Report Update: May 1, 2024

Mexico - Essential Oils - Market Analysis, Forecast, Size, Trends And Insights

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Essential Oils Price in Mexico - 2023

Essential Oils Price in Mexico (FOB) - 2023

The average essential oils export price stood at $40,922 per ton in August 2023, jumping by 28% against the previous month. In general, the export price continues to indicate a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From August 2022 to August 2023, the rate of growth in terms of prices for the United States amounted to +0.9% per month.

Essential Oils Price in Mexico (CIF) - 2023

In August 2023, the average essential oils import price amounted to $29,760 per ton, with an increase of 6% against the previous month. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in February 2023 an increase of 46% m-o-m. As a result, import price reached the peak level of $29,870 per ton. From March 2023 to August 2023, the average import prices failed to regain momentum.

Prices varied noticeably by the country of origin: the country with the highest price was France ($108K per ton), while the price for China ($11,044 per ton) was amongst the lowest.

From August 2022 to August 2023, the most notable rate of growth in terms of prices was attained by Argentina (+14.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Essential Oils Exports in Mexico

For the fourth year in a row, Mexico recorded growth in overseas shipments of essential oils, which increased by 25% to 8K tons in 2022. Over the period under review, exports saw significant growth. The most prominent rate of growth was recorded in 2021 when exports increased by 56% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, essential oils exports soared to $142M in 2022. Overall, total exports indicated buoyant growth from 2019 to 2022: its value increased at an average annual rate of +15.9% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +55.8% against 2019 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Export of Essential Oils in Mexico (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	64.0	54.3	72.8	127	25.7%
Netherlands	6.6	4.9	2.3	6.9	1.5%
Germany	10.0	8.0	8.6	5.5	-18.1%
Others	10.2	24.5	9.7	2.7	-35.8%
Total	90.9	91.7	93.3	142	16.0%

Top Export Markets for Essential Oils from Mexico in 2022:

United States (6.9K tons)
Netherlands (0.5K tons)
Germany (0.5K tons)

Essential Oils Imports in Mexico

In 2022, after three years of growth, there was decline in overseas purchases of essential oils, when their volume decreased by -2% to 3.1K tons. In general, imports, however, enjoyed a significant expansion. The pace of growth was the most pronounced in 2021 with an increase of 47% against the previous year. As a result, imports attained the peak of 3.2K tons, and then declined modestly in the following year.

In value terms, essential oils imports dropped to $77M in 2022. Overall, imports saw a deep slump. The most prominent rate of growth was recorded in 2020 when imports increased by 13% against the previous year. As a result, imports attained the peak of $109M. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Import of Essential Oils in Mexico (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	40.5	55.9	42.0	29.4	-10.1%
Brazil	3.9	6.6	7.7	9.6	35.0%
France	6.1	6.4	7.0	5.5	-3.4%
China	8.9	7.9	7.0	5.5	-14.8%
Argentina	4.5	5.4	1.9	5.4	6.3%
Indonesia	10.4	7.6	4.5	4.8	-22.7%
India	3.8	3.7	3.7	3.3	-4.6%
Italy	2.5	2.6	2.5	3.0	6.3%
Spain	3.7	3.7	3.3	3.0	-6.8%
Vietnam	1.3	N/A	2.1	1.5	4.9%
Others	11.2	9.6	7.0	6.6	-16.2%
Total	96.8	109	88.7	77.5	-7.1%

Top Suppliers of Essential Oils to Mexico in 2022:

United States (1157.9 tons)
Brazil (749.1 tons)
China (308.9 tons)
Indonesia (237.9 tons)
India (125.5 tons)
Italy (114.2 tons)
Spain (94.7 tons)
Argentina (84.3 tons)
France (70.0 tons)
Vietnam (48.6 tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the essential oils market in Mexico. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 20531020 - Essential oils

Country coverage:

Mexico

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Mexico
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023