Singapore: Dairy Spread Market 2024

Dairy Spread Market Size in Singapore

The Singaporean dairy spread market rose slightly to $X in 2022, surging by 1.7% against the previous year. The market value increased at an average annual rate of +4.0% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Dairy spread consumption peaked in 2022 and is expected to retain growth in the immediate term.

Dairy Spread Production in Singapore

In value terms, dairy spread production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.4% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 18%. Dairy spread production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Dairy Spread Exports

Exports from Singapore

In 2022, shipments abroad of dairy spreads decreased by -27.2% to X tons, falling for the third year in a row after two years of growth. Overall, exports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2019 when exports increased by 183%. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, dairy spread exports shrank to $X in 2022. In general, exports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2019 when exports increased by 117%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for dairy spread exports from Singapore, with a 74% share of total exports. Moreover, dairy spread exports to China exceeded the volume sent to the second major destination, Brunei Darussalam (X tons), fivefold. The third position in this ranking was taken by Cambodia (X tons), with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at +122.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brunei Darussalam (+12.8% per year) and Cambodia (+9.4% per year).

In value terms, China ($X) remains the key foreign market for dairy spreads exports from Singapore, comprising 80% of total exports. The second position in the ranking was taken by Brunei Darussalam ($X), with a 13% share of total exports. It was followed by Cambodia, with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to +109.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brunei Darussalam (+19.5% per year) and Cambodia (+8.5% per year).

Export Prices by Country

In 2022, the average dairy spread export price amounted to $X per ton, jumping by 24% against the previous year. Overall, the export price posted a resilient increase. The pace of growth appeared the most rapid in 2020 an increase of 58%. Over the period under review, the average export prices reached the maximum in 2022 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 China ($X per ton), while the average price for exports to Timor-Leste ($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 (+5.9%), while the prices for the other major destinations experienced a decline.

Dairy Spread Imports

Imports into Singapore

In 2022, purchases abroad of dairy spreads increased by 20% to X tons, rising for the fifth consecutive year after three years of decline. In general, imports, however, recorded a perceptible contraction. The pace of growth was the most pronounced in 2013 with an increase of 49% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, dairy spread imports soared to $X in 2022. Overall, imports, however, recorded a deep slump. The most prominent rate of growth was recorded in 2013 when imports increased by 56%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Australia (X tons), India (X tons) and France (X tons) were the main suppliers of dairy spread imports to Singapore, with a combined 68% share of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +175.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X) constituted the largest supplier of dairy spreads to Singapore, comprising 34% of total imports. The second position in the ranking was held by France ($X), with a 14% share of total imports. It was followed by India, with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Australia totaled +7.5%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+35.6% per year) and India (+24.6% per year).

Import Prices by Country

In 2022, the average dairy spread import price amounted to $X per ton, reducing by -3.1% against the previous year. In general, the import price continues to indicate a pronounced slump. The most prominent rate of growth was recorded in 2019 when the average import price increased by 24% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2015; however, from 2016 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 New Zealand ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+16.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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