Venezuela: Essential Oils Market 2024

Essential Oils Market Size in Venezuela

The Venezuelan essential oils market declined to $X in 2022, which is down by -12% against the previous year. Overall, the total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +8.9% against 2020 indices. Essential oils consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Essential Oils Production in Venezuela

In value terms, essential oils production shrank to $X in 2022 estimated in export price. In general, production, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2014 with an increase of 67%. Essential oils production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Essential Oils Exports

Exports from Venezuela

For the fourth consecutive year, Venezuela recorded growth in shipments abroad of essential oils, which increased by 61% to X tons in 2022. Over the period under review, exports continue to indicate prominent growth. The most prominent rate of growth was recorded in 2014 when exports increased by 155% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, essential oils exports skyrocketed to $X in 2022. In general, exports enjoyed significant growth. The pace of growth was the most pronounced in 2014 with an increase of 104%. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Brazil (X tons) was the main destination for essential oils exports from Venezuela, accounting for a 46% share of total exports. Moreover, essential oils exports to Brazil exceeded the volume sent to the second major destination, New Zealand (X kg), fourfold. The third position in this ranking was held by Austria (X kg), with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Brazil amounted to +979.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: New Zealand (+277.9% per year) and Austria (-10.9% per year).

In value terms, Brazil ($X) emerged as the key foreign market for essential oils exports from Venezuela, comprising 48% of total exports. The second position in the ranking was held by Switzerland ($X), with an 11% share of total exports. It was followed by France, with an 8.1% share.

From 2012 to 2022, the average annual growth rate of value to Brazil totaled +252.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (0.0% per year) and France (-60.9% per year).

Export Prices by Country

In 2022, the average essential oils export price amounted to $X per ton, dropping by -20.7% against the previous year. In general, the export price, however, posted a strong increase. The growth pace was the most rapid in 2018 when the average export price increased by 129%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a 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 Switzerland ($X per ton), while the average price for exports to New Zealand ($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 Colombia (+80.9%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into Venezuela

Essential oils imports into Venezuela shrank rapidly to X tons in 2022, which is down by -54.5% compared with 2021 figures. Over the period under review, imports showed a precipitous slump. The pace of growth was the most pronounced in 2015 with an increase of 256% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, essential oils imports declined markedly to $X in 2022. Overall, imports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2015 with an increase of 165% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United States (X tons), Spain (X tons) and Brazil (X tons) were the main suppliers of essential oils imports to Venezuela, together accounting for 81% of total imports. India, Guatemala and Germany lagged somewhat behind, together accounting for a further 5.7%.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of -0.2%), while purchases for the other leaders experienced a decline.

In value terms, the largest essential oils suppliers to Venezuela were Spain ($X), the United States ($X) and India ($X), together comprising 49% of total imports.

India, with a CAGR of -2.4%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average essential oils import price stood at $X per ton in 2022, jumping by 53% against the previous year. Overall, import price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +8.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 an increase of 80% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guatemala (+63.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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