In 2023, the import value of milk powder to Singapore stood at $129.76 million USD. From 2024 onwards, the values are forecasted to decline slightly year by year, indicated by projected values of $128.04 million USD in 2024, $126.43 million USD in 2025, $124.86 million USD in 2026, $123.32 million USD in 2027, and $121.81 million USD in 2028.
Year-on-year variations show a consistent pattern of decline:
- -0.85% from 2023 to 2024
- -1.26% from 2024 to 2025
- -1.24% from 2025 to 2026
- -1.24% from 2026 to 2027
- -1.22% from 2027 to 2028
The Compound Annual Growth Rate (CAGR) from 2024 to 2028 is -1.16%, demonstrating a steady but gradual decline in the import value of milk powder over these years.
Future trends to watch for include changes in global dairy prices, shifts in Singapore's domestic consumption patterns, technological advancements in milk powder production, and potential trade policy changes that could affect import patterns.
