Pakistan: Essential Oils Market 2024

Essential Oils Market Size in Pakistan

The Pakistani essential oils market contracted to $X in 2022, waning by -9.1% against the previous year. In general, consumption, however, posted noticeable growth. Essential oils consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Essential Oils Production in Pakistan

In value terms, essential oils production reduced modestly to $X in 2022 estimated in export price. Overall, production, however, recorded a measured increase. The pace of growth was the most pronounced in 2015 with an increase of 85% against the previous year. Essential oils production peaked at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Essential Oils Exports

Exports from Pakistan

In 2022, shipments abroad of essential oils increased by 4.3% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports saw a strong increase. The growth pace was the most rapid in 2021 when exports increased by 151%. The exports peaked in 2022 and are likely to continue growth in the near future.

In value terms, essential oils exports soared to $X in 2022. Overall, exports showed a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 178%. The exports peaked in 2022 and are likely to see steady growth in the near future.

Exports by Country

The United Arab Emirates (X tons) was the main destination for essential oils exports from Pakistan, with a 87% share of total exports. Moreover, essential oils exports to the United Arab Emirates exceeded the volume sent to the second major destination, the UK (X tons), more than tenfold. The third position in this ranking was held by Uruguay (X tons), with a 5.3% share.

From 2012 to 2022, the average annual growth rate of volume to the United Arab Emirates stood at +70.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+64.8% per year) and Uruguay (+73.6% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for essential oils exports from Pakistan, comprising 62% of total exports. The second position in the ranking was held by the UK ($X), with a 16% share of total exports. It was followed by Uruguay, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United Arab Emirates totaled +92.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+94.2% per year) and Uruguay (+58.7% per year).

Export Prices by Country

The average essential oils export price stood at $X per ton in 2022, with an increase of 76% against the previous year. Overall, the export price posted a noticeable expansion. The growth pace was the most rapid in 2015 when the average export price increased by 119% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the near future.

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 the Netherlands ($X per ton), while the average price for exports to the United Arab Emirates ($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 (+23.2%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into Pakistan

In 2022, the amount of essential oils imported into Pakistan contracted significantly to X tons, declining by -53.8% against 2021. Overall, imports recorded a abrupt slump. The pace of growth appeared the most rapid in 2016 when imports increased by 59% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, essential oils imports declined markedly to $X in 2022. Over the period under review, imports, however, posted a slight expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 108% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of essential oils to Pakistan, with a 38% share of total imports. Moreover, essential oils imports from the United States exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), threefold. China (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States amounted to -10.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+70.3% per year) and China (-7.8% per year).

In value terms, the United States ($X) constituted the largest supplier of essential oils to Pakistan, comprising 51% of total imports. The second position in the ranking was held by Uruguay ($X), with a 9.9% share of total imports. It was followed by China, with an 8% share.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to +1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Uruguay (+1.2% per year) and China (+1.2% per year).

Import Prices by Country

The average essential oils import price stood at $X per ton in 2022, surging by 46% against the previous year. Overall, the import price saw a buoyant expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Uruguay ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uruguay (+15.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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