In 2023, India's import of ambergris, civet, and musk for pharmaceutical use stood at $1.5616 million USD. Forecasts suggest a steady increase in imports from $1.6012 million USD in 2024 to $1.7613 million USD in 2028. Year-on-year variations show a consistent growth rate around 2.5% to 2.6%. The Compound Annual Growth Rate (CAGR) over the five-year forecast period is approximately 2.4%, indicating moderate but consistent growth.
Future trends to watch include:
- Regulatory changes impacting the import of animal-derived products.
- Increasing pharmaceutical demand driving further import growth.
- Potential developments in synthetic alternatives reducing dependency.
- Fluctuations in global market prices affecting trade dynamics.
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