Singapore: Market for Frozen Pig Meat Other Than Cuts Or Carcases 2024

Market Size for Frozen Pig Meat Other Than Cuts Or Carcases in Singapore

The Singaporean market for frozen pig meat other than cuts or carcases contracted to $X in 2022, waning by -7.3% 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 recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Exports of Frozen Pig Meat Other Than Cuts Or Carcases

Exports from Singapore

In 2022, overseas shipments of frozen pig meat other than cuts or carcases increased by 24% to X tons, rising for the sixth consecutive year after two years of decline. Overall, exports recorded significant growth. The most prominent rate of growth was recorded in 2019 when exports increased by 346%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, exports of frozen pig meat other than cuts or carcases reached $X in 2022. In general, exports posted a significant expansion. The pace of growth appeared the most rapid in 2019 when exports increased by 245% against the previous year. Over the period under review, the exports of hit record highs in 2022 and are expected to retain growth in years to come.

Exports by Country

Brazil (X tons) was the main destination for exports of frozen pig meat other than cuts or carcases from Singapore, accounting for a 55% share of total exports. Moreover, exports of frozen pig meat other than cuts or carcases to Brazil exceeded the volume sent to the second major destination, Malaysia (X tons), threefold. Thailand (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Brazil amounted to +199.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+52.1% per year) and Thailand (+228.7% per year).

In value terms, Brazil ($X) remains the key foreign market for frozen pig meat other than cuts or carcases exports from Singapore, comprising 56% of total exports. The second position in the ranking was taken by Malaysia ($X), with an 18% share of total exports. It was followed by Indonesia, with an 8.3% share.

From 2012 to 2022, the average annual growth rate of value to Brazil stood at +183.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+42.0% per year) and Indonesia (+24.6% per year).

Export Prices by Country

The average export price for frozen pig meat other than cuts or carcases stood at $X per ton in 2022, falling by -15.3% against the previous year. Over the period under review, the export price continues to indicate a pronounced reduction. The most prominent rate of growth was recorded in 2016 an increase of 42% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Brunei Darussalam ($X per ton), while the average price for exports to Thailand ($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 Brunei Darussalam (-1.0%), while the prices for the other major destinations experienced a decline.

Imports of Frozen Pig Meat Other Than Cuts Or Carcases

Imports into Singapore

For the third consecutive year, Singapore recorded growth in supplies from abroad of frozen pig meat other than cuts or carcases, which increased by 2.7% to X tons in 2022. The total import volume increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 23% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, imports of frozen pig meat other than cuts or carcases fell to $X in 2022. The total import value increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 with an increase of 34% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports of failed to regain momentum.

Imports by Country

In 2022, Brazil (X tons) constituted the largest frozen pig meat other than cuts or carcases supplier to Singapore, with a 69% share of total imports. Moreover, imports of frozen pig meat other than cuts or carcases from Brazil exceeded the figures recorded by the second-largest supplier, Germany (X tons), fivefold. Spain (X tons) ranked third in terms of total imports with a 5.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Brazil amounted to +7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+19.1% per year) and Spain (+6.5% per year).

In value terms, Brazil ($X) constituted the largest supplier of frozen pig meat other than cuts or carcases to Singapore, comprising 60% of total imports. The second position in the ranking was held by Germany ($X), with a 16% share of total imports. It was followed by Spain, with a 9.9% share.

From 2012 to 2022, the average annual growth rate of value from Brazil amounted to +4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+18.8% per year) and Spain (+10.1% per year).

Import Prices by Country

The average import price for frozen pig meat other than cuts or carcases stood at $X per ton in 2022, which is down by -8% against the previous year. Over the period under review, the import price recorded a mild curtailment. The pace of growth was the most pronounced in 2017 an increase of 15%. Over the period under review, average import prices attained the peak figure at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+6.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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