Singapore: Market for Butter And Dairy Spreads 2024

Market Size for Butter And Dairy Spreads in Singapore

The Singaporean butter and dairy spreads market shrank to $X in 2022, which is down by -10.7% 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). In general, the total consumption indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +6.0% against 2020 indices. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Exports of Butter And Dairy Spreads

Exports from Singapore

Butter and dairy spreads exports from Singapore reduced to X tons in 2022, waning by -6% against the previous year. Over the period under review, exports faced a abrupt descent. The growth pace was the most rapid in 2013 when exports increased by 35% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, butter and dairy spreads exports surged to $X in 2022. Overall, exports recorded a deep slump. The growth pace was the most rapid in 2013 when exports increased by 24% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for butter and dairy spreads exports from Singapore, accounting for a 84% share of total exports. Moreover, butter and dairy spreads exports to Japan exceeded the volume sent to the second major destination, the Philippines (X tons), more than tenfold. Brunei Darussalam (X tons) ranked third in terms of total exports with a 2.9% share.

From 2012 to 2022, the average annual growth rate of volume to Japan amounted to -10.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+66.3% per year) and Brunei Darussalam (+5.8% per year).

In value terms, Japan ($X) remains the key foreign market for butter and dairy spreads exports from Singapore, comprising 82% of total exports. The second position in the ranking was held by Brunei Darussalam ($X), with a 3.2% share of total exports. It was followed by Thailand, with a 3% share.

From 2012 to 2022, the average annual growth rate of value to Japan totaled -6.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brunei Darussalam (+8.4% per year) and Thailand (-13.6% per year).

Export Prices by Country

In 2022, the average butter and dairy spreads export price amounted to $X per ton, with an increase of 31% against the previous year. Overall, export price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter and dairy spreads export price increased by +35.1% against 2020 indices. The pace of growth appeared the most rapid in 2018 when the average export price increased by 40%. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in years to come.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Thailand ($X per ton) and Hong Kong SAR ($X per ton), while the average price for exports to the Philippines ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+5.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Butter And Dairy Spreads

Imports into Singapore

In 2022, the amount of butter and dairy spreads imported into Singapore dropped notably to X tons, which is down by -22.3% compared with 2021. In general, imports recorded a pronounced reduction. The growth pace was the most rapid in 2018 when imports increased by 17%. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, butter and dairy spreads imports declined to $X in 2022. The total import value increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 with an increase of 32% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, New Zealand (X tons) constituted the largest butter and dairy spreads supplier to Singapore, accounting for a 36% share of total imports. Moreover, butter and dairy spreads imports from New Zealand exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), twofold. France (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from New Zealand stood at +1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-8.2% per year) and France (-0.8% per year).

In value terms, New Zealand ($X), the Netherlands ($X) and France ($X) appeared to be the largest butter and dairy spreads suppliers to Singapore, together accounting for 68% of total imports. Australia, Denmark and Belgium lagged somewhat behind, together comprising a further 23%.

Denmark, with a CAGR of +17.5%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average butter and dairy spreads import price stood at $X per ton in 2022, picking up by 24% against the previous year. In general, import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter and dairy spreads import price increased by +34.7% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 49%. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Belgium ($X per ton) and France ($X per ton), while the price for Australia ($X per ton) and New Zealand ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+5.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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