Australia and Oceania: Essential Oils Market 2023

Essential Oils Market Size in Australia and Oceania

The essential oils market in Australia and Oceania expanded sharply to $X in 2021, increasing by 8.9% against the previous year. Over the period under review, consumption posted a remarkable increase. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Essential Oils Production in Australia and Oceania

In value terms, essential oils production rose remarkably to $X in 2021 estimated in export price. In general, production saw a significant increase. The pace of growth was the most pronounced in 2015 with an increase of 235%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Essential Oils Exports

Exports in Australia and Oceania

Essential oils exports declined markedly to X tons in 2021, falling by -15.1% on the year before. Total exports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +5.1% 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 increased by +17.5% against 2019 indices. The pace of growth appeared the most rapid in 2020 when exports increased by 38%. As a result, the exports attained the peak of X tons, and then declined rapidly in the following year.

In value terms, essential oils exports expanded rapidly to $X in 2021. Over the period under review, exports, however, showed prominent growth. The most prominent rate of growth was recorded in 2020 with an increase of 28%. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in years to come.

Exports by Country

Australia dominates exports structure, accounting for X tons, which was approx. 96% of total exports in 2021. New Zealand (X tons) held a relatively small share of total exports.

Australia was also the fastest-growing in terms of the essential oils exports, with a CAGR of +5.1% from 2012 to 2021. At the same time, New Zealand (+4.8%) displayed positive paces of growth. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) remains the largest essential oils supplier in Australia and Oceania, comprising 91% of total exports. The second position in the ranking was held by New Zealand ($X), with an 8.6% share of total exports.

In Australia, essential oils exports increased at an average annual rate of +10.1% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Australia and Oceania amounted to $X per ton, surging by 25% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.8%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was New Zealand ($X per ton), while Australia amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by New Zealand (+5.1%).

Essential Oils Imports

Imports in Australia and Oceania

In 2021, purchases abroad of essential oils increased by 2.8% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +2.0% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when imports increased by 13%. The volume of import peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, essential oils imports fell to $X in 2021. In general, imports showed a prominent expansion. The growth pace was the most rapid in 2017 when imports increased by 51%. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Australia (X tons) was the major importer of essential oils, creating 86% of total imports. It was distantly followed by New Zealand (X tons), comprising a 10% share of total imports.

Imports into Australia increased at an average annual rate of +1.6% from 2012 to 2021. At the same time, New Zealand (+3.6%) displayed positive paces of growth. Moreover, New Zealand emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of +3.6% from 2012-2021. While the share of Australia (-3.2 p.p.) decreased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) constitutes the largest market for imported essential oils in Australia and Oceania, comprising 86% of total imports. The second position in the ranking was held by New Zealand ($X), with a 12% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in Australia amounted to +8.6%.

Import Prices by Country

The import price in Australia and Oceania stood at $X per ton in 2021, which is down by -6.5% against the previous year. Over the period under review, the import price, however, recorded resilient growth. The most prominent rate of growth was recorded in 2018 when the import price increased by 55% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, the country with the highest price was New Zealand ($X per ton), while Australia totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+6.9%).

Source: IndexBox Market Intelligence Platform

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