The import of plants used for perfumery or pharmacy to the Philippines stood at 7.6 million USD in 2023. Forecasted data predicts a consistent increase in the import values over the next five years. The projected imports are expected to reach 8.028 million USD in 2024, 8.4023 million USD in 2025, 8.7691 million USD in 2026, 9.1285 million USD in 2027, and 9.4808 million USD in 2028.
Year-on-year variations in percentage are as follows:
- From 2023 to 2024: 5.63%
- From 2024 to 2025: 4.67%
- From 2025 to 2026: 4.36%
- From 2026 to 2027: 4.10%
- From 2027 to 2028: 3.86%
The compound annual growth rate (CAGR) from 2023 to 2028 is approximately 4.52%.
Future trends to watch for include the impact of changes in international trade policies, fluctuations in global supply chain dynamics, and advancements in the perfumery and pharmaceutical industries which could affect the demand for specific types of plants. Monitoring economic stability and customs regulations in the Philippines will also be critical in forecasting future import trends.
