Philippines: Essential Oils Market 2024

Essential Oils Market Size in the Philippines

In 2022, the Philippine essential oils market decreased by -1.7% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption, however, saw a abrupt contraction. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Essential Oils Production in the Philippines

In value terms, essential oils production expanded slightly to $X in 2022 estimated in export price. In general, production, however, showed a slight curtailment. The most prominent rate of growth was recorded in 2013 when the production volume increased by 403% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Essential Oils Exports

Exports from the Philippines

In 2022, the amount of essential oils exported from the Philippines fell remarkably to X tons, waning by -70.7% compared with the previous year's figure. Overall, exports faced a precipitous descent. The growth pace was the most rapid in 2017 when exports increased by 576% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, essential oils exports dropped remarkably to $X in 2022. Over the period under review, exports recorded a abrupt setback. The most prominent rate of growth was recorded in 2013 with an increase of 464%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X tons), the United Arab Emirates (X tons) and South Korea (X tons) were the main destinations of essential oils exports from the Philippines, with a combined 78% share of total exports. Qatar, Australia, France, Spain and Malaysia lagged somewhat behind, together accounting for a further 21%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Qatar (with a CAGR of +13.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for essential oils exported from the Philippines were France ($X), the United States ($X) and Spain ($X), with a combined 69% share of total exports. South Korea, Qatar, Malaysia, the United Arab Emirates and Australia lagged somewhat behind, together accounting for a further 28%.

Qatar, with a CAGR of +17.0%, 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

In 2022, the average essential oils export price amounted to $X per ton, picking up by 178% against the previous year. Over the period under review, the export price continues to indicate a strong expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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 Spain ($X per ton), while the average price for exports to the United Arab Emirates ($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 Malaysia (+31.9%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into the Philippines

In 2022, overseas purchases of essential oils increased by 27% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports, however, continue to indicate a abrupt shrinkage. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, essential oils imports contracted to $X in 2022. In general, imports, however, saw a drastic downturn. The pace of growth appeared the most rapid in 2016 when imports increased by 81%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, India (X tons) constituted the largest essential oils supplier to the Philippines, accounting for a 48% share of total imports. Moreover, essential oils imports from India exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was taken by the United States (X tons), with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India stood at +23.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+0.5% per year) and the United States (-7.3% per year).

In value terms, the largest essential oils suppliers to the Philippines were the United States ($X), China ($X) and the UK ($X), with a combined 61% share of total imports. Brazil, India, Singapore, Indonesia, Japan and Hong Kong SAR lagged somewhat behind, together comprising a further 26%.

Among the main suppliers, Indonesia, with a CAGR of +18.5%, 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, falling by -29.4% against the previous year. Over the period under review, the import price showed a noticeable setback. The growth pace was the most rapid in 2016 when the average import price increased by 47% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the average import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+15.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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