Singapore: Frozen Whole Turkey Market 2024

Frozen Whole Turkey Market Size in Singapore

The Singaporean frozen whole turkey market shrank remarkably to $X in 2022, which is down by -30% against the previous year. Over the period under review, consumption saw a slight decline. Frozen whole turkey consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Frozen Whole Turkey Production in Singapore

In value terms, frozen whole turkey production surged to $X in 2022 estimated in export price. In general, production recorded a significant expansion. The most prominent rate of growth was recorded in 2020 when the production volume increased by 313% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Frozen Whole Turkey Exports

Exports from Singapore

In 2022, overseas shipments of frozen whole turkeys decreased by -46.8% to X tons, falling for the third year in a row after two years of growth. In general, exports continue to indicate a abrupt setback. The pace of growth appeared the most rapid in 2018 with an increase of 126% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, frozen whole turkey exports dropped sharply to $X in 2022. Over the period under review, exports continue to indicate a pronounced slump. The most prominent rate of growth was recorded in 2018 when exports increased by 81% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Indonesia (X tons), Sri Lanka (X tons) and Maldives (X tons) were the main destinations of frozen whole turkey exports from Singapore, together accounting for 100% of total exports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +18.4%), while shipments for the other leaders experienced a decline.

In value terms, Indonesia ($X) remains the key foreign market for frozen whole turkeys exports from Singapore, comprising 67% of total exports. The second position in the ranking was taken by Sri Lanka ($X), with a 29% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Indonesia amounted to +25.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sri Lanka (-0.2% per year) and Maldives (-15.6% per year).

Export Prices by Country

In 2022, the average frozen whole turkey export price amounted to $X per ton, growing by 31% against the previous year. Over the period under review, export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, frozen whole turkey export price increased by +96.2% against 2018 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Maldives ($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 India (+6.6%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Whole Turkey Imports

Imports into Singapore

In 2022, the amount of frozen whole turkeys imported into Singapore shrank significantly to X tons, declining by -55.1% against the year before. Overall, imports recorded a deep downturn. The most prominent rate of growth was recorded in 2019 with an increase of 61%. Over the period under review, imports attained the maximum at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, frozen whole turkey imports declined notably to $X in 2022. In general, imports recorded a perceptible decrease. The most prominent rate of growth was recorded in 2021 with an increase of 67%. Over the period under review, imports attained the maximum at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

The United States (X tons), France (X tons) and Australia (X tons) were the main suppliers of frozen whole turkey imports to Singapore, together accounting for 90% of total imports. The Netherlands and Brazil lagged somewhat behind, together comprising a further 8.3%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +217.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest frozen whole turkey suppliers to Singapore were the United States ($X), France ($X) and Australia ($X), with a combined 85% share of total imports. The Netherlands and Brazil lagged somewhat behind, together comprising a further 11%.

Among the main suppliers, the Netherlands, with a CAGR of +162.2%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average frozen whole turkey import price stood at $X per ton in 2022, rising by 34% against the previous year. Overall, import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, frozen whole turkey import price increased by +73.4% against 2018 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+6.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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