In 2023, Vietnam imported 55.96 thousand kilograms of Agarbatti, Odorifers Operated by Burning. The data from 2013 to 2023 demonstrates fluctuating trends in import volumes. From 2013 to 2016, there were significant increases culminating in a peak in 2016, followed by notable declines in 2017. Imports then progressively increased from 2018 to 2023, showing relative stability and gradual growth:
- In 2022, the imports grew by 1.03% year-on-year.
- In 2023, the imports saw a 2.9% increase year-on-year.
Considering the compound annual growth rate (CAGR) over the last five years stands at 3.23%, the future projections indicate a steady growth trend through 2028 with a forecasted CAGR of 2.15%. The forecast for 2024 onwards shows a consistent incremental growth in import volumes, suggesting a stable yet modest market expansion.
Future trends to watch for:
- Potential market stabilization factors as evident from consistent growth.
- Emerging preferences for specific types of Agarbatti influencing import volumes.
- Impact of macroeconomic factors on import policies and trade regulations in Vietnam.
