Singapore: Groundnuts Market 2025

Groundnuts Market Size in Singapore

In 2022, the Singaporean groundnuts market decreased by -39.3% to $X for the first time since 2018, thus ending a three-year rising trend. Overall, consumption saw a slight reduction. Groundnuts consumption peaked at $X in 2021, and then dropped sharply in the following year.

Groundnuts Exports

Exports from Singapore

In 2022, exports of ground-nut (in-shell) from Singapore contracted notably to X tons, with a decrease of -77.8% compared with the previous year's figure. Over the period under review, exports faced a sharp downturn. The most prominent rate of growth was recorded in 2018 when exports increased by 108% 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, groundnuts exports fell markedly to $X in 2022. Overall, exports faced a significant curtailment. The pace of growth was the most pronounced in 2016 with an increase of 116%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tons) was the main destination for groundnuts exports from Singapore, accounting for a 66% share of total exports. Moreover, groundnuts exports to Malaysia exceeded the volume sent to the second major destination, Seychelles (X tons), threefold. Hong Kong SAR (X kg) ranked third in terms of total exports with a 2.9% share.

From 2012 to 2022, the average annual growth rate of volume to Malaysia stood at -25.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Seychelles (+3.9% per year) and Hong Kong SAR (-17.6% per year).

In value terms, the largest markets for groundnuts exported from Singapore were Malaysia ($X), Seychelles ($X) and Hong Kong SAR ($X), with a combined 95% share of total exports. Brunei Darussalam and Maldives lagged somewhat behind, together comprising a further 5.1%.

In terms of the main countries of destination, Brunei Darussalam, with a CAGR of +18.0%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average groundnuts export price stood at $X per ton in 2022, picking up by 42% against the previous year. Over the period under review, the export price posted moderate growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Maldives ($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 Maldives (+16.1%), while the prices for the other major destinations experienced more modest paces of growth.

Groundnuts Imports

Imports into Singapore

In 2022, approx. X tons of ground-nut (in-shell) were imported into Singapore; waning by -45.9% on 2021. Overall, imports showed a deep contraction. The most prominent rate of growth was recorded in 2021 with an increase of 100% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, groundnuts imports declined markedly to $X in 2022. In general, imports faced a deep downturn. The pace of growth appeared the most rapid in 2021 with an increase of 111% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest groundnuts supplier to Singapore, accounting for a 70% share of total imports. Moreover, groundnuts imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), sevenfold. Vietnam (X tons) ranked third in terms of total imports with a 9.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (-30.7% per year) and Vietnam (+103.3% per year).

In value terms, China ($X) constituted the largest supplier of ground-nut (in-shell) to Singapore, comprising 72% of total imports. The second position in the ranking was taken by India ($X), with a 13% share of total imports. It was followed by Vietnam, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (-27.5% per year) and Vietnam (+132.5% per year).

Import Prices by Country

The average groundnuts import price stood at $X per ton in 2022, surging by 6.5% against the previous year. Over the period under review, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, groundnuts import price increased by +81.8% against 2018 indices. The pace of growth was the most pronounced in 2020 an increase of 46%. The import price peaked in 2022 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 India ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+14.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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