Singapore: Market for Frozen Fish And Seafood 2024

Market Size for Frozen Fish And Seafood in Singapore

In 2022, the Singaporean frozen fish and seafood market increased by X% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Frozen Fish And Seafood in Singapore

In value terms, frozen fish and seafood production shrank to $X in 2022 estimated in export price. In general, production continues to indicate a prominent increase. The most prominent rate of growth was recorded in 2016 when the production volume increased by X% against the previous year. Frozen fish and seafood production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Exports of Frozen Fish And Seafood

Exports from Singapore

In 2022, the amount of frozen fish and seafood exported from Singapore contracted to X tons, waning by X% compared with 2021. Overall, exports continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, frozen fish and seafood exports amounted to $X in 2022. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when exports increased by X%. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Malaysia (X tons), Indonesia (X tons) and China (X tons) were the main destinations of frozen fish and seafood exports from Singapore, with a combined X% share of total exports. Japan, Brunei Darussalam, the United States, South Korea, Taiwan (Chinese), Qatar, Thailand, Vietnam, Hong Kong SAR and the Philippines lagged somewhat behind, together accounting for a further X%.

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

In value terms, China ($X) remains the key foreign market for frozen fish and seafood exports from Singapore, comprising X% of total exports. The second position in the ranking was taken by Malaysia ($X), with a X% share of total exports. It was followed by Thailand, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X% per year) and Thailand (X% per year).

Export Prices by Country

In 2022, the average frozen fish and seafood export price amounted to $X per ton, rising by X% against the previous year. Overall, export price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, frozen fish and seafood export price increased by X% against 2020 indices. The growth pace was the most rapid in 2016 an increase of X%. Over the period under review, the average export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

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 China ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 China (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Frozen Fish And Seafood

Imports into Singapore

In 2022, overseas purchases of frozen fish and seafood were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, frozen fish and seafood imports skyrocketed to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Vietnam (X tons), China (X tons) and Malaysia (X tons) were the main suppliers of frozen fish and seafood imports to Singapore, with a combined X% share of total imports. Indonesia, Chile, India, Norway, Thailand, Japan, Ecuador, Spain, British Indian Ocean Territory and Myanmar lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest frozen fish and seafood suppliers to Singapore were China ($X), Vietnam ($X) and Malaysia ($X), with a combined X% share of total imports. Japan, Chile, Indonesia, Spain, Norway, Ecuador, India, Thailand, British Indian Ocean Territory and Myanmar lagged somewhat behind, together accounting for a further X%.

Spain, with a CAGR of X%, 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 frozen fish and seafood import price stood at $X per ton in 2022, growing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Japan ($X per ton), while the price for Myanmar ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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