Sweden: Essential Oils Market 2024

Essential Oils Market Size in Sweden

The Swedish essential oils market shrank to $X in 2022, waning by -2.8% against the previous year. In general, consumption, however, posted buoyant growth. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Essential Oils Production in Sweden

In value terms, essential oils production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2013 when the production volume increased by 172%. Over the period under review, production reached the peak level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Essential Oils Exports

Exports from Sweden

In 2022, the amount of essential oils exported from Sweden fell slightly to X tons, declining by -2.5% compared with the previous year. In general, exports saw a abrupt downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 217% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, essential oils exports soared to $X in 2022. Overall, exports continue to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2021 when exports increased by 169% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Norway (X tons), Denmark (X tons) and Finland (X tons) were the main destinations of essential oils exports from Sweden, together accounting for 56% of total exports. The United States, the UK, the United Arab Emirates, Australia, Canada, Switzerland, India, Germany, the Netherlands and Poland lagged somewhat behind, together comprising a further 33%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +93.4%), while the other leaders experienced more modest paces of growth.

In value terms, Finland ($X), Denmark ($X) and the United States ($X) were the largest markets for essential oils exported from Sweden worldwide, together accounting for 55% of total exports.

In terms of the main countries of destination, the United States, with a CAGR of +88.7%, saw the highest rates of growth with regard to 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

The average essential oils export price stood at $X per ton in 2022, growing by 35% against the previous year. Over the period under review, export price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.7% 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 increased by +36.4% against 2019 indices. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Finland ($X per ton), while the average price for exports to Germany ($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 India (+20.2%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into Sweden

In 2022, supplies from abroad of essential oils increased by 3.7% to X tons, rising for the sixth year in a row after two years of decline. In general, imports posted strong growth. The pace of growth was the most pronounced in 2021 with an increase of 33%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, essential oils imports contracted slightly to $X in 2022. Over the period under review, imports saw a strong increase. The growth pace was the most rapid in 2017 with an increase of 33% against the previous year. Imports peaked at $X in 2021, and then dropped slightly in the following year.

Imports by Country

Germany (X tons), India (X tons) and France (X tons) were the main suppliers of essential oils imports to Sweden, together comprising 61% of total imports. The UK, the United States, Serbia, the Netherlands, Denmark, Italy, China and South Africa lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the biggest increases were recorded for Serbia (with a CAGR of +45.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), India ($X) and France ($X) appeared to be the largest essential oils suppliers to Sweden, together comprising 71% of total imports. Serbia, the Netherlands, the UK, Denmark, the United States, South Africa, Italy and China lagged somewhat behind, together accounting for a further 25%.

Serbia, with a CAGR of +43.2%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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 -4.7% against the previous year. In general, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.9% 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 decreased by -11.0% against 2020 indices. The growth pace was the most rapid in 2016 an increase of 29%. Over the period under review, average import prices attained the maximum at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

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 Germany ($X per ton), while the price for the United States ($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 Korea (+53.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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