Singapore: Butter And Ghee Market 2024

Butter And Ghee Market Size in Singapore

The Singaporean butter and ghee market fell to $X in 2022, waning by X% 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). Over the period under review, the total consumption indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% 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.

Butter And Ghee Exports

Exports from Singapore

Butter and ghee exports from Singapore contracted markedly to X tons in 2022, reducing by X% against the previous year's figure. In general, exports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, butter and ghee exports stood at $X in 2022. Over the period under review, exports saw a deep contraction. The growth pace was the most rapid in 2021 when exports increased by X%. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Japan (X tons) was the main destination for butter and ghee exports from Singapore, accounting for a X% share of total exports. Moreover, butter and ghee exports to Japan exceeded the volume sent to the second major destination, the Philippines (X tons), more than tenfold. The third position in this ranking was held by Malaysia (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (X% per year) and Malaysia (X% per year).

In value terms, Japan ($X) remains the key foreign market for butter and ghee exports from Singapore, comprising X% of total exports. The second position in the ranking was held by Malaysia ($X), with a X% share of total exports. It was followed by the Philippines, with a X% share.

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

Export Prices by Country

In 2022, the average butter and ghee export price amounted to $X per ton, rising by X% against the previous year. In general, export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter and ghee export price increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2018 an increase of X%. The export price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Saudi Arabia ($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 Hong Kong SAR (X%), while the prices for the other major destinations experienced more modest paces of growth.

Butter And Ghee Imports

Imports into Singapore

In 2022, imports of butter and ghee into Singapore contracted remarkably to X tons, falling by X% against 2021. Overall, imports showed a deep downturn. The most prominent rate of growth was recorded in 2018 with an increase of X%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, butter and ghee imports contracted to $X in 2022. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of X%. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, New Zealand (X tons) constituted the largest butter and ghee supplier to Singapore, with a X% share of total imports. Moreover, butter and ghee imports from New Zealand exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), threefold. The third position in this ranking was taken by Australia (X tons), with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from New Zealand totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and Australia (X% per year).

In value terms, New Zealand ($X) constituted the largest supplier of butter and ghee to Singapore, comprising X% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a X% share of total imports. It was followed by France, with a X% share.

From 2012 to 2022, the average annual growth rate of value from New Zealand was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and France (X% per year).

Import Prices by Country

The average butter and ghee import price stood at $X per ton in 2022, surging by X% against the previous year. Overall, import price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter and ghee import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by X%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from France ($X per ton) and the Netherlands ($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 New Zealand (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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