Republic of Korea: Essential Oils Market 2024

Essential Oils Market Size in Republic of Korea

The South Korean essential oils market contracted to $X in 2022, standing approx. at the previous year. Over the period under review, the total consumption indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +5.7% against 2020 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Essential Oils Production in Republic of Korea

In value terms, essential oils production declined slightly to $X in 2022 estimated in export price. In general, the total production indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +4.4% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 49%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Essential Oils Exports

Exports from Republic of Korea

After two years of growth, overseas shipments of essential oils decreased by -59.7% to X tons in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 when exports increased by 444%. The exports peaked at X tons in 2021, and then shrank markedly in the following year.

In value terms, essential oils exports declined dramatically to $X in 2022. In general, exports, however, continue to indicate a resilient increase. The pace of growth appeared the most rapid in 2016 with an increase of 244%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Hong Kong SAR (X tons) was the main destination for essential oils exports from South Korea, with a 36% share of total exports. Moreover, essential oils exports to Hong Kong SAR exceeded the volume sent to the second major destination, China (X tons), twofold. The third position in this ranking was held by India (X tons), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Hong Kong SAR stood at +56.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+17.8% per year) and India (+76.4% per year).

In value terms, Hong Kong SAR ($X) emerged as the key foreign market for essential oils exports from South Korea, comprising 61% of total exports. The second position in the ranking was taken by China ($X), with a 14% share of total exports. It was followed by India, with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Hong Kong SAR totaled +84.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+46.5% per year) and India (+67.4% per year).

Export Prices by Country

In 2022, the average essential oils export price amounted to $X per ton, with an increase of 87% against the previous year. Overall, the export price continues to indicate a resilient expansion. The most prominent rate of growth was recorded in 2018 when the average export price increased by 178% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

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 Hong Kong SAR ($X per ton), while the average price for exports to Singapore ($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 China (+24.4%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into Republic of Korea

For the fifth consecutive year, South Korea recorded growth in purchases abroad of essential oils, which increased by less than 0.1% to X tons in 2022. Over the period under review, imports saw prominent growth. The most prominent rate of growth was recorded in 2016 when imports increased by 47% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, essential oils imports reached $X in 2022. In general, imports showed strong growth. The most prominent rate of growth was recorded in 2014 with an increase of 40%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

The United States (X tons), China (X tons) and Brazil (X tons) were the main suppliers of essential oils imports to South Korea, together accounting for 59% of total imports. France, Italy, the UK, India, Mexico, Singapore, Germany and Spain lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of +14.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest essential oils suppliers to South Korea were the United States ($X), France ($X) and China ($X), with a combined 53% share of total imports. The UK, Italy, Brazil, Mexico, India, Spain, Germany and Singapore lagged somewhat behind, together comprising a further 32%.

In terms of the main suppliers, the UK, with a CAGR of +18.1%, saw the highest growth rate of 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, leveling off at the previous year. Over the last decade, it increased at an average annual rate of +2.8%. The pace of growth was the most pronounced in 2017 when the average import price increased by 35%. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, 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 France ($X per ton), while the price for Brazil ($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 (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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