The import of frozen lobsters to Singapore has shown significant fluctuations over the past decade. Starting at 205.18 thousand kilograms in 2013, there were notable increases and decreases, peaking at 560.99 thousand kilograms in 2016 before dropping to 269.3 thousand kilograms in 2018 and stabilizing around 316.72 thousand kilograms in 2023. The year-on-year variation was particularly high in certain years such as 2013, 2014, and 2016, but it leveled out in recent years. The average annual growth rate over the past five years (CAGR) stabilized at 3.3%, indicating a period of relative steadiness compared to earlier volatility.
Looking forward, the forecasted data from 2024 to 2028 suggest minimal growth with a forecasted five-year CAGR of 0.23% and an overall increase of 1.17% by 2028. The year-on-year variations are expected to remain low, signifying a potentially stable period for imports in the near future.
Future Trends to Watch For:
- Potential changes in global lobster supply chains and their impact on Singapore's imports.
- Fluctuations in demand due to economic changes or consumer preferences.
- Regulatory developments that could affect import practices or volume.
