Singapore: Pasta Products Market 2024

Pasta Products Market Size in Singapore

After six years of growth, the Singaporean pasta products market decreased by -21.3% to $X in 2022. In general, consumption, however, saw a remarkable increase. As a result, consumption attained the peak level of $X, and then dropped markedly in the following year.

Pasta Products Production in Singapore

In value terms, pasta products production dropped rapidly to $X in 2022 estimated in export price. In general, production showed a deep reduction. The pace of growth appeared the most rapid in 2021 with an increase of 70% against the previous year. Over the period under review, production attained the maximum level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Pasta Products Exports

Exports from Singapore

In 2022, approx. X tons of dried, undried and frozen pasta and pasta products were exported from Singapore; with an increase of 9.2% against the previous year. The total export volume increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 21% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, pasta products exports totaled $X in 2022. Overall, total exports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +36.3% against 2014 indices. The pace of growth was the most pronounced in 2017 when exports increased by 16%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Australia (X tons), the UK (X tons) and Ireland (X tons) were the main destinations of pasta products exports from Singapore, with a combined 64% share of total exports. India, the United States, Portugal, China, the United Arab Emirates, Brunei Darussalam and Malaysia lagged somewhat behind, together comprising a further 21%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +12.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), the UK ($X) and Ireland ($X) appeared to be the largest markets for pasta products exported from Singapore worldwide, together comprising 57% of total exports. The United States, India, the United Arab Emirates, China, Portugal, Brunei Darussalam and Malaysia lagged somewhat behind, together accounting for a further 25%.

The United States, with a CAGR of +17.6%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average pasta products export price stood at $X per ton in 2022, with an increase of 1.9% against the previous year. Over the last decade, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2021 when the average export price increased by 20%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to India ($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 the United States (+4.2%), while the prices for the other major destinations experienced more modest paces of growth.

Pasta Products Imports

Imports into Singapore

Pasta products imports into Singapore stood at X tons in 2022, with an increase of 2.9% against the year before. Overall, imports continue to indicate a resilient increase. The pace of growth was the most pronounced in 2018 when imports increased by 31%. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, pasta products imports totaled $X in 2022. Over the period under review, imports enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2018 when imports increased by 30%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest pasta products supplier to Singapore, accounting for a 39% share of total imports. Moreover, pasta products imports from Malaysia exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), twofold. China (X tons) ranked third in terms of total imports with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia stood at +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+15.5% per year) and China (+3.3% per year).

In value terms, the largest pasta products suppliers to Singapore were Malaysia ($X), Indonesia ($X) and China ($X), together comprising 63% of total imports.

Indonesia, with a CAGR of +17.6%, saw the highest growth rate of the value of imports, in terms of 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 pasta products import price stood at $X per ton in 2022, increasing by 1.9% against the previous year. In general, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 5.5%. The import price peaked in 2022 and is likely to see steady growth in the near future.

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 South Korea ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+3.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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