Northern America: Essential Oils Market 2024

Essential Oils Market Size in Northern America

In 2022, the North American essential oils market increased by 19% to $X, rising for the second year in a row after two years of decline. The total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +10.9% 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 +35.0% against 2020 indices. Over the period under review, the market attained the peak level in 2022 and is likely to see steady growth in the near future.

Essential Oils Production in Northern America

In value terms, essential oils production contracted notably to $X in 2022 estimated in export price. Over the period under review, production, however, saw resilient growth. The growth pace was the most rapid in 2019 with an increase of 7,444,599,500% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Essential Oils Exports

Exports in Northern America

In 2022, approx. X tons of essential oils were exported in Northern America; dropping by -12% against the previous year's figure. The total export volume increased at an average annual rate of +1.0% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2017 when exports increased by 25% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, essential oils exports fell significantly to $X in 2022. Total exports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 17%. The level of export peaked at $X in 2021, and then contracted remarkably in the following year.

Exports by Country

In 2022, the United States (X tons) was the key exporter of essential oils, achieving 89% of total exports. It was distantly followed by Canada (X tons), creating an 11% share of total exports.

The United States experienced a relatively flat trend pattern with regard to volume of exports of essential oils. At the same time, Canada (+5.6%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing exporter exported in Northern America, with a CAGR of +5.6% from 2012-2022. From 2012 to 2022, the share of Canada increased by +3.8 percentage points.

In value terms, the United States ($X) remains the largest essential oils supplier in Northern America, comprising 91% of total exports. The second position in the ranking was taken by Canada ($X), with a 9.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States totaled +3.5%.

Export Prices by Country

In 2022, the export price in Northern America amounted to $X per ton, declining by -6% against the previous year. Over the last decade, it increased at an average annual rate of +2.7%. The growth pace was the most rapid in 2018 an increase of 15%. Over the period under review, the export prices hit record highs at $X per ton in 2021, and then shrank in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while Canada totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.9%).

Essential Oils Imports

Imports in Northern America

In 2022, essential oils imports in Northern America rose slightly to X tons, increasing by 2.4% compared with 2021 figures. The total import volume increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 when imports increased by 27%. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the immediate term.

In value terms, essential oils imports expanded modestly to $X in 2022. Total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +6.0% 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 +10.3% against 2020 indices. The growth pace was the most rapid in 2017 with an increase of 21% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United States dominates imports structure, resulting at X tons, which was near 92% of total imports in 2022. It was distantly followed by Canada (X tons), achieving an 8% share of total imports.

The United States was also the fastest-growing in terms of the essential oils imports, with a CAGR of +4.2% from 2012 to 2022. At the same time, Canada (+3.2%) displayed positive paces of growth. The shares of the largest importers remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported essential oils in Northern America, comprising 94% of total imports. The second position in the ranking was held by Canada ($X), with a 6.2% share of total imports.

In the United States, essential oils imports increased at an average annual rate of +6.1% over the period from 2012-2022.

Import Prices by Country

The import price in Northern America stood at $X per ton in 2022, remaining relatively unchanged against the previous year. Import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.8% 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 +9.3% against 2020 indices. The pace of growth appeared the most rapid in 2015 when the import price increased by 19% against the previous year. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while Canada stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+1.8%).

Source: IndexBox Platform

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