Singapore: Frozen Cuttlefishes Market 2024

Frozen Cuttlefishes Market Size in Singapore

The Singaporean frozen cuttlefishes market declined significantly to $X in 2021, waning by -36.9% 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 recorded a deep slump. Over the period under review, the market attained the peak level at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Frozen Cuttlefishes Exports

Exports from Singapore

In 2021, approx. X tons of frozen cuttlefishes were exported from Singapore; increasing by 863% on 2020 figures. Overall, exports, however, continue to indicate a noticeable setback. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, frozen cuttlefishes exports soared to $X in 2021. Over the period under review, exports recorded a mild increase. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tons) was the main destination for frozen cuttlefishes exports from Singapore, accounting for a 95% share of total exports. Moreover, frozen cuttlefishes exports to Malaysia exceeded the volume sent to the second major destination, Brunei Darussalam (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Malaysia totaled +4.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brunei Darussalam (-9.3% per year) and China (-37.0% per year).

In value terms, Malaysia ($X) remains the key foreign market for frozen cuttlefishes exports from Singapore, comprising 92% of total exports. The second position in the ranking was held by Brunei Darussalam ($X), with a 6.6% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Malaysia stood at +6.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brunei Darussalam (-3.1% per year) and China (-22.4% per year).

Export Prices by Country

In 2021, the average frozen cuttlefishes export price amounted to $X per ton, picking up by 16% against the previous year. In general, export price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, frozen cuttlefishes export price increased by +21.6% against 2019 indices. The pace of growth was the most pronounced in 2017 an increase of 61% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Brunei Darussalam ($X per ton), while the average price for exports to China ($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 China (+23.1%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Cuttlefishes Imports

Imports into Singapore

In 2021, supplies from abroad of frozen cuttlefishes increased by 15% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, imports, however, showed a abrupt downturn. The growth pace was the most rapid in 2020 when imports increased by 31%. Over the period under review, imports reached the maximum at X tons in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, frozen cuttlefishes imports stood at $X in 2021. In general, imports, however, recorded a abrupt setback. The most prominent rate of growth was recorded in 2020 when imports increased by 53%. Imports peaked at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), Vietnam (X tons) and Indonesia (X tons) were the main suppliers of frozen cuttlefishes imports to Singapore, together accounting for 87% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +1.4%), while imports for the other leaders experienced a decline.

In value terms, the largest frozen cuttlefishes suppliers to Singapore were China ($X), Vietnam ($X) and Indonesia ($X), together accounting for 91% of total imports. These countries were followed by Malaysia, India, Japan and Myanmar, which together accounted for a further 7%.

Myanmar, with a CAGR of -0.4%, 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 a decline.

Import Prices by Country

The average frozen cuttlefishes import price stood at $X per ton in 2021, waning by -13% against the previous year. In general, import price indicated tangible growth from 2012 to 2021: its price increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, frozen cuttlefishes import price increased by +52.0% against 2016 indices. The pace of growth appeared the most rapid in 2018 an increase of 37% against the previous year. The import price peaked at $X per ton in 2020, and then reduced in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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