The import of sugar confectionery to Singapore experienced some fluctuations over the years from 2013 to 2023. In 2023, the value stood at 70.127 Million US Dollars, reflecting a year-on-year increase of 1.41%. Notable variations include a significant decline of 11.94% in 2015 and a robust growth of 6.85% in 2021. The five-year compound annual growth rate (CAGR) from 2018 to 2023 was 1.52%, indicating moderate growth.
Looking ahead, the forecasted data suggests a steady increase in imports of sugar confectionery, with values projected to reach 75.216 Million US Dollars by 2028. The forecasted five-year CAGR is 1.1%, slightly lower than the previous five years but still indicative of a positive growth trend. The overall expected growth rate over the next five years is 5.65%.
Future trends to watch for include:
- Emerging health trends and consumer preferences towards low-sugar alternatives which may impact the volume and value of imports.
- Potential trade policies and economic factors that could either facilitate or hinder import growth.
- Global supply chain dynamics and their effect on the availability and pricing of sugar confectionery.
