The forecasted import of powders for skin care and make-up to Singapore indicates a steady growth from 2024 to 2028. The volume is expected to increase from 3.0563 million kilograms in 2024 to 3.452 million kilograms by 2028. This demonstrates a compound annual growth rate (CAGR) of approximately 3.07% over the five-year period. In comparison, the actual import volume in 2023 stood at 2.963 million kilograms, suggesting an expanding market demand.
Year-on-year growth rates are as follows:
- 2024: 3.13%
- 2025: 3.33%
- 2026: 3.16%
- 2027: 3.00%
- 2028: 2.86%
Future trends to watch for:
- Emerging consumer preferences for natural and organic powders.
- Technological advancements in product formulations.
- Increased importation driven by enhanced marketing and distribution channels.
- Regulatory changes impacting cosmetic imports.