Forecast: Import of Essential Oils, Perfumes, Cosmetics and Toileteries to South Korea

The import of essential oils, perfumes, cosmetics, and toiletries to South Korea has shown a steady increase from 2013 to 2023, with the value reaching $2.3266 billion in 2023. The year-on-year growth rate averaged approximately 2.85% in the latest year, following an 8.58% increase in 2021 and a 2.99% increase in 2022. Over the last five years (2018-2023), the compound annual growth rate (CAGR) stands at approximately 3.02%. Despite minor fluctuations, including a slight decline in 2020 due to global disruptions, the overall trend portrays consistent growth.

Looking ahead, the forecast data predicts continued growth, with the import value expected to reach $2.663 billion by 2028, reflecting a forecasted five-year CAGR of 2.12%. This suggests a stable growth trajectory albeit at a slightly decelerated pace compared to historical averages.

Future trends to watch for:

• The potential impact of global economic changes on import values.
• Shifts in consumer preferences toward sustainable and organic products.
• Regulatory changes affecting the import and usage of certain products.
• Technological advancements in product formulations and packaging.