The export of perfumes and toilet waters from Singapore has shown a steady upward trend between 2013 and 2023, with a notable rise in volume from 19.05 million kilograms in 2013 to 26.371 million kilograms in 2023. The year-on-year variation displayed several fluctuations, peaking in 2017 with a 13.05% increase and witnessing a minor dip in 2019 and 2020. Over the last two years, the year-on-year growth was 2.14% in 2022 and 2.06% in 2023. The compounded annual growth rate (CAGR) over the last five years settled at 1.67%, indicating moderate but consistent growth.
As we look forward, the forecasts suggest a continued increase in exports, reaching 29.148 million kilograms by 2028, translating to a forecasted five-year CAGR of 1.58% and a total five-year growth rate of 8.14%. This trajectory suggests sustained demand and expansion in this sector.
Future trends to watch for include potential market expansions into emerging economies, evolving consumer preferences towards high-end and personalized fragrances, and the impact of regulatory changes on international trade. Sustainability trends and innovations in eco-friendly packaging may also play pivotal roles in shaping the market.