The import of perfumes and toilet waters to the Philippines has exhibited consistent growth from 2024 onwards, with forecasted values showing a steady increase. In 2024, imports are expected to reach 24.862 million USD. This upward trajectory is evident in subsequent years, reaching 28.587 million USD by 2028. To provide context, the imports stood at 24.862 million USD in 2023, an efficient base for comparisons.
Year-on-year percentage variations for the forecasted period are as follows:
- 2024: Baseline year
- 2025: +3.86%
- 2026: +3.64%
- 2027: +3.44%
- 2028: +3.26%
The Compound Annual Growth Rate (CAGR) for the 5-year period ending in 2028 is calculated to be approximately 3.55%, indicating steady and sustainable growth in imports.
Future trends to watch for include evolving consumer preferences driven by changing demographics and increased spending on luxury goods. Additionally, the impact of potential tariff changes, trade policies, and currency fluctuations on import costs could influence future trends. The rise of e-commerce and digital marketing could also play a significant role in shaping the market landscape.