Singapore: Meat-Preparation Industrial Machinery Market 2024

Meat-Preparation Industrial Machinery Market Size in Singapore

In 2022, after two years of growth, there was significant decline in the Singaporean meat-preparation industrial machinery market, when its value decreased by -41.1% to $X. Overall, consumption, however, enjoyed a prominent expansion. Meat-preparation industrial machinery consumption peaked at $X in 2021, and then shrank remarkably in the following year.

Meat-Preparation Industrial Machinery Production in Singapore

In value terms, meat-preparation industrial machinery production contracted remarkably to $X in 2022 estimated in export price. In general, production showed a abrupt curtailment. The pace of growth was the most pronounced in 2014 with an increase of 58%. Meat-preparation industrial machinery production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Meat-Preparation Industrial Machinery Exports

Exports from Singapore

In 2022, the amount of industrial machinery for the preparation of meat or poultry exported from Singapore soared to X units, growing by 137% compared with the year before. In general, exports, however, saw a relatively flat trend pattern. The exports peaked at X units in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, meat-preparation industrial machinery exports skyrocketed to $X in 2022. Over the period under review, exports, however, saw a abrupt decline. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Indonesia (X units) was the main destination for meat-preparation industrial machinery exports from Singapore, with a 60% share of total exports. Moreover, meat-preparation industrial machinery exports to Indonesia exceeded the volume sent to the second major destination, Malaysia (X units), fourfold. Italy (X units) ranked third in terms of total exports with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Indonesia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+9.1% per year) and Italy (+34.7% per year).

In value terms, Indonesia ($X), Malaysia ($X) and the Philippines ($X) constituted the largest markets for meat-preparation industrial machinery exported from Singapore worldwide, with a combined 85% share of total exports. Thailand, Italy and Vietnam lagged somewhat behind, together accounting for a further 6%.

Among the main countries of destination, Thailand, with a CAGR of +9.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average meat-preparation industrial machinery export price stood at $X per unit in 2022, falling by -41.5% against the previous year. In general, the export price continues to indicate a deep slump. The most prominent rate of growth was recorded in 2015 when the average export price increased by 65% against the previous year. The export price peaked at $X per unit in 2017; however, from 2018 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 Malaysia ($X per unit), while the average price for exports to Italy ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+14.5%), while the prices for the other major destinations experienced mixed trend patterns.

Meat-Preparation Industrial Machinery Imports

Imports into Singapore

After two years of growth, supplies from abroad of industrial machinery for the preparation of meat or poultry decreased by -35.4% to X units in 2022. In general, imports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in 2020 with an increase of 124%. Imports peaked at X units in 2021, and then contracted notably in the following year.

In value terms, meat-preparation industrial machinery imports soared to $X in 2022. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when imports increased by 111% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of meat-preparation industrial machinery to Singapore, with a 52% share of total imports. Moreover, meat-preparation industrial machinery imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), fivefold. The third position in this ranking was held by the United States (X units), with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +24.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-3.6% per year) and the United States (-2.0% per year).

In value terms, Germany ($X) constituted the largest supplier of industrial machinery for the preparation of meat or poultry to Singapore, comprising 57% of total imports. The second position in the ranking was taken by the Netherlands ($X), with an 8.4% share of total imports. It was followed by China, with a 7.2% share.

From 2012 to 2022, the average annual growth rate of value from Germany was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+8.7% per year) and China (+15.7% per year).

Import Prices by Country

In 2022, the average meat-preparation industrial machinery import price amounted to $X per unit, with an increase of 112% against the previous year. Over the period under review, the import price, however, recorded a perceptible shrinkage. Over the period under review, average import prices attained the maximum at $X per unit in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

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 Germany ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+6.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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