Based on the data provided for the import of paintings, drawings, and pastels executed by hand to Malaysia, there is a clear upward trend from 2024 to 2028. The import values are projected to steadily increase from 984.1 thousand in 2024 to 1155.0 thousand in 2028. This indicates a strong and growing demand for these art forms in the Malaysian market.
Here are the year-on-year percentage variations:- 2025: 4.47%- 2026: 4.20%- 2027: 3.94%- 2028: 3.73%
The comparative analysis between actual values up to 2023 and the forecast from 2024 indicates consistent growth. The compounded annual growth rate (CAGR) over the next five years averages around 4.08%. This demonstrates a progressively expanding market for hand-executed artwork in Malaysia.
Future trends to watch for include:- Changes in consumer preferences towards digital art which may impact traditional art imports.- Economic factors and disposable income levels affecting luxury purchases, including art.- The potential influence of government policies on cultural imports and support for local artists.
Overall, the forecast suggests a positive outlook for the import of paintings, drawings, and pastels in Malaysia, driven by increasing interest and investment in visual arts.