Slovakia: Essential Oils Market 2024

Essential Oils Market Size in Slovakia

In 2022, the Slovak essential oils market decreased by -28.2% to $X, falling for the second year in a row after two years of growth. Overall, consumption saw a perceptible shrinkage. Essential oils consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Essential Oils Production in Slovakia

In value terms, essential oils production reached $X in 2022 estimated in export price. Overall, production showed a prominent increase. The growth pace was the most rapid in 2015 with an increase of 241% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Essential Oils Exports

Exports from Slovakia

In 2022, essential oils exports from Slovakia skyrocketed to X tons, growing by 20% against the previous year. Over the period under review, exports posted a significant increase. The pace of growth was the most pronounced in 2021 when exports increased by 178%. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in years to come.

In value terms, essential oils exports fell to $X in 2022. In general, exports recorded a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 185% against the previous year. As a result, the exports attained the peak of $X, and then dropped in the following year.

Exports by Country

Germany (X tons), Hungary (X tons) and the Czech Republic (X kg) were the main destinations of essential oils exports from Slovakia, with a combined 59% share of total exports. Australia, Poland, Italy, Estonia, Ireland, France, the Netherlands, Romania, Finland and Denmark lagged somewhat behind, together comprising a further 30%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Romania (with a CAGR of +136.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for essential oils exported from Slovakia were Hungary ($X), Germany ($X) and Poland ($X), together comprising 59% of total exports. Australia, the Czech Republic, Estonia, Italy, Ireland, the Netherlands, France, Romania, Denmark and Finland lagged somewhat behind, together comprising a further 31%.

Romania, with a CAGR of +153.1%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average essential oils export price stood at $X per ton in 2022, waning by -25.9% against the previous year. Overall, the export price showed a pronounced reduction. The most prominent rate of growth was recorded in 2018 an increase of 49% against the previous year. Over the period under review, the average export prices attained the maximum 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 foreign markets. In 2022, amid the top suppliers, the country with the highest price was Poland ($X per ton), while the average price for exports to Finland ($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 (+8.3%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into Slovakia

In 2022, the amount of essential oils imported into Slovakia dropped remarkably to X tons, which is down by -26.5% compared with the year before. In general, imports showed a noticeable downturn. The most prominent rate of growth was recorded in 2013 with an increase of 90% against the previous year. Over the period under review, imports reached the maximum at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, essential oils imports fell to $X in 2022. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 94% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of essential oils to Slovakia, with a 46% share of total imports. Moreover, essential oils imports from Germany exceeded the figures recorded by the second-largest supplier, Serbia (X tons), twofold. The third position in this ranking was taken by Hungary (X tons), with a 4.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany totaled -1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Serbia (+77,061.5% per year) and Hungary (+27.5% per year).

In value terms, Germany ($X) constituted the largest supplier of essential oils to Slovakia, comprising 73% of total imports. The second position in the ranking was held by India ($X), with a 2% share of total imports. It was followed by China, with a 1.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany stood at +5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+68.6% per year) and China (+18.9% per year).

Import Prices by Country

The average essential oils import price stood at $X per ton in 2022, increasing by 16% against the previous year. In general, import price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, essential oils import price increased by +89.9% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the average import price increased by 43% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to see gradual growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+7.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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