SADC: Essential Oils Market 2024

Essential Oils Market Size in SADC

In 2022, after five years of decline, there was growth in the SADC essential oils market, when its value increased by 0.5% to $X. The total consumption indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -44.6% against 2016 indices. The level of consumption peaked at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Essential Oils Production in SADC

In value terms, essential oils production reached $X in 2022 estimated in export price. The total production indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.5% 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 +5.2% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 29%. The level of production peaked at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Essential Oils Exports

Exports in SADC

After two years of growth, overseas shipments of essential oils decreased by -15.5% to X tons in 2022. Over the period under review, exports, however, saw prominent growth. The most prominent rate of growth was recorded in 2020 with an increase of 45%. The volume of export peaked at X tons in 2021, and then dropped dramatically in the following year.

In value terms, essential oils exports reduced to $X in 2022. Overall, exports, however, continue to indicate strong growth. The pace of growth was the most pronounced in 2014 when exports increased by 41% against the previous year. The level of export peaked at $X in 2021, and then reduced in the following year.

Exports by Country

Madagascar was the key exporting country with an export of around X tons, which resulted at 57% of total exports. It was distantly followed by South Africa (X tons), creating a 37% share of total exports. The following exporters - Tanzania (X tons) and Swaziland (X tons) - each finished at a 4.2% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Madagascar (with a CAGR of +18.1%), while the other leaders experienced more modest paces of growth.

In value terms, Madagascar ($X) remains the largest essential oils supplier in SADC, comprising 65% of total exports. The second position in the ranking was taken by South Africa ($X), with a 30% share of total exports. It was followed by Tanzania, with a 2.1% share.

In Madagascar, essential oils exports expanded at an average annual rate of +16.6% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: South Africa (+10.4% per year) and Tanzania (-0.9% per year).

Export Prices by Country

The export price in SADC stood at $X per ton in 2022, growing by 6.5% against the previous year. Export price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 an increase of 27%. The level of export peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Madagascar ($X per ton), while Swaziland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+4.6%), while the other leaders experienced a decline in the export price figures.

Essential Oils Imports

Imports in SADC

After four years of growth, purchases abroad of essential oils decreased by -10.6% to X tons in 2022. The total import volume increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 58%. The volume of import peaked at X tons in 2021, and then dropped in the following year.

In value terms, essential oils imports contracted dramatically to $X in 2022. The total import value increased at an average annual rate of +4.1% 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 2013 with an increase of 32% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then contracted remarkably in the following year.

Imports by Country

In 2022, South Africa (X tons) represented the largest importer of essential oils, generating 39% of total imports. Angola (X tons) took the second position in the ranking, followed by Swaziland (X tons), Zimbabwe (X tons) and Tanzania (X tons). All these countries together took approx. 46% share of total imports. Lesotho (X tons), Botswana (X tons) and Zambia (X tons) held a relatively small share of total imports.

Imports into South Africa increased at an average annual rate of +5.3% from 2012 to 2022. At the same time, Zimbabwe (+14.8%), Lesotho (+9.9%), Angola (+5.8%), Tanzania (+5.0%) and Swaziland (+2.0%) displayed positive paces of growth. Moreover, Zimbabwe emerged as the fastest-growing importer imported in SADC, with a CAGR of +14.8% from 2012-2022. Botswana experienced a relatively flat trend pattern. By contrast, Zambia (-3.2%) illustrated a downward trend over the same period. Zimbabwe (+6.7 p.p.), South Africa (+4.1 p.p.), Angola (+2.1 p.p.) and Lesotho (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while Botswana, Zambia and Swaziland saw its share reduced by -1.9%, -2.2% and -3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) constitutes the largest market for imported essential oils in SADC, comprising 59% of total imports. The second position in the ranking was taken by Swaziland ($X), with a 14% share of total imports. It was followed by Lesotho, with a 7.8% share.

In South Africa, essential oils imports expanded at an average annual rate of +4.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Swaziland (+6.9% per year) and Lesotho (+8.7% per year).

Import Prices by Country

The import price in SADC stood at $X per ton in 2022, with a decrease of -8.3% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the import price increased by 38%. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Lesotho ($X per ton), while Angola ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Zambia (+6.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform