The import of Essential Oils, Resinoids, and Terpenic By-Products to the Philippines was recorded at 14.503 million USD in 2023. Forecasts indicate a steady increase in the value of imports from 2024 through 2028, with a projected rise from 14.503 million USD in 2024 to 15.013 million USD in 2028. The year-on-year variations show modest growth, with slight incremental increases of approximately 0.90% annually. The compound annual growth rate (CAGR) over this five-year period stands at around 0.87%, reflecting a consistent upward trend in the market.
Looking ahead, future trends to watch for include potential shifts in global supply chains affecting the availability and cost of essential oils, changes in consumer preferences towards natural and organic products, and regulatory impacts on the importation of these products. Monitoring these factors will be crucial for understanding and anticipating further movements in this market segment.
