Singapore: Biological Product Market 2024

Biological Product Market Size in Singapore

The Singaporean biological product market soared to $X in 2022, jumping by X% against the previous year. In general, consumption enjoyed a buoyant expansion. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Biological Product Production in Singapore

In value terms, biological product production soared to $X in 2022 estimated in export price. Overall, production saw a buoyant increase. The pace of growth was the most pronounced in 2020 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Biological Product Exports

Exports from Singapore

In 2022, exports of biological products from Singapore dropped notably to X tons, reducing by X% on the previous year's figure. Over the period under review, exports, however, continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then reduced remarkably in the following year.

In value terms, biological product exports contracted to $X in 2022. In general, exports, however, posted significant growth. The pace of growth appeared the most rapid in 2018 when exports increased by X% against the previous year. The exports peaked at $X in 2021, and then fell modestly in the following year.

Exports by Country

The United States (X tons) was the main destination for biological product exports from Singapore, with a X% share of total exports. Moreover, biological product exports to the United States exceeded the volume sent to the second major destination, Switzerland (X tons), threefold. The third position in this ranking was taken by Belgium (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (X% per year) and Belgium (X% per year).

In value terms, the United States ($X) remains the key foreign market for biological products exports from Singapore, comprising X% of total exports. The second position in the ranking was held by Belgium ($X), with a X% share of total exports. It was followed by Switzerland, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (X% per year) and Switzerland (X% per year).

Export Prices by Country

In 2022, the average biological product export price amounted to $X per kg, growing by X% against the previous year. In general, the export price continues to indicate a prominent increase. The pace of growth appeared the most rapid in 2014 an increase of X%. Over the period under review, the average export prices hit record highs at $X per kg in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per kg), while the average price for exports to Ireland ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ireland (X%), while the prices for the other major destinations experienced more modest paces of growth.

Biological Product Imports

Imports into Singapore

Biological product imports into Singapore amounted to X tons in 2022, leveling off at the previous year's figure. In general, imports recorded a significant increase. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, biological product imports contracted notably to $X in 2022. Over the period under review, imports recorded buoyant growth. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, imports reached the peak of $X, and then shrank notably in the following year.

Imports by Country

In 2022, Ireland (X tons) constituted the largest biological product supplier to Singapore, with a X% share of total imports. Moreover, biological product imports from Ireland exceeded the figures recorded by the second-largest supplier, the United States (X tons), ninefold. The third position in this ranking was held by Hungary (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Ireland stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Hungary (X% per year).

In value terms, the United States ($X), Germany ($X) and Ireland ($X) constituted the largest biological product suppliers to Singapore, together accounting for X% of total imports. Switzerland, China, France, Hungary, Belgium and Australia lagged somewhat behind, together comprising a further X%.

Among the main suppliers, Hungary, with a CAGR of X%, recorded 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 biological product import price stood at $X per kg in 2022, declining by X% against the previous year. In general, the import price showed a abrupt contraction. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. Over the period under review, average import prices reached the maximum at $X per kg in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per kg), while the price for Hungary ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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