Uruguay: Essential Oils Market 2024

Essential Oils Market Size in Uruguay

After two years of growth, the Uruguayan essential oils market decreased by -24.9% to $X in 2022. Overall, consumption continues to indicate a strong expansion. Over the period under review, the market attained the maximum level at $X in 2021, and then shrank markedly in the following year.

Essential Oils Production in Uruguay

In value terms, essential oils production fell sharply to $X in 2022 estimated in export price. In general, production, however, showed a dramatic contraction. The most prominent rate of growth was recorded in 2017 with an increase of 6.7%. Essential oils production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Essential Oils Exports

Exports from Uruguay

In 2022, the amount of essential oils exported from Uruguay surged to X tons, rising by 37% on the previous year's figure. Over the period under review, exports recorded a slight increase. The most prominent rate of growth was recorded in 2020 when exports increased by 64%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, essential oils exports soared to $X in 2022. In general, exports showed a buoyant expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 53% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to see steady growth in years to come.

Exports by Country

The United States (X tons), Ireland (X tons) and Mexico (X tons) were the main destinations of essential oils exports from Uruguay, together comprising 87% of total exports.

From 2012 to 2022, the biggest increases were recorded for Ireland (with a CAGR of +218.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Ireland ($X), the United States ($X) and Free Zones ($X) appeared to be the largest markets for essential oils exported from Uruguay worldwide, with a combined 96% share of total exports.

Ireland, with a CAGR of +148.7%, saw the highest rates of growth with regard to the value of exports, among 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, rising by 8.8% against the previous year. In general, the export price enjoyed a strong increase. The pace of growth was the most pronounced in 2017 when the average export price increased by 52%. The export price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ireland ($X per ton), while the average price for exports to Brazil ($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 Israel (+15.0%), while the prices for the other major destinations experienced mixed trend patterns.

Essential Oils Imports

Imports into Uruguay

In 2022, supplies from abroad of essential oils decreased by -93.6% to X tons, falling for the second year in a row after four years of growth. Over the period under review, imports showed a abrupt slump. The most prominent rate of growth was recorded in 2020 with an increase of 65% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, essential oils imports declined markedly to $X in 2022. Overall, imports continue to indicate a dramatic decrease. The most prominent rate of growth was recorded in 2020 with an increase of 76%. Imports peaked at $X in 2021, and then dropped sharply in the following year.

Imports by Country

In 2022, Argentina (X tons) constituted the largest supplier of essential oils to Uruguay, with a 60% share of total imports. Moreover, essential oils imports from Argentina exceeded the figures recorded by the second-largest supplier, Spain (X tons), sevenfold. Paraguay (X tons) ranked third in terms of total imports with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Argentina totaled -7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-14.6% per year) and Paraguay (+10.5% per year).

In value terms, Argentina ($X) constituted the largest supplier of essential oils to Uruguay, comprising 53% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 13% share of total imports. It was followed by the United States, with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Argentina stood at -11.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-18.2% per year) and the United States (-37.1% per year).

Import Prices by Country

In 2022, the average essential oils import price amounted to $X per ton, declining by -50% against the previous year. Over the period under review, the import price showed a abrupt curtailment. The most prominent rate of growth was recorded in 2021 when the average import price increased by 41%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Paraguay ($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 Netherlands (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :