The import of frozen fish to Singapore saw a fluctuating yet generally upward trend between 2013 and 2023. Starting from $123.91 million in 2013, the value slightly dipped to $111.74 million in 2014, only to scale up to $235.14 million in 2023. The data highlights a strong growth period from 2016 onwards, with an impressive surge from $160.45 million to $198.05 million by 2018, followed by consistent yet incremental increases. The imports plateaued around $198 million between 2018 and 2020 but rose steadily thereafter.
The year-on-year variation indicates significant improvement phases such as 2016-2018 with rises of 29.7% and 17.98%, and a more modest growth period from 2021 to 2023 with annual increases closer to 4%. Over the past five years, this value has shown an average growth of 3.49% per year.
Looking ahead, forecasts suggest that by 2028, imports are anticipated to climb to $280.05 million, with an estimated CAGR of 2.75% from 2024 onwards, reflecting a stable yet slowing growth rate.
Future trends to watch for:
• Potential shifts in consumer demand amidst health and sustainability trends.
• Regulatory impacts on import policies and tariffs influencing trade dynamics.
• Technological advancements in cold-chain logistics that could reduce costs.
• Emerging competitors in the global frozen fish market impacting Singapore’s import strategies.
