Scandinavia: Essential Oils Market 2024

Essential Oils Market Size in Scandinavia

The Scandinavia essential oils market shrank notably to $X in 2022, which is down by -16.2% against the previous year. The total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +7.5% 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 +2.2% against 2020 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Essential Oils Production in Scandinavia

In value terms, essential oils production declined to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2013 when the production volume increased by 93% against the previous year. The level of production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Essential Oils Exports

Exports in Scandinavia

In 2022, the amount of essential oils exported in Scandinavia soared to X tons, jumping by 18% against the year before. Over the period under review, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 55%. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, essential oils exports surged to $X in 2022. Overall, exports enjoyed moderate growth. The most prominent rate of growth was recorded in 2019 when exports increased by 39%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

Finland represented the main exporter of essential oils in Scandinavia, with the volume of exports resulting at X tons, which was approx. 69% of total exports in 2022. It was distantly followed by Sweden (X tons), making up a 29% share of total exports. Norway (X kg) took a minor share of total exports.

Exports from Finland increased at an average annual rate of +9.6% from 2012 to 2022. At the same time, Norway (+10.5%) displayed positive paces of growth. Moreover, Norway emerged as the fastest-growing exporter exported in Scandinavia, with a CAGR of +10.5% from 2012-2022. By contrast, Sweden (-7.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Finland increased by +40 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Finland ($X) remains the largest essential oils supplier in Scandinavia, comprising 72% of total exports. The second position in the ranking was taken by Sweden ($X), with a 27% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Finland totaled +11.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Sweden (-6.1% per year) and Norway (+5.9% per year).

Export Prices by Country

The export price in Scandinavia stood at $X per ton in 2022, growing by 7.3% against the previous year. Export price indicated noticeable growth 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. Based on 2022 figures, essential oils export price decreased by -0.9% against 2018 indices. The pace of growth was the most pronounced in 2015 an increase of 49%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Finland ($X per ton), while Norway ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+1.7%), while the other leaders experienced mixed trends in the export price figures.

Essential Oils Imports

Imports in Scandinavia

After five years of growth, overseas purchases of essential oils decreased by -15.7% to X tons in 2022. In general, imports, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2021 with an increase of 37%. As a result, imports reached the peak of X tons, and then dropped markedly in the following year.

In value terms, essential oils imports reduced remarkably to $X in 2022. Overall, imports, however, saw a remarkable increase. The most prominent rate of growth was recorded in 2018 with an increase of 60% against the previous year. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

Sweden represented the key importer of essential oils in Scandinavia, with the volume of imports recording X tons, which was near 59% of total imports in 2022. It was distantly followed by Norway (X tons) and Finland (X tons), together generating a 41% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Sweden (with a CAGR of +8.5%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Sweden ($X), Norway ($X) and Finland ($X) appeared to be the countries with the highest levels of imports in 2022.

Norway, with a CAGR of +15.5%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Scandinavia amounted to $X per ton, falling by -10.6% against the previous year. Overall, the import price, however, saw a remarkable increase. The most prominent rate of growth was recorded in 2018 when the import price increased by 44%. The level of import peaked at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (+9.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform