For the Fourth Quarter of 2021
Because of the ongoing rains in Indonesia, farmers were unable to dry their raw materials, causing the price of clove oil and its derivatives to be extremely volatile at the moment. The supply was restricted, and it was likely to stay so until the end of the current rainy season. In the final quarter of 2021, the price was recorded at 33 USD/kg. Due to excessive rains, the price of clove and its derivatives continues to rise.
For First, Second and Third Quarters of 2021
Indonesia accounts for a substantial amount of clove output, which had been hampered by an extended wet season. These climatic conditions lowered oil output and shortened the harvest season for the crop. As a result, all clove oils and derivatives were projected to increase in price in the coming months. Increased rains in Indonesia over the next three months were anticipated to put strain on agriculture productivity and yields. Average clove bud oil prices in the first three quarters in Indonesia were 33 USD/kg.
For the Year 2020
Clove and its derivatives had seen some incredibly cheap pricing in 2019, and customers were quickly becoming accustomed to it. Raw material supplies were plentiful, and processors with capacity to supply them competed vigorously for market dominance. These prices were thought to be unsustainable. The scales are now beginning to tip in the opposite direction. Because of the raw material carryover into the wet season, it took a little longer than patchouli, but supplies were running out. As a result, prices rose and were expected to continue to rise over the next two to three months.
Many processors continued to recommend that it was a good time to buy then, but consumers were yearning for the low pricing of 2019. Realistically, the processors were hesitant to return to last year's cheap prices. Indonesia is the world's largest producer of clove oil, accounting for more than 70% of global output. The ideal price of cloves from farmers was 120,000 IDR/kg. Average clove bud oil prices (CBO) in 2020 were 31.5 USD/kg.
Procurement Resource provides latest prices of Clove Bud Oil. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.
Procurement Resource provides prices of Clove Bud Oil for several regions around the globe, which are as follows:
Clove Bud Oil is an essential oil extracted from the flower buds of clove plant, that is, Syzygium aromaticum. In general, clove oil appears as a colourless to light yellow liquid with a spicy aroma. It is often utilised in the flavouring of some medicines. One of the major components of this oil is eugenol, a chemical compound which has the ability to kill yeast, thus justifying the antimicrobial characteristics of clove oil. The oil offers several medicinal and therapeutic benefits and has skin soothing properties.
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The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).