Report Update Nov 1, 2024

Singapore - Animal Fats and Oils - Market Analysis, Forecast, Size, Trends and Insights

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Singapore: Animal Fats Market 2024

Animal Fats Market Size in Singapore

In 2021, the Singaporean animal fats market decreased by -21.1% to $X for the first time since 2015, thus ending a five-year rising trend. Over the period under review, consumption, however, continues to indicate prominent growth. As a result, consumption reached the peak level of $X, and then shrank remarkably in the following year.

Animal Fats Production in Singapore

In value terms, animal fats production reduced dramatically to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a slight increase. The growth pace was the most rapid in 2020 when the production volume increased by 93%. As a result, production reached the peak level of $X, and then contracted dramatically in the following year.

Animal Fats Exports

Exports from Singapore

In 2021, shipments abroad of animal fats and oils was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Overall, exports, however, continue to indicate a sharp contraction. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, animal fats exports skyrocketed to $X in 2021. In general, exports, however, continue to indicate a abrupt curtailment. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Seychelles (X tons) was the main destination for animal fats exports from Singapore, accounting for a approx. 99% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Seychelles stood at +195.7%.

In value terms, Seychelles ($X) also remains the key foreign market for animal fats and oils exports from Singapore.

From 2012 to 2021, the average annual growth rate of value to Seychelles totaled +255.2%.

Export Prices by Country

In 2021, the average animal fats export price amounted to $X per ton, picking up by 43% against the previous year. Overall, export price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +3.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, animal fats export price increased by +87.3% against 2016 indices. The pace of growth appeared the most rapid in 2014 an increase of 54% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Seychelles.

From 2012 to 2021, the rate of growth in terms of prices for the Philippines amounted to +230.3% per year.

Animal Fats Imports

Imports into Singapore

In 2021, overseas purchases of animal fats and oils increased by 181% to X tons, rising for the second year in a row after six years of decline. Over the period under review, imports recorded a significant expansion. The growth pace was the most rapid in 2020 when imports increased by 2,858%. Imports peaked in 2021 and are likely to see gradual growth in the near future.

In value terms, animal fats imports surged to $X in 2021. In general, imports continue to indicate resilient growth. The pace of growth appeared the most rapid in 2020 when imports increased by 1,446% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, New Zealand (X tons) constituted the largest animal fats supplier to Singapore, with a 71% share of total imports. Moreover, animal fats imports from New Zealand exceeded the figures recorded by the second-largest supplier, Australia (X tons), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume from New Zealand amounted to +161.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (0.0% per year) and Malaysia (-22.2% per year).

In value terms, the largest animal fats suppliers to Singapore were Australia ($X), New Zealand ($X) and Malaysia ($X), with a combined 99% share of total imports.

In terms of the main suppliers, New Zealand, with a CAGR of +126.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average animal fats import price amounted to $X per ton, falling by -31.2% against the previous year. Over the period under review, the import price showed a abrupt slump. The most prominent rate of growth was recorded in 2017 an increase of 74%. Over the period under review, average import prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+1.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for animal fats and oils in the world?

The countries with the highest volumes of animal fats consumption in 2020 were China, the U.S. and India, together comprising 27% of global consumption. These countries were followed by Italy, Japan, Russia, Brazil, Indonesia, Spain, Germany, Mexico, Pakistan and France, which together accounted for a further 26%.

What are the largest producers of animal fats and oils in the world?

China remains the largest animal fats producing country worldwide, accounting for 15% of total volume. Moreover, animal fats production in China exceeded the figures recorded by the second-largest producer, the U.S., twofold. The third position in this ranking was occupied by India, with a 5.6% share.

What are the leading suppliers of animal fats and oils to Singapore?

In value terms, the UK $255) constituted the largest supplier of animal fats to Singapore, comprising 62% of total imports. The second position in the ranking was occupied by the U.S. $83), with a 20% share of total imports.

What are the leading importers of animal fats and oils from Singapore?

In value terms, Malaysia $50) remains the key foreign market for animal fats exports from Singapore.

What is the average export price for animal fats and oils in Singapore?

The average animal fats export price stood at $1,250 per ton in 2020, which is down by -46.7% against the previous year.

What is the average import price for animal fats and oils in Singapore?

The average animal fats import price stood at $7,041 per ton in 2020, with an increase of 83% against the previous year.

This report provides an in-depth analysis of the animal fats market in Singapore. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 10416030 - Animal fats and oils and their fractions partly or wholly hydrogenated, inter-esterified, re-esterified or elaidinised, but not further prepared (including refined)

Country coverage:

Singapore

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Singapore
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023