The export of sparkling grape wines from Singapore displayed a fluctuating yet overall positive trend from 2013 to 2023. Standing at $450.68 million in 2023, the sector encountered a mix of gains and dips through the years with its recent year-on-year growth rate at 2.84%. The compound annual growth rate (CAGR) over the last five years is 3.06%, highlighting moderate but consistent growth despite occasional setbacks during 2015 and 2020.
Looking forward, forecasts indicate continued growth with the market projected to reach $515.71 million by 2028. The forecasted five-year CAGR of 2.12% underscores a steadier trajectory, reflecting a forecast 11.06% overall growth over the next five years. This suggests a firm yet gradual improvement in the sector.
Future trends to watch for include:
- Evolving consumer preferences towards premium and organic sparkling wines.- Impact of global economic conditions and trade policies on export dynamics.- Innovations and marketing strategies by Singaporean exporters to capture emerging markets.
