Singapore: Market for Flours, Meals And Pellets Of Fish 2025

Market Size for Flours, Meals And Pellets Of Fish in Singapore

The Singaporean fish meals and pellet market contracted sharply to $X in 2021, reducing by -44.8% 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). Overall, consumption faced a abrupt slump. Fish meals and pellet consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Exports of Flours, Meals And Pellets Of Fish

Exports from Singapore

In 2021, after two years of growth, there was significant decline in shipments abroad of flours, meals and pellets of fish, when their volume decreased by -31.9% to X tons. In general, exports, however, saw buoyant growth. The growth pace was the most rapid in 2016 when exports increased by 304% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, fish meals and pellet exports soared to $X in 2021. Overall, exports, however, continue to indicate prominent growth. The growth pace was the most rapid in 2017 with an increase of 149%. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

The Philippines (X tons), Hong Kong SAR (X tons) and Brunei Darussalam (X tons) were the main destinations of fish meals and pellet exports from Singapore, together comprising 69% of total exports.

From 2012 to 2021, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +20.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) remains the key foreign market for flours, meals and pellets of fish exports from Singapore, comprising 65% of total exports. The second position in the ranking was held by the Philippines ($X), with a 14% share of total exports. It was followed by Indonesia, with an 8.4% share.

From 2012 to 2021, the average annual growth rate of value to Hong Kong SAR amounted to +53.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+13.4% per year) and Indonesia (+7.2% per year).

Export Prices by Country

The average fish meals and pellet export price stood at $X per ton in 2021, growing by 78% against the previous year. Over the period under review, the export price recorded notable growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Sweden ($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 Hong Kong SAR (+27.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Flours, Meals And Pellets Of Fish

Imports into Singapore

In 2021, imports of flours, meals and pellets of fish into Singapore shrank remarkably to X tons, waning by -52.9% on the year before. Overall, imports continue to indicate a abrupt decline. The pace of growth appeared the most rapid in 2016 with an increase of 255% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, fish meals and pellet imports fell markedly to $X in 2021. In general, imports recorded a abrupt decline. The most prominent rate of growth was recorded in 2016 when imports increased by 184%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the Philippines (X tons) constituted the largest supplier of fish meals and pellet to Singapore, accounting for a 27% share of total imports. Moreover, fish meals and pellet imports from the Philippines exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), twofold. The third position in this ranking was held by Norway (X tons), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from the Philippines amounted to +6.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-10.6% per year) and Norway (-9.2% per year).

In value terms, Norway ($X), Japan ($X) and Germany ($X) constituted the largest fish meals and pellet suppliers to Singapore, with a combined 53% share of total imports.

Germany, with a CAGR of +25.1%, saw 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

The average fish meals and pellet import price stood at $X per ton in 2021, increasing by 33% against the previous year. Overall, import price indicated prominent growth from 2012 to 2021: its price increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, fish meals and pellet import price decreased by -2.1% against 2019 indices. The pace of growth appeared the most rapid in 2019 when the average import price increased by 50% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+13.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :