Singapore: Preserved Fish Fillet Market 2024

Preserved Fish Fillet Market Size in Singapore

In 2021, the Singaporean preserved fish fillet market decreased by -18.7% to $X for the first time since 2018, thus ending a two-year rising trend. The market value increased at an average annual rate of +3.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Preserved Fish Fillet Production in Singapore

In value terms, preserved fish fillet production dropped dramatically to $X in 2021 estimated in export price. In general, the total production indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +22.0% against 2019 indices. The pace of growth appeared the most rapid in 2020 when the production volume increased by 44% against the previous year. Preserved fish fillet production peaked at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Preserved Fish Fillet Exports

Exports from Singapore

In 2021, overseas shipments of fish fillets (dried, salted or in brine, but not smoked) increased by 435% to X tons, rising for the second consecutive year after three years of decline. Overall, exports continue to indicate a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, preserved fish fillet exports soared to $X in 2021. In general, exports enjoyed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Hong Kong SAR (X tons) was the main destination for preserved fish fillet exports from Singapore, with a 96% share of total exports. Moreover, preserved fish fillet exports to Hong Kong SAR exceeded the volume sent to the second major destination, Malaysia (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Hong Kong SAR stood at +41.0%.

In value terms, Hong Kong SAR ($X) remains the key foreign market for fish fillets (dried, salted or in brine, but not smoked) exports from Singapore, comprising 93% of total exports. The second position in the ranking was held by Malaysia ($X), with a 0.6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Hong Kong SAR amounted to +28.9%.

Export Prices by Country

In 2021, the average preserved fish fillet export price amounted to $X per ton, surging by 37% against the previous year. In general, the export price, however, recorded a abrupt downturn. The pace of growth was the most pronounced in 2015 when the average export price increased by 133% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Malaysia totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (-8.6%).

Preserved Fish Fillet Imports

Imports into Singapore

Preserved fish fillet imports into Singapore skyrocketed to X tons in 2021, jumping by 110% compared with the year before. Over the period under review, imports continue to indicate a significant expansion. The growth pace was the most rapid in 2018 with an increase of 984% against the previous year. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, preserved fish fillet imports surged to $X in 2021. In general, imports continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2018 with an increase of 2,622% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

The UK (X tons), Myanmar (X tons) and Japan (X tons) were the main suppliers of preserved fish fillet imports to Singapore, with a combined 74% share of total imports. Indonesia, Sri Lanka and China lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2021, the biggest increases were recorded for Sri Lanka (with a CAGR of +134.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X) constituted the largest supplier of fish fillets (dried, salted or in brine, but not smoked) to Singapore, comprising 49% of total imports. The second position in the ranking was held by Japan ($X), with a 15% share of total imports. It was followed by China, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from the UK amounted to +53.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+48.7% per year) and China (-14.4% per year).

Import Prices by Country

The average preserved fish fillet import price stood at $X per ton in 2021, with a decrease of -10.8% against the previous year. Over the period under review, the import price showed a sharp setback. The pace of growth appeared the most rapid in 2018 when the average import price increased by 151%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was China ($X per ton), while the price for Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sri Lanka (+23.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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