Singapore: Frozen Potato Market 2024

Frozen Potato Market Size in Singapore

The Singaporean frozen potato market surged to $X in 2021, rising by 31% 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). The market value increased at an average annual rate of +5.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Frozen Potato Exports

Exports from Singapore

In 2021, overseas shipments of frozen potatoes increased by 21% to X tons, rising for the second consecutive year after two years of decline. Overall, exports, however, showed a abrupt decline. The most prominent rate of growth was recorded in 2015 with an increase of 28%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, frozen potato exports shrank notably to $X in 2021. Over the period under review, exports, however, faced a deep reduction. The pace of growth was the most pronounced in 2015 when exports increased by 51% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Malaysia (X tons), Indonesia (X tons) and Brunei Darussalam (X tons) were the main destinations of frozen potato exports from Singapore, together accounting for 70% of total exports. These countries were followed by Pakistan, Hong Kong SAR, Cambodia, Australia, Timor-Leste and Sri Lanka, which together accounted for a further 28%.

From 2012 to 2021, the biggest increases were recorded for Australia (with a CAGR of +36.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Indonesia ($X) and Pakistan ($X) constituted the largest markets for frozen potato exported from Singapore worldwide, with a combined 62% share of total exports. These countries were followed by Hong Kong SAR, Brunei Darussalam, Cambodia, Australia, Timor-Leste and Sri Lanka, which together accounted for a further 34%.

Australia, with a CAGR of +33.2%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average frozen potato export price stood at $X per ton in 2021, dropping by -36.3% against the previous year. In general, the export price continues to indicate a mild decrease. The most prominent rate of growth was recorded in 2020 when the average export price increased by 23% against the previous year. As a result, the export price reached the peak level of $X per ton, and then dropped sharply in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Pakistan ($X per ton), while the average price for exports to Timor-Leste ($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 (+1.2%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Potato Imports

Imports into Singapore

In 2021, approx. X tons of frozen potatoes were imported into Singapore; jumping by 60% compared with 2020. Overall, total imports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +6.8% 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 increased by +85.7% against 2014 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, frozen potato imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +4.0% from 2012 to 2021; however, 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

In 2021, the United States (X tons) constituted the largest frozen potato supplier to Singapore, with a 68% share of total imports. Moreover, frozen potato imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), ninefold. Belgium (X tons) ranked third in terms of total imports with a 7% share.

From 2012 to 2021, the average annual growth rate of volume from the United States stood at +6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+60.2% per year) and Belgium (+14.4% per year).

In value terms, the United States ($X) constituted the largest supplier of frozen potatoes to Singapore, comprising 67% of total imports. The second position in the ranking was taken by China ($X), with a 7.9% share of total imports. It was followed by Belgium, with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States totaled +2.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+63.8% per year) and Belgium (+15.0% per year).

Import Prices by Country

The average frozen potato import price stood at $X per ton in 2021, declining by -25.6% against the previous year. Overall, the import price saw a pronounced shrinkage. The growth pace was the most rapid in 2018 an increase of 4.7% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were New Zealand ($X per ton) and China ($X per ton), while the price for the Netherlands ($X per ton) and Canada ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :