The import of fresh or chilled lobsters to Singapore has shown significant variation over the years. In 2023, the import volume stood at 818.69 thousand kilograms. Between 2013 and 2023, there were fluctuations, with notable drops in 2016 and a substantial increase in 2018. The year-on-year growth over the past two years saw an increase of 4.73% in 2022 and 4.43% in 2023. The compound annual growth rate (CAGR) over the last five years up to 2023 was 2.96%.
Future trends to watch for:
- The forecast for the next five years (2024-2028) indicates a gradual increase, projecting a CAGR of 2.89%, and an overall growth rate of 15.31% by 2028.
- Market dynamics, such as changes in global supply chains, consumer preferences, and regulatory environments.
- Potential impact of environmental and sustainability concerns on sourcing and import practices.
