United Kingdom: Essential Oils Market 2024

Essential Oils Market Size in the UK

After two years of growth, the UK essential oils market decreased by X% to $X in 2022. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Essential Oils Production in the UK

In value terms, essential oils production reached $X in 2022 estimated in export price. Overall, the total production indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Essential oils production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

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Essential Oils Exports

Exports from the UK

In 2022, shipments abroad of essential oils decreased by X% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when exports increased by X%. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, essential oils exports expanded markedly to $X in 2022. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Ireland (X tons), France (X tons) and Germany (X tons) were the main destinations of essential oils exports from the UK, together accounting for X% of total exports. The United States, the Netherlands, South Korea, Japan, the United Arab Emirates, Turkey, China, Singapore, Uruguay and Switzerland lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Ireland ($X) remains the key foreign market for essential oils exports from the UK, comprising X% of total exports. The second position in the ranking was held by the United States ($X), with an X% share of total exports. It was followed by Germany, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Ireland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Germany (X% per year).

Export Prices by Country

In 2022, the average essential oils export price amounted to $X per ton, surging by X% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Switzerland ($X per ton), while the average price for exports to the United Arab Emirates ($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 China (X%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into the UK

Essential oils imports into the UK declined to X tons in 2022, with a decrease of X% compared with 2021. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of X%. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, essential oils imports fell to $X in 2022. In general, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by X%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Brazil (X tons) constituted the largest essential oils supplier to the UK, accounting for a X% share of total imports. Moreover, essential oils imports from Brazil exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The United States (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Brazil was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and the United States (X% per year).

In value terms, the United States ($X), China ($X) and Brazil ($X) constituted the largest essential oils suppliers to the UK, with a combined X% share of total imports. Mexico, France, India, Italy, Peru, Indonesia, Spain, Germany, Argentina and Ireland lagged somewhat behind, together comprising a further X%.

Among the main suppliers, Ireland, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average essential oils import price stood at $X per ton in 2022, waning by X% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of X%. Over the period under review, average import prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was France ($X per ton), while the price for Ireland ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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