The import of flower seeds for sowing to Singapore has seen a notable decline over the past decade. In 2013, the import value stood at 620.02 thousand USD, but it decreased significantly to 214.74 thousand USD by 2023. Over the past two years, the value dropped from 256.13 thousand USD in 2021 to 214.74 thousand USD in 2023, reflecting a year-on-year decrease of 8.71%. The 5-year CAGR also indicates an average annual decline of 8.55% during this period.
Forecast figures predict the trend will continue, with the import value expected to fall further to 107.73 thousand USD by 2028. The forecasted 5-year CAGR is -10.94%, representing a total reduction of 43.96% by the end of this forecast period.
Future trends to watch for:
- Potential impact of technological advancements in seed production and diversification of sources.
- Changes in domestic regulations or policies affecting import tariffs.
- Market demand shifts due to evolving consumer preferences and environmental considerations.
- Possible effects of global economic conditions and supply chain disruptions.
