Singapore: Honey Market 2024

Honey Market Size in Singapore

The Singaporean honey market stood at $X in 2022, with an increase of 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). The market value increased at an average annual rate of +4.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Honey consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Honey Exports

Exports from Singapore

In 2022, the amount of honey exported from Singapore declined to X tons, which is down by -5.6% against the year before. Overall, total exports indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +49.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 58%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, honey exports fell sharply to $X in 2022. Over the period under review, exports, however, posted a perceptible increase. The most prominent rate of growth was recorded in 2015 when exports increased by 106% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Malaysia (X tons) was the main destination for honey exports from Singapore, with a 57% share of total exports. Moreover, honey exports to Malaysia exceeded the volume sent to the second major destination, Indonesia (X tons), fivefold. Maldives (X tons) ranked third in terms of total exports with a 7.2% share.

From 2012 to 2022, the average annual growth rate of volume to Malaysia stood at +5.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-3.9% per year) and Maldives (+7.9% per year).

In value terms, Indonesia ($X), Malaysia ($X) and Japan ($X) were the largest markets for honey exported from Singapore worldwide, with a combined 81% share of total exports.

Japan, with a CAGR of +67.3%, saw the highest rates of growth with regard to 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 honey export price stood at $X per ton in 2022, which is down by -19.1% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of 37% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Malaysia ($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 the United Arab Emirates (+39.8%), while the prices for the other major destinations experienced more modest paces of growth.

Honey Imports

Imports into Singapore

In 2022, honey imports into Singapore amounted to X tons, growing by 1.8% against 2021 figures. The total import volume increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 when imports increased by 21% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, honey imports shrank slightly to $X in 2022. The total import value increased at an average annual rate of +4.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 when imports increased by 14% against the previous year. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of honey to Singapore, with a 44% share of total imports. Moreover, honey imports from China exceeded the figures recorded by the second-largest supplier, New Zealand (X tons), twofold. Australia (X tons) ranked third in terms of total imports with a 17% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +6.6%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (-2.5% per year) and Australia (+6.2% per year).

In value terms, New Zealand ($X) constituted the largest supplier of honey to Singapore, comprising 52% of total imports. The second position in the ranking was taken by Australia ($X), with a 16% share of total imports. It was followed by China, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from New Zealand stood at +2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+7.2% per year) and China (+5.5% per year).

Import Prices by Country

The average honey import price stood at $X per ton in 2022, reducing by -2.3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The growth pace was the most rapid in 2014 when the average import price increased by 15%. Over the period under review, average import prices hit record highs at $X per ton in 2017; however, from 2018 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 New Zealand ($X per ton), while the price for Yemen ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+17.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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