Table of Contents

Primary Sector

Agriculture

Savoring flavors of refinement

Due to the country’s limited land reclamation at only 719km², only 1% of Singapore’s land area is utilized for agricultural purposes. These agricultural activities are centered around the countryside of the region, primarily engaging in the production of eggs, seafood, and vegetables for local consumption (Department of Statistics Singapore, 2024). As of 2022, Singapore has reported a total value of USD 17.2 billion for its agricultural product imports, highlighting the country’s reliance on imports when it comes to food security (ITA, 2024). The country makes up for their food security through being a pioneer in the development of novel foods, which is defined by the Singapore Food Agency (SFA) as foods or food ingredients that are chemically identical to naturally occurring substances but produced through technological advances. According to ITA (2024), the world’s first regulatory approval to sell lab-grown meat originated from Singapore in 2020. Based on the findings from Statista (2024), Singapore’s gross production value in the agriculture market is projected to reach USD 83.40 million in 2024 and USD 94.27 million in 2028 with an annual growth rate of 3.11%. Subsequently, the import value of the country’s agriculture market is estimated at USD 3.2 billion in 2024 with an annual growth rate of 1.21% while the export value of the country’s agriculture market is also projected to amount to USD 1,334 million in 2024, with a declining annual growth rate of -6.51%. In other words, businesses may consider the import of agriculture product when venturing into the Singaporean market and capture a large portion of the country’s market share by taking advantage of the country’s scarce resources. 

Insights on Singapore sectors and industries - Primary Sector

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