In 2023, the import of grape wines and grape must to Singapore stood at 746.25 million USD. Over the past decade, the market has shown significant fluctuations with periods of growth and decline. Between 2013 and 2023, there were notable increases, such as in 2014 with a 19.18% year-on-year growth and a CAGR of 17.7%, and also setbacks like in 2015 which saw a -16.41% decrease year-on-year. The CAGR over the last five years has averaged 2.53%, reflecting a moderate growth rate. Recently, the year-on-year variations indicate a fairly stable market with smaller fluctuations: 2022 saw a 3.06% increase while 2023 had a 2.91% growth.
Projected data from 2024 to 2028 forecasts a steady growth with a 5-year CAGR of 2.17% and an overall forecasted growth rate of 11.31%. By 2028, the import value is expected to reach 856.43 million USD, reflecting a positive trend.
Future Trends to Watch For:
- Potential shifts in consumer preferences towards premium wines.
- Impact of global supply chain dynamics and trade policies.
- Technological advancements in distribution and retail.
- Economic factors influencing disposable income and spending on luxury items.
