The import of frozen fish fillets to Singapore reached 98.316 million USD in 2023. Over the period from 2013 to 2023, the market exhibited moderate growth with notable fluctuations. After a peak in 2018, the market faced minor setbacks but managed a steady increase from 2021 through 2023 with a year-on-year increase of 1.79% in the last year.
Key variations include a significant spike in 2014 (19.86%) and a notable rise in 2018 (22.05%). Conversely, the market saw periods of decline in 2015 (-4.6%) and 2016 (-6.13%). The last two years showed stable growth with a 1.86% increase in 2022 and 1.79% in 2023.
Looking ahead, the forecasted CAGR from 2023 to 2028 is modest at 1.38%, anticipating steady growth, culminating in 107.34 million USD by 2028. Over the forecasted period, the 5-year growth rate stands at 7.11%.
The following future trends to watch for include:
- Potential disruptions due to climatic changes affecting fish supplies.
- Shifts toward sustainable and eco-friendly sourcing practices.
- Fluctuations in global trade policies impacting import dynamics.
- Economic conditions and changing consumer preferences influencing demand.
