The import of unsweetened milk and cream powder to Singapore has shown significant fluctuations over the past years. The peak was in 2013 with imports standing at 343.2 million US dollars, followed by a drastic decline in 2015 to 173.74 million US dollars. This downward trend continued through to 2016. From 2017 onwards, the values displayed some recovery, albeit with minor fluctuations, leading to a relatively stable pattern between 2018 and 2023 where imports were around 184.95 million US dollars.
When analyzing year-on-year variations, the imports saw an overall declining trend with minor upticks, like in 2017 and 2021. The last two years witnessed slight negative growth rates of -0.37% each. The five-year CAGR indicates a minimal average annual decline of -0.64% from 2018 to 2023. For the forecast period from 2024 to 2028, projections suggest a continued slight decrease at a forecasted CAGR of -0.31%. Such a trend indicates market stabilization, albeit at a lower level compared to the early 2010s.
Future trends to watch include potential regulatory changes, market shifts towards alternative dairy products, and economic factors affecting purchasing power and import policies. Tracking these variables will be essential for a more precise forecast and understanding market behaviors.
