The import of essential oils, perfumes, cosmetics, and toiletries to Vietnam has exhibited a notable upward trend from 2013 through 2023. In 2013, the imports stood at $494.25M, and by 2023, they reached $847.12M, reflecting a consistent growth trajectory. Between 2013 and 2023, the Compound Annual Growth Rate (CAGR) showed a varying pattern, peaking at 14.21% in 2014 and gradually settling at 3.97% by 2023. The year-on-year variation also highlights varying growth rates, with notable increases in certain years like 2014 (13.32%) and subdued growth in others, such as 2020 (-1.02%). Despite periodic fluctuations, the overall trend has been positive.
Looking ahead, the forecast for imports is expected to sustain growth, with the market projected to reach $997.33M by 2028. The forecasted five-year CAGR from 2024 to 2028 is estimated at 2.57%, indicating a more gradual, yet steady increase compared to previous years. The forecasted five-year growth rate stands at 13.5%, suggesting continued expansion in the sector.
Future trends to watch for include:
- Increasing demand for organic and natural products, driven by consumer preferences for healthier and more sustainable options.
- The rise of e-commerce platforms, which will further facilitate the import and distribution of these products.
- Regulatory changes and trade agreements that could impact import tariffs and market accessibility.
- Technological advancements in product formulations and packaging innovations that enhance product appeal.