The import of essential oils, perfumes, cosmetics, and toiletries into Singapore is forecasted to grow from 5.4707 Billion US Dollars in 2024 to 6.2879 Billion US Dollars by 2028. This indicates a steady upward trend in demand for these products. In 2023, the actual import value stood at 5.2703 Billion US Dollars, showing resilience and a strong market base.
Year-on-year variations show a consistent growth pattern:- 2024: 3.8%- 2025: 3.8%- 2026: 3.6%- 2027: 3.4%- 2028: 3.3%
The Compound Annual Growth Rate (CAGR) over the last five years averages around 3.6%, reflecting healthy and sustainable growth in the market.
Future trends to watch for include the rising preference for organic and natural products, increased consumer awareness of health and wellness, and potential disruptions from innovative technologies and e-commerce platforms. Keeping an eye on regulatory changes and their impacts on import policies will also be essential.