Report Update: Apr 1, 2024

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

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Essential Oils Price in Turkey - 2023

Essential Oils Price in Turkey (CIF) - 2023

The average essential oils import price stood at $39,792 per ton in July 2023, falling by -19.4% against the previous month. Overall, import price indicated modest growth from July 2022 to July 2023: its price increased at an average monthly rate of +1.3% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on July 2023 figures, essential oils import price increased by +4.3% against May 2023 indices. The pace of growth was the most pronounced in February 2023 an increase of 41% m-o-m. Over the period under review, average import prices hit record highs at $49,391 per ton in June 2023, and then dropped sharply in the following month.

Prices varied noticeably by the country of origin: the country with the highest price was the UK ($64,744 per ton), while the price for China ($15,434 per ton) was amongst the lowest.

From July 2022 to July 2023, the most notable rate of growth in terms of prices was attained by Cyprus (+12.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Essential Oils Price in Turkey (FOB) - 2022

The average essential oils export price stood at $107,921 per ton in 2022, increasing by 21% against the previous year. Over the period under review, the export price, however, continues to indicate a perceptible descent. The most prominent rate of growth was recorded in 2014 when the average export price increased by 54%. The export price peaked at $206,063 per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was France ($341,179 per ton), while the average price for exports to Iraq ($7,303 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 Albania (+21.7%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports in Turkey

In 2022, the amount of essential oils imported into Turkey amounted to 990 tons, surging by 11% against 2021 figures. In general, total imports indicated a buoyant increase from 2019 to 2022: its volume increased at an average annual rate of +16.8% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +59.3% against 2019 indices. The pace of growth appeared the most rapid in 2020 when imports increased by 32% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, essential oils imports rose markedly to $33M in 2022. The total import value increased at an average annual rate of +7.8% from 2019 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 15%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Import of Essential Oils in Turkey (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	2.9	2.5	3.1	5.4	23.0%
India	2.0	2.7	3.5	3.8	23.9%
Germany	3.2	3.4	3.0	3.7	5.0%
France	3.1	3.0	2.7	2.6	-5.7%
Indonesia	2.3	1.4	3.2	2.5	2.8%
Brazil	1.4	1.5	2.1	2.2	16.3%
Italy	1.6	1.8	1.9	2.2	11.2%
United Kingdom	1.1	1.5	1.2	1.7	15.6%
Spain	1.8	1.7	2.1	1.5	-5.9%
China	1.1	1.3	1.6	1.4	8.4%
Cyprus	0.1	0.1	0.1	0.4	58.7%
Others	5.7	5.3	6.0	5.4	-1.8%
Total	26.3	26.5	30.5	32.9	7.7%

Top Suppliers of Essential Oils to Turkey in 2022:

United States (184.8 tons)
Brazil (144.1 tons)
Germany (127.1 tons)
India (98.3 tons)
Indonesia (62.0 tons)
Italy (59.5 tons)
China (58.0 tons)
United Kingdom (57.2 tons)
Spain (54.9 tons)
Cyprus (47.9 tons)
France (21.6 tons)

Essential Oils Exports in Turkey

After three years of growth, shipments abroad of essential oils decreased by -4.6% to 280 tons in 2022. The total export volume increased at an average annual rate of +10.0% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when exports increased by 31%.

In value terms, essential oils exports skyrocketed to $30M in 2022. Overall, exports recorded a slight slump.

Export of Essential Oils in Turkey (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
France	14.2	8.6	12.5	16.6	5.3%
United States	2.5	7.7	3.4	2.4	-1.4%
United Kingdom	3.9	1.7	2.1	1.5	-27.3%
Germany	2.9	0.9	1.4	1.4	-21.6%
Spain	0.6	0.8	0.7	1.3	29.4%
Switzerland	1.4	1.5	0.9	1.2	-5.0%
Netherlands	0.2	0.1	0.5	1.1	76.5%
Hungary	0.5	0.8	1.2	1.0	26.0%
Albania	N/A	0.1	0.3	0.4	100.0%
China	0.3	0.6	0.1	0.3	0.0%
Australia	0.2	0.2	0.2	0.2	0.0%
Qatar	N/A	N/A	N/A	0.1	0%
Iraq	0.1	N/A	N/A	N/A	0%
Others	4.4	4.0	3.0	2.8	-14.0%
Total	31.1	27.0	26.2	30.2	-1.0%

Top Export Markets for Essential Oils from Turkey in 2022:

France (48.5 tons)
United States (45.7 tons)
Netherlands (43.1 tons)
Hungary (15.9 tons)
Germany (12.0 tons)
Spain (11.4 tons)
China (8.1 tons)
United Kingdom (7.4 tons)
Qatar (7.3 tons)
Switzerland (7.0 tons)
Australia (6.1 tons)
Albania (5.3 tons)
Iraq (4.5 tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the essential oils market in Turkey. 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:

Turkey

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Turkey
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