The import of Essential Oils, Perfumes, Cosmetics, and Toiletries to South Africa has shown a varied trend over the past decade, standing at 1292.5 million US Dollars in 2023. From 2013 to 2016, there was an overall decline, followed by a steady increase from 2017 onward. The years 2021 and 2022 exhibited a 8.97% and 3.34% growth respectively, and a 3.16% increase in 2023. The last 5 years witnessed an average CAGR of 3.28%. Moving forward, from 2024 to 2028, the forecasted CAGR is 2.34%, suggesting a moderate growth rate of 12.24% over this period.
Future trends to watch for:
- Potential market shifts due to changes in consumer preferences towards natural and organic products.
- Impact of economic conditions on luxury goods demand.
- Influence of global supply chain disruptions on import volumes.
- The role of e-commerce and digital platforms in shaping market demand.