In 2023, the import of cocoa butter, fat, and oil to Singapore stood at $18.0 million. Over the past few years, we have observed a stabilization in imports after a significant dip from 2013 to 2017, where the imports dropped from $19.91 million to $15.563 million. The period from 2018 to 2023 shows mild year-on-year growth staying mostly within a 1% range, with a Five-Year Compound Annual Growth Rate (CAGR) of 1.42% for 2023.
Looking ahead, from 2024 to 2028, forecasted data suggests a gradual increase in imports with the CAGR projected at 0.57%. The overall growth rate for this period is expected to be approximately 2.89% by 2028, indicating continued modest growth. Future trends to watch for include fluctuations in global cocoa prices, potential shifts in consumer demand for cocoa-based products, and trade policy changes affecting cocoa trade.
