The export value of essential oils, perfumes, cosmetics, and toiletries from Malaysia has experienced varied growth patterns from 2013 to 2023. In 2023, the export value stood at 470.55 million USD, showing a year-on-year increase of 2.97%. The last two years exhibited positive growth with 3.12% and 2.97% year-on-year variations for 2022 and 2023, respectively. Over the previous five years, the compound annual growth rate (CAGR) was relatively moderate at 1.8%, highlighting an overall steady but modest upward trend.
Future trends indicate a forecasted growth at a 2.21% CAGR for the next five years up to 2028, which is expected to result in an 11.53% total increase in export value during this period. Observing this trajectory supports a cautiously optimistic outlook for continual, albeit measured, growth in Malaysia’s export market for these products.
Future trends to watch for include:
- Increasing global demand for natural and organic products, which may drive up the export of essential oils.
- Technological advancements in cosmetics and toiletries enhancing product innovation and market appeal.
- Shifts in consumer preferences towards sustainable and ethically produced goods influencing export patterns.
- Regulatory changes in key markets that could impact export dynamics.