The import of plants used for perfumery or pharmacy to Malaysia stood at 76.529 million USD in 2023. From 2013 to 2023, the imports fluctuated, peaking in 2014 and experiencing a significant dip between 2015 and 2018. Despite a resurgence in 2019 and 2020, the overall trend remained more stable, with values hovering around the low 70s to high 70s million USD range. Recent years saw moderate changes, with 2021 and 2023 showcasing slight increases compared to preceding years.
Year-over-year variations reveal substantial declines in the mid-2010s, with the highest year-on-year growth recorded in 2013 and 2014. However, these were followed by notable drops until a steadier phase from 2019 onward. The compound annual growth rate (CAGR) over the past five years leading up to 2023 indicates a modest average annual growth rate of around 1.46%.
Future trends indicate slight improvements with a forecasted CAGR of 0.48% from 2024 to 2028, resulting in a cumulative growth of 2.45% over the period. This points towards a rather stable, if low, growth trajectory driven by factors such as evolving demand dynamics and economic conditions impacting import volumes.
Trends to watch for:
- Changes in global supply chains due to geopolitical and environmental factors.
- Shifts in consumer preferences towards natural and organic products.
- Economic policies affecting trade agreements and import duties.
- Technological advancements in agriculture and perfumery/pharmaceutical industries.
