Vietnam: Essential Oils Market 2024

Essential Oils Market Size in Vietnam

For the third consecutive year, the Vietnamese essential oils market recorded decline in sales value, which decreased by X% to $X in 2022. Overall, consumption, however, continues to indicate a temperate increase. Essential oils consumption peaked at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Essential Oils Production in Vietnam

In value terms, essential oils production declined to $X in 2022 estimated in export price. In general, the total production indicated perceptible growth 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 increased by X% against 2020 indices. The growth pace was the most rapid in 2013 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

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Essential Oils Exports

Exports from Vietnam

In 2022, after two years of growth, there was significant decline in shipments abroad of essential oils, when their volume decreased by X% to X tons. Overall, exports, however, continue to indicate measured growth. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons, and then shrank significantly in the following year.

In value terms, essential oils exports contracted to $X in 2022. In general, exports, however, recorded strong growth. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, the exports attained the peak of $X, and then shrank in the following year.

Exports by Country

China (X tons) was the main destination for essential oils exports from Vietnam, accounting for a X% share of total exports. Moreover, essential oils exports to China exceeded the volume sent to the second major destination, the United States (X tons), sixfold. The third position in this ranking was taken by Mexico (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Mexico (X% per year).

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

From 2012 to 2022, the average annual growth rate of value to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Mexico (X% per year).

Export Prices by Country

The average essential oils export price stood at $X per ton in 2022, picking up by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2019 when the average export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Sri Lanka ($X per ton) and Mexico ($X per ton), while the average price for exports to France ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to France (X%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into Vietnam

After four years of growth, overseas purchases of essential oils decreased by X% to X tons in 2022. Over the period under review, imports, however, posted noticeable growth. The most prominent rate of growth was recorded in 2016 with an increase of X%. Imports peaked at X tons in 2021, and then contracted rapidly in the following year.

In value terms, essential oils imports dropped markedly to $X in 2022. In general, imports, however, enjoyed a measured expansion. The most prominent rate of growth was recorded in 2016 when imports increased by X%. Imports peaked at $X in 2021, and then declined dramatically in the following year.

Imports by Country

India (X tons), Singapore (X tons) and China (X tons) were the main suppliers of essential oils imports to Vietnam, together comprising X% of total imports. Indonesia, France, Italy, Germany and the United States lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Singapore ($X) were the largest essential oils suppliers to Vietnam, with a combined X% share of total imports. France, Indonesia, the United States, Italy and Germany lagged somewhat behind, together comprising a further X%.

Italy, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main suppliers 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, dropping by X% against the previous year. In general, import price indicated a slight increase from 2012 to 2022: its price 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, essential oils import price decreased by X% against 2018 indices. The pace of growth appeared the most rapid in 2017 when the average import price increased by X%. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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