Singapore: Preserved Anchovies Market 2024

Preserved Anchovies Market Size in Singapore

In 2021, the Singaporean preserved anchovies market decreased by -2% to $X, falling for the second consecutive year after two years of growth. Over the period under review, the total consumption indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -3.5% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Preserved Anchovies Production in Singapore

In value terms, preserved anchovies production contracted slightly to $X in 2021 estimated in export price. In general, production, however, recorded pronounced growth. The pace of growth was the most pronounced in 2018 with an increase of 157% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then fell modestly in the following year.

Preserved Anchovies Exports

Exports from Singapore

In 2021, overseas shipments of anchovies (prepared or preserved) decreased by -24.8% to X tons, falling for the fifth year in a row after two years of growth. Over the period under review, exports recorded a deep downturn. The pace of growth appeared the most rapid in 2013 when exports increased by 40% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, preserved anchovies exports dropped rapidly to $X in 2021. Overall, exports recorded a deep slump. The pace of growth appeared the most rapid in 2018 when exports increased by 27% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Hong Kong SAR (X tons), Indonesia (X tons) and Brunei Darussalam (X kg) were the main destinations of preserved anchovies exports from Singapore, together comprising 71% of total exports.

From 2012 to 2021, the biggest increases were recorded for Brunei Darussalam (with a CAGR of +21.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X), Indonesia ($X) and Vietnam ($X) were the largest markets for preserved anchovies exported from Singapore worldwide, together comprising 68% of total exports. These countries were followed by Maldives, Cambodia, Brunei Darussalam, Malaysia, South Korea, Thailand and Australia, which together accounted for a further 31%.

In terms of the main countries of destination, Brunei Darussalam, with a CAGR of +12.5%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average preserved anchovies export price stood at $X per ton in 2021, rising by 2.2% against the previous year. In general, the export price, however, recorded a pronounced descent. The pace of growth was the most pronounced in 2018 an increase of 56% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Maldives ($X per ton), while the average price for exports to Brunei Darussalam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Maldives (+9.2%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Anchovies Imports

Imports into Singapore

In 2021, overseas purchases of anchovies (prepared or preserved) decreased by -0.7% to X tons, falling for the fourth year in a row after two years of growth. In general, imports saw a perceptible reduction. The growth pace was the most rapid in 2016 when imports increased by 194%. Over the period under review, imports attained the peak figure at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, preserved anchovies imports amounted to $X in 2021. Over the period under review, total imports indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +9.6% against 2019 indices. The pace of growth was the most pronounced in 2016 when imports increased by 58%. Imports peaked at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Thailand (X tons) constituted the largest supplier of preserved anchovies to Singapore, accounting for a 41% share of total imports. Moreover, preserved anchovies imports from Thailand exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. The third position in this ranking was held by Italy (X tons), with an 8% share.

From 2012 to 2021, the average annual growth rate of volume from Thailand amounted to -5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+1.7% per year) and Italy (+8.3% per year).

In value terms, Spain ($X), Thailand ($X) and Italy ($X) appeared to be the largest preserved anchovies suppliers to Singapore, together accounting for 43% of total imports. These countries were followed by the UK, South Korea, Malaysia, Taiwan (Chinese), Japan, China, Australia and the Philippines, which together accounted for a further 44%.

In terms of the main suppliers, South Korea, with a CAGR of +23.9%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average preserved anchovies import price stood at $X per ton in 2021, growing by 4.3% against the previous year. Over the period under review, the import price saw a perceptible expansion. The most prominent rate of growth was recorded in 2020 when the average import price increased by 60% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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