Singapore: Beer Market 2024

Beer Market Size in Singapore

In 2022, the Singaporean beer market increased by 21% to $X, rising for the seventh consecutive year after two years of decline. Overall, consumption, however, continues to indicate a remarkable increase. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in the immediate term.

Beer Production in Singapore

In value terms, beer production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of 25% against the previous year. Beer production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Beer Exports

Exports from Singapore

In 2022, the amount of beer exported from Singapore rose markedly to X tons, increasing by 5.9% compared with the year before. In general, exports, however, saw a deep contraction. The pace of growth was the most pronounced in 2013 with an increase of 13% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, beer exports surged to $X in 2022. Overall, exports, however, showed a slight setback. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons), Indonesia (X tons) and Malaysia (X tons) were the main destinations of beer exports from Singapore, together accounting for 45% of total exports. The Philippines, Cambodia, Taiwan (Chinese), South Korea, Thailand, Vietnam, Papua New Guinea and Australia lagged somewhat behind, together accounting for a further 44%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Papua New Guinea (with a CAGR of +60.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for beer exported from Singapore were China ($X), Indonesia ($X) and Malaysia ($X), with a combined 49% share of total exports. Thailand, the Philippines, Vietnam, South Korea, Australia, Cambodia, Taiwan (Chinese) and Papua New Guinea lagged somewhat behind, together comprising a further 41%.

Papua New Guinea, with a CAGR of +57.7%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average beer export price stood at $X per ton in 2022, with an increase of 68% against the previous year. Overall, export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, beer export price increased by +88.8% against 2019 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Papua New Guinea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+11.0%), while the prices for the other major destinations experienced more modest paces of growth.

Beer Imports

Imports into Singapore

Beer imports into Singapore declined slightly to X tons in 2022, almost unchanged from 2021. In general, imports continue to indicate a slight reduction. The pace of growth was the most pronounced in 2013 when imports increased by 30%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, beer imports surged to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 38% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Malaysia (X tons), Vietnam (X tons) and China (X tons) were the main suppliers of beer imports to Singapore, with a combined 43% share of total imports. Mexico, India, Belgium, Japan, the Netherlands, South Korea, Germany, Ireland, Thailand and the United States lagged somewhat behind, together comprising a further 47%.

From 2012 to 2022, the biggest increases were recorded for Ireland (with a CAGR of +14.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Vietnam ($X) and Mexico ($X) were the largest beer suppliers to Singapore, together accounting for 34% of total imports. Belgium, China, India, the Netherlands, Germany, Japan, Ireland, Thailand, the United States and South Korea lagged somewhat behind, together accounting for a further 53%.

In terms of the main suppliers, Ireland, with a CAGR of +18.7%, 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

In 2022, the average beer import price amounted to $X per ton, rising by 29% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 the United States ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+7.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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