In 2023, the re-import value of plants used for perfumery or pharmacy to Canada was estimated at 1.57 million USD. The projected values from 2024 to 2028 indicate a consistent year-on-year decline, starting at 1.4161 million USD in 2024 and gradually decreasing to 0.88615 million USD by 2028. This decline implies a cumulative average growth rate (CAGR) of approximately -10.4% over the five-year forecast period. Key concerns involve increasing competition and potential shifts in global supply chains affecting import volumes.
Future trends to watch for include:
- Exploration of domestic alternatives by Canadian firms.
- Changes in global trade regulations impacting import activities.
- Innovation in plant-based product segments as companies seek cost-efficient solutions.
