Singapore: Powdered Milk Market 2025

Powdered Milk Market Size in Singapore

The Singaporean powdered milk market amounted to $X in 2022, picking up by 1.6% 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, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Powdered Milk Exports

Exports from Singapore

After two years of decline, overseas shipments of powdered milk increased by 4.7% to X tons in 2022. In general, exports, however, continue to indicate a perceptible curtailment. The pace of growth appeared the most rapid in 2013 with an increase of 19% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, powdered milk exports surged to $X in 2022. Over the period under review, exports, however, continue to indicate a slight curtailment. The pace of growth appeared the most rapid in 2017 when exports increased by 37% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for powdered milk exports from Singapore, with a 49% share of total exports. Moreover, powdered milk exports to Japan exceeded the volume sent to the second major destination, Bangladesh (X tons), threefold. Malaysia (X tons) ranked third in terms of total exports with a 9.4% share.

From 2012 to 2022, the average annual growth rate of volume to Japan stood at -3.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+105.5% per year) and Malaysia (+1.7% per year).

In value terms, Japan ($X) remains the key foreign market for powdered milk exports from Singapore, comprising 51% of total exports. The second position in the ranking was taken by Bangladesh ($X), with a 12% share of total exports. It was followed by Malaysia, with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan amounted to -1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+112.1% per year) and Malaysia (+4.7% per year).

Export Prices by Country

The average powdered milk export price stood at $X per ton in 2022, rising by 19% against the previous year. In general, export price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, powdered milk export price increased by +29.4% against 2017 indices. The most prominent rate of growth was recorded in 2017 an increase of 40%. The export price peaked in 2022 and is likely to continue growth in years to come.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Vietnam ($X per ton) and Japan ($X per ton), while the average price for exports to Bangladesh ($X per ton) and Malaysia ($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 the Philippines (+4.6%), while the prices for the other major destinations experienced more modest paces of growth.

Powdered Milk Imports

Imports into Singapore

In 2022, the amount of powdered milk imported into Singapore dropped to X tons, waning by -3.1% on the previous year's figure. In general, imports saw a mild reduction. The most prominent rate of growth was recorded in 2013 when imports increased by 7.9%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, powdered milk imports expanded remarkably to $X in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 32%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, New Zealand (X tons) constituted the largest powdered milk supplier to Singapore, accounting for a 51% share of total imports. Moreover, powdered milk imports from New Zealand exceeded the figures recorded by the second-largest supplier, Australia (X tons), sixfold. The United States (X tons) ranked third in terms of total imports with a 6.4% share.

From 2012 to 2022, the average annual growth rate of volume from New Zealand was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (-11.7% per year) and the United States (+5.8% per year).

In value terms, New Zealand ($X) constituted the largest supplier of powdered milk to Singapore, comprising 49% of total imports. The second position in the ranking was taken by Australia ($X), with an 8.6% share of total imports. It was followed by the United States, with a 6.4% share.

From 2012 to 2022, the average annual growth rate of value from New Zealand stood at +2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (-10.6% per year) and the United States (+8.3% per year).

Import Prices by Country

In 2022, the average powdered milk import price amounted to $X per ton, with an increase of 16% against the previous year. Overall, import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, powdered milk import price increased by +88.3% against 2016 indices. The most prominent rate of growth was recorded in 2017 an increase of 28%. 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 ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+8.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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