Spain: Essential Oils Market 2024

Essential Oils Market Size in Spain

For the fourth consecutive year, the Spanish essential oils market recorded growth in sales value, which increased by 1.2% to $X in 2022. The market value increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the immediate term.

Essential Oils Production in Spain

In value terms, essential oils production soared to $X in 2022 estimated in export price. In general, the total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +7.3% 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 +113.3% against 2013 indices. The most prominent rate of growth was recorded in 2017 with an increase of 29% against the previous year. Essential oils production peaked in 2022 and is expected to retain growth in the near future.

Essential Oils Exports

Exports from Spain

In 2022, exports of essential oils from Spain contracted to X tons, declining by -5.6% on the previous year's figure. In general, exports, however, recorded resilient growth. The pace of growth appeared the most rapid in 2017 when exports increased by 32%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, essential oils exports fell to $X in 2022. Over the period under review, total exports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -19.7% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of 44% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Italy (X tons), France (X tons) and the United States (X tons) were the main destinations of essential oils exports from Spain, together accounting for 48% of total exports. Germany, the UK, the Netherlands, Turkey, Brazil, the United Arab Emirates, Portugal, Ireland, Mexico and Cuba lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the biggest increases were recorded for Ireland (with a CAGR of +36.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for essential oils exported from Spain were France ($X), the United States ($X) and Italy ($X), with a combined 45% share of total exports. Germany, the Netherlands, the UK, Brazil, Turkey, Mexico, Ireland, Portugal, the United Arab Emirates and Cuba lagged somewhat behind, together comprising a further 33%.

Among the main countries of destination, Ireland, with a CAGR of +31.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average essential oils export price amounted to $X per ton, reducing by -8.1% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the average export price increased by 12% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to the United Arab Emirates ($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 Cuba (+2.7%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into Spain

In 2022, approx. X tons of essential oils were imported into Spain; surging by 9.8% against 2021. The total import volume increased at an average annual rate of +1.4% 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 2015 with an increase of 27% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, essential oils imports contracted slightly to $X in 2022. Overall, total imports indicated a noticeable increase from 2012 to 2022: its value 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, imports increased by +15.2% against 2019 indices. The growth pace was the most rapid in 2014 with an increase of 17% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

Brazil (X tons), Portugal (X tons) and Indonesia (X tons) were the main suppliers of essential oils imports to Spain, with a combined 51% 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 Portugal (with a CAGR of +32.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest essential oils suppliers to Spain were Indonesia ($X), France ($X) and Brazil ($X), together accounting for 41% of total imports. China, India, the Netherlands, Italy, Germany, Portugal, the United States and the UK lagged somewhat behind, together accounting for a further 35%.

Among the main suppliers, the Netherlands, with a CAGR of +24.6%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average essential oils import price amounted to $X per ton, falling by -12.7% against the previous year. Over the period under review, import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +3.4% 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 2017 an increase of 38%. The import price peaked at $X per ton in 2021, and then shrank 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 Netherlands ($X per ton), while the price for Portugal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+12.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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