Australia and Oceania: Essential Oils Market 2024

Essential Oils Market Size in Australia and Oceania

The essential oils market in Australia and Oceania contracted dramatically to $X in 2023, shrinking by X% against the previous year. In general, consumption, however, enjoyed tangible growth. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2023, consumption stood at a somewhat lower figure.

Essential Oils Production in Australia and Oceania

In value terms, essential oils production declined remarkably to $X in 2023 estimated in export price. In general, production, however, enjoyed a strong expansion. The pace of growth was the most pronounced in 2013 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2023, production remained at a lower figure.

Essential Oils Exports

Exports in Australia and Oceania

For the third year in a row, Australia and Oceania recorded decline in shipments abroad of essential oils, which decreased by X% to X tons in 2023. In general, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of X%. As a result, the exports reached the peak of X tons. From 2021 to 2023, the growth of the exports failed to regain momentum.

In value terms, essential oils exports shrank rapidly to $X in 2023. Total exports indicated a measured expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2021 indices. The pace of growth appeared the most rapid in 2020 with an increase of X%. The level of export peaked at $X in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

Exports by Country

Australia (X tons) represented roughly X% of total exports in 2023.

Australia experienced a relatively flat trend pattern with regard to volume of exports of essential oils. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) also remains the largest essential oils supplier in Australia and Oceania.

In Australia, essential oils exports expanded at an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

The export price in Australia and Oceania stood at $X per ton in 2023, with a decrease of X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 when the export price increased by X%. Over the period under review, the export prices reached the maximum at $X per ton in 2022, and then reduced in the following year.

As there is only one major export destination, the average price level is determined by prices for Australia.

From 2012 to 2023, the rate of growth in terms of prices for Australia amounted to X% per year.

Essential Oils Imports

Imports in Australia and Oceania

In 2023, overseas purchases of essential oils decreased by X% to X tons, falling for the second year in a row after two years of growth. In general, imports saw a noticeable decrease. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2023, the growth of imports failed to regain momentum.

In value terms, essential oils imports fell rapidly to $X in 2023. Overall, imports, however, posted a moderate expansion. The most prominent rate of growth was recorded in 2017 with an increase of X%. The level of import peaked at $X in 2018; however, from 2019 to 2023, imports remained at a lower figure.

Imports by Country

Australia was the key importer of essential oils in Australia and Oceania, with the volume of imports finishing at X tons, which was approx. X% of total imports in 2023. It was distantly followed by New Zealand (X tons), constituting a X% share of total imports. Fiji (X tons) and Vanuatu (X tons) followed a long way behind the leaders.

Imports into Australia decreased at an average annual rate of X% from 2012 to 2023. At the same time, Vanuatu (X%), Fiji (X%) and New Zealand (X%) displayed positive paces of growth. Moreover, Vanuatu emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of X% from 2012-2023. While the share of New Zealand (X p.p.), Fiji (X p.p.) and Vanuatu (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Australia (X p.p.) displayed negative dynamics.

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

In Australia, essential oils imports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: New Zealand (X% per year) and Fiji (X% per year).

Import Prices by Country

The import price in Australia and Oceania stood at $X per ton in 2023, surging by X% against the previous year. Overall, the import price continues to indicate a moderate increase. The most prominent rate of growth was recorded in 2017 an increase of X%. Over the period under review, import prices hit record highs at $X per ton in 2018; however, from 2019 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Australia ($X per ton), while Vanuatu ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Australia (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform