Singapore: Preserved Beef Market 2024

Preserved Beef Market Size in Singapore

In 2021, after three years of growth, there was decline in the Singaporean preserved beef market, when its value decreased by -1.9% to $X. In general, the total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +20.7% against 2017 indices. Preserved beef consumption peaked at $X in 2020, and then dropped in the following year.

Preserved Beef Production in Singapore

In value terms, preserved beef production dropped slightly to $X in 2021 estimated in export price. Overall, the total production indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +27.7% against 2017 indices. The pace of growth was the most pronounced in 2015 when the production volume increased by 40% against the previous year. Preserved beef production peaked at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Preserved Beef Exports

Exports from Singapore

In 2021, exports of beef and veal (salted, in brine, dried or smoked) from Singapore contracted remarkably to X kg, with a decrease of -57.8% against 2020. In general, exports saw a abrupt descent. The pace of growth appeared the most rapid in 2016 when exports increased by 304% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, preserved beef exports dropped markedly to $X in 2021. Overall, exports continue to indicate a abrupt contraction. The growth pace was the most rapid in 2016 when exports increased by 363%. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam (X kg) was the main destination for preserved beef exports from Singapore, with a 41% share of total exports. Moreover, preserved beef exports to Vietnam exceeded the volume sent to the second major destination, Brunei Darussalam (X kg), twofold. The third position in this ranking was held by Maldives (X kg), with an 18% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam amounted to -12.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brunei Darussalam (0.0% per year) and Maldives (-18.3% per year).

In value terms, Vietnam ($X) remains the key foreign market for beef and veal (salted, in brine, dried or smoked) exports from Singapore, comprising 46% of total exports. The second position in the ranking was held by Maldives ($X), with an 18% share of total exports. It was followed by Malaysia, with a 14% share.

From 2012 to 2021, the average annual growth rate of value to Vietnam totaled -2.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (-11.8% per year) and Malaysia (-3.8% per year).

Export Prices by Country

In 2021, the average preserved beef export price amounted to $X per ton, jumping by 24% against the previous year. Over the period under review, the export price recorded a resilient expansion. The pace of growth was the most pronounced in 2019 an increase of 63%. Over the period under review, the average export prices attained the maximum in 2021 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Brunei Darussalam ($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 Malaysia (+17.3%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Beef Imports

Imports into Singapore

In 2021, the amount of beef and veal (salted, in brine, dried or smoked) imported into Singapore contracted to X tons, which is down by -9.6% compared with the previous year. In general, imports, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 139%. As a result, imports reached the peak of X tons, and then fell in the following year.

In value terms, preserved beef imports skyrocketed to $X in 2021. Overall, imports, however, continue to indicate a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 259% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in the near future.

Imports by Country

Brazil (X tons), New Zealand (X tons) and Italy (X kg) were the main suppliers of preserved beef imports to Singapore, together accounting for 89% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Brazil (with a CAGR of +42.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, New Zealand ($X) constituted the largest supplier of beef and veal (salted, in brine, dried or smoked) to Singapore, comprising 67% of total imports. The second position in the ranking was held by Italy ($X), with a 16% share of total imports. It was followed by Brazil, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from New Zealand totaled +39.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+35.8% per year) and Brazil (+48.7% per year).

Import Prices by Country

In 2021, the average preserved beef import price amounted to $X per ton, growing by 35% against the previous year. Over the period under review, the import price showed resilient growth. The pace of growth was the most pronounced in 2013 when the average import price increased by 94%. Over the period under review, average import prices reached the maximum in 2021 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was New Zealand ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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