Middle East: Essential Oils Market 2024

Essential Oils Market Size in the Middle East

The Middle Eastern essential oils market shrank rapidly to $X in 2022, declining by -15.9% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Essential Oils Production in the Middle East

In value terms, essential oils production shrank to $X in 2022 estimated in export price. Overall, production saw a slight expansion. The pace of growth was the most pronounced in 2015 when the production volume increased by 50%. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Essential Oils Exports

Exports in the Middle East

In 2022, the amount of essential oils exported in the Middle East dropped to X tons, shrinking by -11.6% against 2021. Overall, exports, however, continue to indicate a mild expansion. The pace of growth appeared the most rapid in 2017 with an increase of 145%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, essential oils exports rose modestly to $X in 2022. In general, exports, however, showed moderate growth. The most prominent rate of growth was recorded in 2018 when exports increased by 89% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates represented the key exporting country with an export of around X tons, which recorded 45% of total exports. It was distantly followed by Turkey (X tons) and Israel (X tons), together comprising a 42% share of total exports. Lebanon (X tons), Saudi Arabia (X tons) and Iran (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Israel (with a CAGR of +7.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) remains the largest essential oils supplier in the Middle East, comprising 56% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 23% share of total exports. It was followed by Israel, with a 14% share.

In Turkey, essential oils exports increased at an average annual rate of +3.2% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (+7.7% per year) and Israel (+13.5% per year).

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, increasing by 16% against the previous year. Over the period under review, the export price enjoyed noticeable growth. The growth pace was the most rapid in 2019 when the export price increased by 126%. The level of export peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iran (+9.1%), while the other leaders experienced more modest paces of growth.

Essential Oils Imports

Imports in the Middle East

In 2022, overseas purchases of essential oils decreased by -38.5% to X tons, falling for the third year in a row after two years of growth. In general, imports continue to indicate a pronounced curtailment. The most prominent rate of growth was recorded in 2019 with an increase of 45% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, essential oils imports plummeted to $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 20%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Turkey (X tons), distantly followed by Oman (X tons), the United Arab Emirates (X tons) and Israel (X tons) represented the key importers of essential oils, together achieving 85% of total imports. Bahrain (X tons), Iran (X tons) and Iraq (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Oman (with a CAGR of +24.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest essential oils importing markets in the Middle East were Turkey ($X), the United Arab Emirates ($X) and Israel ($X), together comprising 77% of total imports. Oman, Bahrain, Iran and Iraq lagged somewhat behind, together accounting for a further 19%.

Oman, with a CAGR of +21.2%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, growing by 9.9% against the previous year. Import price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +5.3% 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 +118.6% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by 74% against the previous year. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Israel ($X per ton), while Iraq ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+6.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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