increase. The most prominent rate of growth was recorded in 2015 an increase of 83%. Over the period under review, the average export prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Canada ($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 Germany (+13.2%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into Iran

In 2022, supplies from abroad of essential oils decreased by -63.3% to X tons, falling for the second year in a row after two years of growth. Overall, imports saw a abrupt decline. The pace of growth was the most pronounced in 2013 when imports increased by 74% against the previous year. Over the period under review, imports reached the maximum at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, essential oils imports declined markedly to $X in 2022. In general, imports continue to indicate a drastic downturn. The pace of growth appeared the most rapid in 2014 when imports increased by 63% against the previous year. Over the period under review, imports attained the peak figure at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, India (X tons) constituted the largest supplier of essential oils to Iran, with a 41% share of total imports. Moreover, essential oils imports from India exceeded the figures recorded by the second-largest supplier, the UK (X tons), twofold. Germany (X tons) ranked third in terms of total imports with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India stood at +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-1.3% per year) and Germany (-21.5% per year).

In value terms, the UK ($X), India ($X) and Germany ($X) constituted the largest essential oils suppliers to Iran, together accounting for 73% of total imports.

Among the main suppliers, the UK, with a CAGR of +12.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average essential oils import price amounted to $X per ton, growing by 32% against the previous year. Overall, import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +2.5% 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 +65.4% against 2020 indices. The pace of growth appeared the most rapid in 2016 an increase of 65% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+16.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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