Singapore: Battered Fish Fillet Market 2024

Battered Fish Fillet Market Size in Singapore

The Singaporean battered fish fillet market totaled $X in 2021, with an increase of 12% against the previous year. Overall, the total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -30.8% against 2016 indices. Battered fish fillet consumption peaked at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Battered Fish Fillet Production in Singapore

In value terms, battered fish fillet production expanded markedly to $X in 2021 estimated in export price. In general, production saw a buoyant expansion. The growth pace was the most rapid in 2015 with an increase of 38% against the previous year. Over the period under review, production reached the peak level at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Battered Fish Fillet Exports

Exports from Singapore

In 2021, shipments abroad of fish fillets in batter or breadcrumbs decreased by -6.3% to X tons, falling for the third year in a row after two years of growth. Overall, exports, however, recorded a resilient increase. The pace of growth appeared the most rapid in 2018 with an increase of 593% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, battered fish fillet exports reduced to $X in 2021. In general, exports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2018 when exports increased by 363% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Hong Kong SAR (X tons), Malaysia (X tons) and Thailand (X tons) were the main destinations of battered fish fillet exports from Singapore, together comprising 45% of total exports. These countries were followed by Australia, the Philippines, Canada, Vietnam, China, the United States, South Korea and Taiwan (Chinese), which together accounted for a further 45%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Australia (with a CAGR of +91.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for battered fish fillet exported from Singapore were Hong Kong SAR ($X), South Korea ($X) and China ($X), together comprising 62% of total exports.

Among the main countries of destination, Hong Kong SAR, with a CAGR of +132.8%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average battered fish fillet export price amounted to $X per ton, growing by 3.9% against the previous year. Over the period under review, the export price saw a strong increase. The growth pace was the most rapid in 2013 an increase of 103%. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+113.7%), while the prices for the other major destinations experienced more modest paces of growth.

Battered Fish Fillet Imports

Imports into Singapore

In 2021, battered fish fillet imports into Singapore reduced to X tons, with a decrease of -3.2% compared with the previous year. The total import volume increased at an average annual rate of +4.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when imports increased by 38% against the previous year. Over the period under review, imports hit record highs at X tons in 2020, and then shrank slightly in the following year.

In value terms, battered fish fillet imports dropped slightly to $X in 2021. Overall, total imports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -8.3% against 2019 indices. The growth pace was the most rapid in 2018 when imports increased by 74% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Thailand (X tons) and Vietnam (X tons) were the main suppliers of battered fish fillet imports to Singapore, with a combined 88% share of total imports. These countries were followed by Japan, the UK, Taiwan (Chinese) and Malaysia, which together accounted for a further 9.3%.

From 2012 to 2021, the biggest increases were recorded for the UK (with a CAGR of +14.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Vietnam ($X) and Japan ($X) appeared to be the largest battered fish fillet suppliers to Singapore, with a combined 58% share of total imports. These countries were followed by Thailand, the UK, Taiwan (Chinese) and Malaysia, which together accounted for a further 22%.

The UK, with a CAGR of +18.7%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average battered fish fillet import price amounted to $X per ton, stabilizing at the previous year. Overall, import price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of +1.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, battered fish fillet import price decreased by -21.5% against 2019 indices. The most prominent rate of growth was recorded in 2018 an increase of 61% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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