From 2013 to 2023, the import volume of concentrated unsweetened milk and cream to Singapore has shown significant fluctuations, culminating in a volume of 1213.1 thousand kilograms in 2023. There were notable increases in 2015 and especially in 2018, with a 142.99% year-on-year growth in 2018. However, since 2019, a steady decline has been observed. Over the last two years, the year-on-year variation has been negative, with a 6.27% decline in 2023. The compound annual growth rate (CAGR) over the past 5 years stands at -10.39%, indicating a significant downward trend.
Looking into the future, the forecasted data suggests a continued decline in import volumes, with a forecasted five-year CAGR of -6.82% and an overall predicted decrease of 29.77% by 2028. Key trends to watch for include potential factors affecting dairy demand in Singapore, changes in domestic production capabilities, and global supply chain issues affecting import volumes.
