Russian Federation: Essential Oils Market 2024

Essential Oils Market Size in the Russian Federation

The Russian essential oils market surged to $X in 2022, jumping by 97% against the previous year. Overall, consumption, however, continues to indicate a dramatic curtailment. Essential oils consumption peaked at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Essential Oils Production in the Russian Federation

In value terms, essential oils production rose significantly to $X in 2022 estimated in export price. Overall, production, however, saw a noticeable descent. The pace of growth was the most pronounced in 2017 when the production volume increased by 82%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Essential Oils Exports

Exports from the Russian Federation

After two years of growth, overseas shipments of essential oils decreased by -1.4% to X tons in 2022. Over the period under review, exports, however, enjoyed buoyant growth. The pace of growth appeared the most rapid in 2015 with an increase of 51% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2021, and then contracted modestly in the following year.

In value terms, essential oils exports fell to $X in 2022. In general, exports, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2020 with an increase of 52% against the previous year. Over the period under review, the exports attained the maximum at $X in 2021, and then dropped in the following year.

Exports by Country

The Netherlands (X tons), Azerbaijan (X tons) and Austria (X tons) were the main destinations of essential oils exports from Russia, together accounting for 78% of total exports. France, the United States, Kazakhstan, Lithuania and Estonia lagged somewhat behind, together comprising a further 17%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +105.2%), while the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) emerged as the key foreign market for essential oils exports from Russia, comprising 54% of total exports. The second position in the ranking was held by France ($X), with a 15% share of total exports. It was followed by Austria, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands amounted to +19.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+13.7% per year) and Austria (+18.5% per year).

Export Prices by Country

The average essential oils export price stood at $X per ton in 2022, with a decrease of -13.1% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 31% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Azerbaijan ($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 France (+6.1%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into the Russian Federation

In 2022, essential oils imports into Russia totaled X tons, approximately mirroring 2021 figures. Over the period under review, total imports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -2.0% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 62%. Over the period under review, imports reached the peak figure at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, essential oils imports reduced to $X in 2022. In general, imports continue to indicate a remarkable increase. The pace of growth was the most pronounced in 2020 with an increase of 68% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then dropped in the following year.

Imports by Country

Brazil (X tons), China (X tons) and Spain (X tons) were the main suppliers of essential oils imports to Russia, with a combined 47% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +51.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of essential oils to Russia, comprising 31% of total imports. The second position in the ranking was taken by China ($X), with a 13% share of total imports. It was followed by Germany, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from the United States stood at +8.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+66.4% per year) and Germany (+11.4% per year).

Import Prices by Country

The average essential oils import price stood at $X per ton in 2022, which is down by -6.5% against the previous year. Over the period under review, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, essential oils import price increased by +84.3% against 2015 indices. The pace of growth was the most pronounced in 2020 an increase of 25% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2021, and then reduced in the following year.

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 the United States ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belarus (+18.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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