The fisheries production volume in Singapore has exhibited considerable fluctuation over the past decade, peaking at 8.16 thousand metric tons in 2015 and hitting a low of 5.18 thousand metric tons in 2020. As of 2023, the volume stands at 7.1 thousand metric tons, marking a modest year-on-year increase of 4.93%. The compound annual growth rate (CAGR) for the last five years is 0.24%, indicating slight overall growth.
Notable variations include a significant drop in 2020 by 28.48%, followed by a recovery in 2021 with a 7.05% increase and a substantial rebound in 2022 with a 21.86% rise. Looking ahead, the forecasted data suggests a steady decline in production volume with a five-year CAGR of -0.84%, culminating in a volume of 6.73 thousand metric tons by 2028.
Future trends to watch for include evolving environmental regulations, potential impacts of climate change on marine ecosystems, and technological advancements in aquaculture that may counteract the projected decline. Efforts towards sustainable fishing practices and international trade agreements will also play a crucial role in shaping the industry’s trajectory.
