Paraguay: Essential Oils Market 2024

Essential Oils Market Size in Paraguay

The Paraguayan essential oils market shrank dramatically to $X in 2022, reducing by -24.5% against the previous year. Overall, consumption, however, continues to indicate a prominent increase. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Essential Oils Production in Paraguay

In value terms, essential oils production dropped slightly to $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the production volume increased by 23%. 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 from Paraguay

In 2022, the amount of essential oils exported from Paraguay skyrocketed to X tons, rising by 16% against 2021 figures. The total export volume increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when exports increased by 25%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, essential oils exports soared to $X in 2022. The total export value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons), India (X tons) and Brazil (X tons) were the main destinations of essential oils exports from Paraguay, together comprising 50% of total exports. France, Argentina, China, Spain, Switzerland, Germany and the Netherlands lagged somewhat behind, together accounting for a further 40%.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +39.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for essential oils exported from Paraguay were the United States ($X), India ($X) and France ($X), with a combined 47% share of total exports. Brazil, Germany, Spain, Switzerland, Argentina, China and the Netherlands lagged somewhat behind, together comprising a further 43%.

China, with a CAGR of +38.8%, recorded the highest growth rate of the value of exports, among 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, with an increase of 11% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the average export price increased by 25% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Brazil ($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 (+6.8%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into Paraguay

In 2022, purchases abroad of essential oils increased by 6.8% to X tons, rising for the third year in a row after three years of decline. Overall, imports saw a strong expansion. The most prominent rate of growth was recorded in 2015 with an increase of 92% against the previous year. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, essential oils imports expanded rapidly to $X in 2022. Over the period under review, imports saw a resilient increase. The most prominent rate of growth was recorded in 2015 with an increase of 127%. Imports peaked at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, India (X tons) constituted the largest supplier of essential oils to Paraguay, with a 69% share of total imports. Moreover, essential oils imports from India exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. Spain (X tons) ranked third in terms of total imports with a 1.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India amounted to +28.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-2.4% per year) and Spain (-3.3% per year).

In value terms, India ($X) constituted the largest supplier of essential oils to Paraguay, comprising 70% of total imports. The second position in the ranking was taken by China ($X), with a 23% share of total imports. It was followed by Spain, with a 2.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India totaled +31.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+2.7% per year) and Spain (+0.1% per year).

Import Prices by Country

The average essential oils import price stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. Overall, the import price posted a notable expansion. The pace of growth was the most pronounced in 2018 when the average import price increased by 58%. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average 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 Spain ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+6.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform