Italy: Essential Oils Market 2024

Essential Oils Market Size in Italy

The Italian essential oils market dropped rapidly to $X in 2022, which is down by -38.2% against the previous year. Over the period under review, consumption, however, saw resilient growth. As a result, consumption reached the peak level of $X, and then reduced dramatically in the following year.

Essential Oils Production in Italy

In value terms, essential oils production skyrocketed to $X in 2022 estimated in export price. In general, production, however, saw a strong increase. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Essential Oils Exports

Exports from Italy

In 2022, the amount of essential oils exported from Italy rose sharply to X tons, surging by 6.1% on the previous year's figure. Over the period under review, total exports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +13.9% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 26%. The exports peaked in 2022 and are likely to continue growth in the near future.

In value terms, essential oils exports reduced to $X in 2022. Overall, total exports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +10.7% against 2020 indices. The pace of growth was the most pronounced in 2014 when exports increased by 30%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), the Netherlands (X tons) and France (X tons) were the main destinations of essential oils exports from Italy, together accounting for 51% of total exports. Germany, Singapore, China, the UK, Portugal, Brazil, Switzerland, India, Spain and Ireland lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Portugal (with a CAGR of +58.8%), while the other leaders experienced more modest paces of growth.

In value terms, France ($X), the United States ($X) and the Netherlands ($X) appeared to be the largest markets for essential oils exported from Italy worldwide, with a combined 55% share of total exports. Germany, Switzerland, the UK, China, Spain, Singapore, Ireland, Brazil, India and Portugal lagged somewhat behind, together accounting for a further 32%.

In terms of the main countries of destination, Portugal, with a CAGR of +60.0%, recorded the highest rates of growth with regard to 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, which is down by -8% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by 12%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Portugal ($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 Ireland (+7.6%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into Italy

For the fourth consecutive year, Italy recorded growth in overseas purchases of essential oils, which increased by 39% to X tons in 2022. Overall, imports posted a remarkable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, essential oils imports skyrocketed to $X in 2022. Over the period under review, total imports indicated buoyant growth from 2012 to 2022: its value 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, imports increased by +46.6% against 2018 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 30% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

France (X tons), Spain (X tons) and Germany (X tons) were the main suppliers of essential oils imports to Italy, with a combined 69% share of total imports. The Netherlands, Brazil, Mexico, Argentina, China and the UK lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2022, the biggest increases were recorded for Argentina (with a CAGR of +18.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, France ($X) constituted the largest supplier of essential oils to Italy, comprising 34% of total imports. The second position in the ranking was taken by Spain ($X), with a 16% share of total imports. It was followed by the Netherlands, with a 15% share.

From 2012 to 2022, the average annual growth rate of value from France amounted to +7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+14.3% per year) and the Netherlands (+19.4% per year).

Import Prices by Country

In 2022, the average essential oils import price amounted to $X per ton, reducing by -9.1% against the previous year. Over the period under review, the import price showed a perceptible setback. The pace of growth appeared the most rapid in 2018 an increase of 17%. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average import prices remained at a somewhat 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 ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+11.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :