Asia: Essential Oils Market 2023

Essential Oils Market Size in Asia

In 2021, the Asian essential oils market increased by 4.1% to $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +3.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Essential Oils Production in Asia

In value terms, essential oils production rose remarkably to $X in 2021 estimated in export price. The total production indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -7.2% against 2019 indices. The pace of growth appeared the most rapid in 2015 with an increase of 29% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2021, production growth remained at a lower figure.

Essential Oils Exports

Exports in Asia

In 2021, overseas shipments of essential oils decreased by -0.1% to X tons, falling for the second year in a row after two years of growth. Total exports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -16.6% against 2019 indices. The pace of growth was the most pronounced in 2013 with an increase of 43% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, essential oils exports rose modestly to $X in 2021. Total exports indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -27.0% against 2019 indices. The most prominent rate of growth was recorded in 2018 with an increase of 34% against the previous year. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons) and India (X tons) represented the main exporters of essential oils in 2021, finishing at near 31% and 31% of total exports, respectively. The United Arab Emirates (X tons) ranks next in terms of the total exports with a 17% share, followed by Indonesia (10%). Singapore (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were in the United Arab Emirates (with a CAGR of +30.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest essential oils supplying countries in Asia were India ($X), China ($X) and Indonesia ($X), together comprising 73% of total exports. The United Arab Emirates and Singapore lagged somewhat behind, together accounting for a further 16%.

Among the main exporting countries, the United Arab Emirates, with a CAGR of +32.8%, saw the highest growth rate of 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 export price in Asia stood at $X per ton in 2021, surging by 3% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 20%. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Indonesia ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.2%), while the other leaders experienced more modest paces of growth.

Essential Oils Imports

Imports in Asia

Essential oils imports expanded to X tons in 2021, increasing by 1.8% against the previous year. The total import volume increased at an average annual rate of +1.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 with an increase of 38%. As a result, imports attained the peak of X tons. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, essential oils imports expanded notably to $X in 2021. Total imports indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -30.2% against 2019 indices. The pace of growth was the most pronounced in 2018 when imports increased by 27% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons), Indonesia (X tons), Japan (X tons), India (X tons), Singapore (X tons) and Malaysia (X tons) was the largest importer of essential oils in Asia, creating 81% of total import. It was distantly followed by Saudi Arabia (X tons), constituting a 4.5% share of total imports. The following importers - Hong Kong SAR (X tons) and South Korea (X tons) - each recorded a 3.7% share of total imports.

From 2012 to 2021, the biggest increases were in Malaysia (with a CAGR of +26.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest essential oils importing markets in Asia were China ($X), India ($X) and Indonesia ($X), with a combined 51% share of total imports. These countries were followed by Japan, Singapore, Malaysia, Saudi Arabia, South Korea and Hong Kong SAR, which together accounted for a further 37%.

Malaysia, with a CAGR of +18.1%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, picking up by 5.8% against the previous year. Import price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, essential oils import price decreased by -24.4% against 2018 indices. The growth pace was the most rapid in 2017 when the import price increased by 19% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was South Korea ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+6.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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