The import of tanning, dyeing extracts, tannins, and pigments to Singapore has shown varying trends over recent years. As of 2023, the value stood at 1.2451 billion USD. From 2022 to 2023, there was a modest increase of 1.57%. Over the last five years, the average annual growth rate (CAGR) was 1.71%, highlighting steady growth despite occasional dips.
Significant year-on-year variations occurred due to several factors, including economic fluctuations and global trade dynamics. For instance, a steep decline of 15.54% occurred in 2020, reflecting the impact of global disruptions. However, a solid recovery was evident in 2021 with a 16.4% increase.
The forecasted data from 2024 onwards suggests continued growth. By 2028, imports are expected to reach 1.3424 billion USD, with a forecasted 5-year CAGR of 1.24% and an overall growth rate of 6.36% over the five years.
Future trends to watch for include developments in sustainable and eco-friendly dyeing technologies, changes in global supply chains, and economic policies impacting import-export dynamics. Adapting to these trends will be crucial for market participants.