Analysis of historical data for the import of frozen rock lobster and other sea crawfish to Singapore reveals significant fluctuations over the years. From 2013 to 2017, the imports demonstrated considerable volatility, including notable drops in 2014 and 2017, with a significant rebound in 2018. Between 2019 and 2023, the volume largely stabilized, exhibiting consistent albeit modest growth, standing at 233.38 thousand kilograms in 2023.
Year-on-year variations for the last two years were modest, with a 1.76% increase in 2022 and a 1.69% rise in 2023. The compound annual growth rate (CAGR) over the last five years (2018-2023) is approximately 1.32%, indicating a steadier trend as the market matured.
Looking ahead, forecasts for 2024 through 2028 suggest a continual but slow increase in import volumes. By 2028, the volume is estimated to reach approximately 253.7 thousand kilograms, reflecting a forecasted five-year CAGR of 1.32% and a total forecasted growth rate of 6.75% over this period.
Future trends warrant attention to factors such as global supply chain disruptions, changes in consumer demand, and potential regulatory shifts that could impact the import volumes of frozen rock lobster and other sea crawfish to Singapore. Enhanced sustainability practices in fisheries might also influence future import dynamics.
