The import of fermented milk products to Singapore is on a steady upward trajectory. From 2024 to 2028, the forecasted values show an annual increase. In 2024, the imports are expected to reach 56.091 million USD, growing to 62.194 million USD by 2028. Comparing with the actual data for 2023, the latest year-on-year variation in percentage indicates a consistent increase, with each year seeing a growth of around 2.8% to 3%. The Compound Annual Growth Rate (CAGR) over the five-year forecast period from 2024 to 2028 stands at approximately 2.6% per annum.
Future trends to watch for include potential shifts in consumer preferences towards plant-based alternatives, which could impact demand, as well as trade policy changes or economic factors that could influence import levels. Additionally, advancements in the production and storage technology of fermented milk products may also affect import volumes.
