By reviewing the given data, the forecast for imports of soaps, lubricants, waxes, candles, and modeling pastes to the US is promising. The import value is projected to rise from $4.34 billion in 2024 to $4.76 billion in 2028. The year-on-year growth rates post-2024 are as follows: 2.5% (2025), 2.39% (2026), 2.27% (2027), and 2.19% (2028). The compounded annual growth rate (CAGR) for this five-year period stands at approximately 2.34%, indicating a steady upward trend. For reference, the import value stood at $4.26 billion in 2023.
Future trends to watch for include:
- Increasing demand for eco-friendly and sustainable products, affecting the composition of imports.
- Technological advancements in manufacturing, potentially influencing import patterns.
- Shifts in global supply chain dynamics and trade policies impacting import volumes and costs.