Portugal: Essential Oils Market 2024

Essential Oils Market Size in Portugal

The Portuguese essential oils market surged to $X in 2022, jumping by 221% against the previous year. Overall, consumption showed a strong expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Essential Oils Production in Portugal

In value terms, essential oils production shrank modestly to $X in 2022 estimated in export price. In general, production faced a abrupt shrinkage. The pace of growth appeared the most rapid in 2021 with an increase of 4% against the previous year. Essential oils production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Essential Oils Exports

Exports from Portugal

In 2022, overseas shipments of essential oils increased by 415% to X tons, rising for the second year in a row after two years of decline. Overall, exports, however, recorded a slight decline. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, essential oils exports soared to $X in 2022. In general, exports, however, continue to indicate a perceptible slump. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The Netherlands (X tons) was the main destination for essential oils exports from Portugal, accounting for a 84% share of total exports. Moreover, essential oils exports to the Netherlands exceeded the volume sent to the second major destination, Belgium (X tons), more than tenfold. The third position in this ranking was taken by France (X tons), with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Netherlands amounted to +2,226.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+55.8% per year) and France (-12.1% per year).

In value terms, the Netherlands ($X) emerged as the key foreign market for essential oils exports from Portugal, comprising 56% of total exports. The second position in the ranking was held by Belgium ($X), with a 12% share of total exports. It was followed by France, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to the Netherlands totaled +1,917.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+57.8% per year) and France (-11.4% per year).

Export Prices by Country

In 2022, the average essential oils export price amounted to $X per ton, waning by -62.6% against the previous year. In general, the export price saw a noticeable contraction. The most prominent rate of growth was recorded in 2020 an increase of 57% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to the Netherlands ($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 Angola (+12.1%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into Portugal

In 2022, essential oils imports into Portugal soared to X tons, picking up by 277% on the previous year's figure. Over the period under review, imports continue to indicate a buoyant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, essential oils imports skyrocketed to $X in 2022. Overall, imports showed a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Italy (X tons) constituted the largest essential oils supplier to Portugal, with a 54% share of total imports. Moreover, essential oils imports from Italy exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. Spain (X tons) ranked third in terms of total imports with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Italy totaled +64.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+17.2% per year) and Spain (-7.6% per year).

In value terms, Italy ($X) constituted the largest supplier of essential oils to Portugal, comprising 39% of total imports. The second position in the ranking was taken by the United States ($X), with a 17% share of total imports. It was followed by Germany, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from Italy amounted to +62.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+19.0% per year) and Germany (+9.0% per year).

Import Prices by Country

In 2022, the average essential oils import price amounted to $X per ton, which is down by -6.3% against the previous year. Over the period under review, the import price showed a slight decrease. The most prominent rate of growth was recorded in 2018 an increase of 18%. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+4.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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