New Zealand: Essential Oils Market 2024

Essential Oils Market Size in New Zealand

The New Zealand essential oils market surged to $X in 2022, rising by 44% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +7.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +74.1% against 2020 indices. Over the period under review, the market reached the peak level in 2022 and is likely to see gradual growth in years to come.

Essential Oils Exports

Exports from New Zealand

In 2022, exports of essential oils from New Zealand skyrocketed to X tons, rising by 43% on the previous year's figure. Over the period under review, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 55% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, essential oils exports surged to $X in 2022. Overall, exports enjoyed a perceptible expansion. The pace of growth appeared the most rapid in 2013 with an increase of 99% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Australia (X tons), China (X tons) and the United States (X tons) were the main destinations of essential oils exports from New Zealand, with a combined 78% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +56.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for essential oils exported from New Zealand were the United States ($X), Australia ($X) and China ($X), together comprising 66% of total exports.

China, with a CAGR of +63.0%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination 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, shrinking by -18.6% against the previous year. Over the period under review, the export price, however, continues to indicate temperate growth. The pace of growth was the most pronounced in 2019 when the average export price increased by 53% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2021, and then shrank sharply in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Switzerland ($X per ton), while the average price for exports to Cook Islands ($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 South Korea (+16.8%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into New Zealand

In 2022, essential oils imports into New Zealand surged to X tons, rising by 95% against 2021. Over the period under review, imports continue to indicate a strong expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, essential oils imports rose to $X in 2022. In general, imports posted a buoyant increase. The growth pace was the most rapid in 2017 with an increase of 51%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest essential oils supplier to New Zealand, with a 62% share of total imports. Moreover, essential oils imports from China exceeded the figures recorded by the second-largest supplier, Australia (X tons), fourfold. India (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +33.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+1.0% per year) and India (+30.4% per year).

In value terms, the largest essential oils suppliers to New Zealand were Australia ($X), China ($X) and the United States ($X), together accounting for 78% of total imports.

In terms of the main suppliers, China, with a CAGR of +22.9%, 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 more modest paces of growth.

Import Prices by Country

In 2022, the average essential oils import price amounted to $X per ton, reducing by -46.2% against the previous year. In general, the import price recorded a slight shrinkage. The pace of growth was the most pronounced in 2013 when the average import price increased by 37%. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, import prices stood 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 United States ($X per ton), while the price for China ($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 United States (+23.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :