Latvia: Essential Oils Market 2024

Essential Oils Market Size in Latvia

In 2022, after three years of growth, there was significant decline in the Latvian essential oils market, when its value decreased by -35.2% to $X. In general, consumption showed a abrupt setback. Essential oils consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Essential Oils Production in Latvia

In value terms, essential oils production contracted slightly to $X in 2022 estimated in export price. Over the period under review, production saw a abrupt descent. The most prominent rate of growth was recorded in 2013 with an increase of 74% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Essential Oils Exports

Exports from Latvia

In 2022, the amount of essential oils exported from Latvia reduced to X tons, with a decrease of -14.6% against the previous year's figure. Overall, exports, however, recorded a strong expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 119% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, essential oils exports fell to $X in 2022. In general, exports, however, saw perceptible growth. The pace of growth was the most pronounced in 2020 with an increase of 128%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Belarus (X tons) was the main destination for essential oils exports from Latvia, accounting for a 52% share of total exports. Moreover, essential oils exports to Belarus exceeded the volume sent to the second major destination, China (X kg), fivefold. Lithuania (X kg) ranked third in terms of total exports with an 8.7% share.

From 2012 to 2022, the average annual growth rate of volume to Belarus amounted to +62.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-7.3% per year) and Lithuania (+6.7% per year).

In value terms, Belarus ($X) remains the key foreign market for essential oils exports from Latvia, comprising 55% of total exports. The second position in the ranking was taken by China ($X), with a 16% share of total exports. It was followed by Lithuania, with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Belarus totaled +52.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-7.4% per year) and Lithuania (-3.2% per year).

Export Prices by Country

The average essential oils export price stood at $X per ton in 2022, picking up by 7% against the previous year. In general, the export price, however, saw a abrupt downturn. The most prominent rate of growth was recorded in 2013 when the average export price increased by 11%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average 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 China ($X per ton), while the average price for exports to Kazakhstan ($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 Uzbekistan (+2.0%), while the prices for the other major destinations experienced a decline.

Essential Oils Imports

Imports into Latvia

In 2022, imports of essential oils into Latvia shrank sharply to X tons, which is down by -19.9% on the previous year. Overall, imports, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2018 with an increase of 59% against the previous year. Imports peaked at X tons in 2021, and then dropped rapidly in the following year.

In value terms, essential oils imports shrank significantly to $X in 2022. In general, imports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2020 with an increase of 75%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Italy (X tons), Russia (X tons) and Spain (X tons) were the main suppliers of essential oils imports to Latvia, with a combined 67% share of total imports. Germany, the Netherlands, India, Poland, Ukraine and Lithuania lagged somewhat behind, together accounting for a further 26%.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +44.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest essential oils suppliers to Latvia were Italy ($X), Russia ($X) and Spain ($X), with a combined 48% share of total imports. Germany, Lithuania, Poland, the Netherlands, Ukraine and India lagged somewhat behind, together accounting for a further 35%.

In terms of the main suppliers, Poland, with a CAGR of +57.1%, recorded the highest rates of growth with regard to 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, dropping by -38.2% against the previous year. In general, the import price showed a noticeable descent. The pace of growth appeared the most rapid in 2020 an increase of 80%. As a result, import price reached the peak level of $X per ton. From 2021 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 Lithuania ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+13.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform