Singapore: Market for Broad Beans And Horse Beans (Dry) 2024

Market Size for Broad Beans And Horse Beans (Dry) in Singapore

The Singaporean market for broad beans and horse beans (dry) reduced notably to $X in 2022, falling by -16.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a slight descent. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Exports of Broad Beans And Horse Beans (Dry)

Exports from Singapore

In 2022, after three years of decline, there was significant growth in overseas shipments of broad beans and horse beans (dry), when their volume increased by 523% to X tons. Overall, exports, however, recorded a sharp contraction. The most prominent rate of growth was recorded in 2018 with an increase of 3,854%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, broad bean and horse bean exports soared to $X in 2022. Over the period under review, exports, however, faced a precipitous slump. The growth pace was the most rapid in 2018 with an increase of 1,318%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Brunei Darussalam (X kg), Malaysia (X kg) and Indonesia (X kg) were the main destinations of broad bean and horse bean exports from Singapore, with a combined 99% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Brunei Darussalam (with a CAGR of +17.7%), while shipments for the other leaders experienced a decline.

In value terms, Brunei Darussalam ($X) remains the key foreign market for broad beans and horse beans (dry) exports from Singapore, comprising 81% of total exports. The second position in the ranking was held by Malaysia ($X), with a 15% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Brunei Darussalam amounted to +19.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-39.4% per year) and Indonesia (-22.9% per year).

Export Prices by Country

The average export price for broad beans and horse beans (dry) stood at $X per ton in 2022, standing approx. at the previous year. In general, the export price, however, saw a perceptible expansion. The growth pace was the most rapid in 2015 when the average export price increased by 218% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Brunei Darussalam ($X per ton), while the average price for exports to Malaysia ($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 Brunei Darussalam (+1.7%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Broad Beans And Horse Beans (Dry)

Imports into Singapore

In 2022, imports of broad beans and horse beans (dry) into Singapore dropped remarkably to X tons, reducing by -16.1% on the previous year. Overall, imports continue to indicate a perceptible contraction. The pace of growth was the most pronounced in 2016 with an increase of 51% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, broad bean and horse bean imports shrank notably to $X in 2022. Over the period under review, imports saw a perceptible decrease. The growth pace was the most rapid in 2016 when imports increased by 43% against the previous year. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest broad bean and horse bean supplier to Singapore, accounting for a 83% share of total imports. Moreover, broad bean and horse bean imports from Malaysia exceeded the figures recorded by the second-largest supplier, China (X tons), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia stood at -3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-5.9% per year) and New Zealand (+146.5% per year).

In value terms, Malaysia ($X) constituted the largest supplier of broad beans and horse beans (dry) to Singapore, comprising 81% of total imports. The second position in the ranking was held by China ($X), with a 13% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Malaysia amounted to -3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-3.5% per year) and New Zealand (+145.7% per year).

Import Prices by Country

The average import price for broad beans and horse beans (dry) stood at $X per ton in 2022, approximately reflecting the previous year. Over the last decade, it increased at an average annual rate of +1.0%. The most prominent rate of growth was recorded in 2021 an increase of 14% against the previous year. As a result, import price reached the peak level of $X per ton, leveling off in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, 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 2022, the most notable rate of growth in terms of prices was attained by China (+2.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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