Norway: Essential Oils Market 2024

Essential Oils Market Size in Norway

The Norwegian essential oils market reduced rapidly to $X in 2022, falling by -37.9% against the previous year. Over the period under review, consumption, however, recorded a strong expansion. Essential oils consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Essential Oils Production in Norway

In value terms, essential oils production dropped sharply to $X in 2022 estimated in export price. In general, production saw a perceptible slump. The most prominent rate of growth was recorded in 2021 when the production volume increased by 135% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Essential Oils Exports

Exports from Norway

After two years of decline, overseas shipments of essential oils increased by 139% to X kg in 2022. Over the period under review, exports saw resilient growth. The growth pace was the most rapid in 2017 with an increase of 206% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, essential oils exports soared to $X in 2022. In general, exports posted a remarkable increase. The most prominent rate of growth was recorded in 2019 when exports increased by 179% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Sweden (X kg) was the main destination for essential oils exports from Norway, with a 73% share of total exports. Moreover, essential oils exports to Sweden exceeded the volume sent to the second major destination, Canada (X kg), fivefold. The third position in this ranking was taken by Poland (X kg), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Sweden amounted to +24.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (0.0% per year) and Poland (+6.2% per year).

In value terms, Sweden ($X), Canada ($X) and Poland ($X) were the largest markets for essential oils exported from Norway worldwide, with a combined 97% share of total exports.

Sweden, with a CAGR of +23.2%, saw the highest growth rate of 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

The average essential oils export price stood at $X per ton in 2022, falling by -43.6% against the previous year. In general, the export price showed a perceptible decrease. The most prominent rate of growth was recorded in 2019 an increase of 66%. The export price peaked at $X per ton in 2021, and then declined significantly in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Sweden ($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 the Netherlands (+14.7%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into Norway

In 2022, purchases abroad of essential oils decreased by -38.5% to X tons for the first time since 2014, thus ending a seven-year rising trend. Overall, imports, however, saw buoyant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 57%. As a result, imports attained the peak of X tons, and then fell remarkably in the following year.

In value terms, essential oils imports shrank dramatically to $X in 2022. In general, imports, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2018 with an increase of 143%. Over the period under review, imports reached the maximum at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the UK (X tons) constituted the largest supplier of essential oils to Norway, accounting for a 42% share of total imports. Moreover, essential oils imports from the UK exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. Italy (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the UK amounted to +19.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+15.1% per year) and Italy (+35.9% per year).

In value terms, the United States ($X) constituted the largest supplier of essential oils to Norway, comprising 76% of total imports. The second position in the ranking was taken by the UK ($X), with a 7% share of total imports. It was followed by Italy, with a 3.4% share.

From 2012 to 2022, the average annual growth rate of value from the United States totaled +41.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+13.9% per year) and Italy (+31.0% per year).

Import Prices by Country

The average essential oils import price stood at $X per ton in 2022, dropping by -5.2% against the previous year. Overall, the import price, however, posted buoyant growth. The pace of growth appeared the most rapid in 2018 an increase of 112% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, 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 the United States ($X per ton), while the price for the UK ($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 (+22.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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