Based on the provided data, the production of evaporated and condensed milk in Singapore is expected to decline steadily from 2024 to 2028. This projection shows a consistent year-on-year decrease in production values, reflecting a downward trend in the market. Compared to 2023's actual production figures, which stood at value or volume not specified here, the forecast for the coming years indicates a compounded annual growth rate (CAGR) showing an average decline per year over the next five years.
Year-on-year variations:
- 2024 to 2025: -3.83%
- 2025 to 2026: -3.90%
- 2026 to 2027: -3.97%
- 2027 to 2028: -4.07%
Future trends to watch for include factors affecting the dairy industry, such as changes in consumer preferences towards non-dairy alternatives, potential regulatory impacts, and developments in dairy production technology. Monitoring these elements could provide insights into whether the current downward trend can be mitigated or reversed.
