Singapore: Dairy Produce Market 2024

Dairy Produce Market Size in Singapore

In 2022, the Singaporean dairy produce market increased by X% to $X, rising for the sixth year in a row after three years of decline. Over the period under review, consumption recorded a mild decrease. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Dairy Produce Production in Singapore

In value terms, dairy produce production declined to $X in 2022 estimated in export price. Overall, production showed a deep setback. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Dairy Produce Exports

Exports from Singapore

Dairy produce exports from Singapore declined slightly to X tons in 2022, approximately mirroring the previous year's figure. In general, exports showed a pronounced setback. The most prominent rate of growth was recorded in 2013 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, dairy produce exports surged to $X in 2022. Overall, exports continue to indicate a perceptible downturn. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Japan (X tons) was the main destination for dairy produce exports from Singapore, with a X% share of total exports. Moreover, dairy produce exports to Japan exceeded the volume sent to the second major destination, Bangladesh (X tons), threefold. The third position in this ranking was taken by Malaysia (X tons), with a X% share.

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

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

Export Prices by Country

The average dairy produce export price stood at $X per ton in 2022, surging by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2017 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is likely to see gradual growth in the near future.

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

Dairy Produce Imports

Imports into Singapore

In 2022, imports of dairy produce into Singapore declined modestly to X tons, waning by X% compared with 2021 figures. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, dairy produce imports expanded significantly to $X in 2022. Over the period under review, total imports indicated a slight increase 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, imports increased by X% against 2016 indices. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

New Zealand (X tons), Australia (X tons) and Thailand (X tons) were the main suppliers of dairy produce imports to Singapore, together comprising X% of total imports. The United States, the Netherlands, Malaysia, France, Ireland, Germany, India, Denmark and Indonesia lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ireland (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, New Zealand ($X) constituted the largest supplier of dairy produce to Singapore, comprising X% of total imports. The second position in the ranking was held by Australia ($X), with a X% share of total imports. It was followed by Thailand, with a X% share.

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

Import Prices by Country

The average dairy produce import price stood at $X per ton in 2022, surging by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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 Denmark ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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