Over the past decade, the Food, Beverages, and Tobacco Manufacturing Value Added in Singapore experienced several fluctuations. Between 2013 and 2015, the sector saw a steady increase, peaking in 2015 with a 14% growth from 2013. However, from 2017 onwards, the sector faced multiple declines, with a significant drop of 21.66% in 2018. A brief recovery occurred in 2019 with a rise of 20.72%, but it soon declined again from 2020 to 2023, with 2023 standing at 4.39 units.
From 2019 to 2023, the sector saw minimal year-on-year changes, averaging an annual decrease of 1-2%. The last five years' CAGR showed a 2.11% increase, indicating much-needed stability after previous declines.
Future trends to watch for include:
- Forecasts predict a slight downward trend with a 5-year CAGR of -0.28% until 2028.
- Continued stability with minor fluctuations as the sector adapts to market demands and potential external shocks.
- Increased attention to sustainable and innovative practices in food and beverage production.
