For the Fourth Quarter of 2021
Farmers in Indonesia were unable to dry their raw materials due to the continuing rains, leading the price of clove oil and its derivatives to be particularly unpredictable at the time. The supply was limited, and it was expected to remain so until the rainy season ended. The price of clove and its derivatives continued to rise due to severe rains.
For First, Second and Third Quarters of 2021
Indonesia produces a significant number of cloves, which had been impeded by a long rainy season. These weather circumstances reduced oil production and shortened the crop's harvest season. As a result, the price of all clove oils and derivatives was expected to rise in the coming months. Increased rains in Indonesia were expected to place a pressure on farm output and yields during the next three months.
For the Year 2020
Clove and its derivatives had seen some shockingly low prices in 2019, and buyers had grown accustomed to it. Raw material supplies were plentiful, and processors that could supply them battled fiercely for market share. These were deemed to be unsustainable pricing. The pendulum is now swinging in the opposite direction. It took a bit longer than patchouli due to raw material carryover into the wet season, but supplies were running out. As a result, prices increased and were likely to increase more in the coming two to three months. Many processors continued to advise that it was a good time to buy at the moment, but buyers yearned for the 2019 low prices. In reality, the processors were unwilling to return to the low prices of last year. Indonesia is the world's leading clove oil producer, accounting for more than 70% of global production. Farmers' optimum price for cloves was 120,000 IDR/kg.
Procurement Resource provides latest prices of Clove Leaf 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 Leaf Oil for several regions around the globe, which are as follows:
About Clove Leaf Oil:
Clove Leaf Oil is basically an essential oil that is derived from the leaves of clove plant. It is often found in the aromatherapy section of health food stores and is utilised in the flavouring of some medicines. It is widely cultivated around Mediterranean region and is used as a flavour enhancer and in alcoholic drinks.
In order to obtain Clove Leaf Oil, clove leaves are first collected and they further undergo the process of steam distillation . Finally, Clove Leaf Oil is produced as a colourless to pale yellow oil having strong, spicy odour.
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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).