Southern Asia: Essential Oils Market 2024

Essential Oils Market Size in Southern Asia

In 2022, the South Asian essential oils market increased by 5.9% to $X, rising for the second year in a row after two years of decline. Overall, consumption, however, saw a temperate expansion. 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 Southern Asia

In value terms, essential oils production fell to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 32%. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Essential Oils Exports

Exports in Southern Asia

In 2022, shipments abroad of essential oils decreased by -1.5% to X tons, falling for the third consecutive year after three years of growth. Over the period under review, exports, however, enjoyed measured growth. The most prominent rate of growth was recorded in 2018 when exports increased by 89% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, essential oils exports dropped sharply to $X in 2022. In general, exports recorded a mild contraction. The growth pace was the most rapid in 2019 when exports increased by 71% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

India (X tons) represented roughly 97% of total exports in 2022.

India was also the fastest-growing in terms of the essential oils exports, with a CAGR of +2.8% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest essential oils supplier in Southern Asia.

From 2012 to 2022, the average annual rate of growth in terms of value in India totaled -1.6%.

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2022, shrinking by -15.8% against the previous year. In general, the export price showed a noticeable shrinkage. The pace of growth was the most pronounced in 2019 an increase of 46% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2022, the rate of growth in terms of prices for India amounted to -4.3% per year.

Essential Oils Imports

Imports in Southern Asia

Essential oils imports dropped to X tons in 2022, reducing by -12.6% compared with the previous year's figure. Overall, imports, however, continue to indicate a measured expansion. The growth pace was the most rapid in 2019 when imports increased by 117% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, essential oils imports contracted to $X in 2022. In general, imports, however, recorded a strong increase. The pace of growth appeared the most rapid in 2019 when imports increased by 90% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

India dominates imports structure, accounting for X tons, which was approx. 92% of total imports in 2022. It was distantly followed by Pakistan (X tons), creating a 4.6% share of total imports. Bangladesh (X tons) held a little share of total imports.

Imports into India increased at an average annual rate of +3.1% from 2012 to 2022. At the same time, Bangladesh (+4.2%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +4.2% from 2012-2022. By contrast, Pakistan (-8.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India increased by +8.8 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported essential oils in Southern Asia, comprising 94% of total imports. The second position in the ranking was held by Pakistan ($X), with a 4.3% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in India amounted to +6.2%. In the other countries, the average annual rates were as follows: Pakistan (+1.6% per year) and Bangladesh (+5.4% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2022, growing by 8.4% against the previous year. Import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +3.6% 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 +24.0% against 2020 indices. The pace of growth appeared the most rapid in 2017 when the import price increased by 33%. The level of import peaked at $X per ton in 2018; however, from 2019 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 India ($X per ton), while Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+10.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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