Singapore: Lactose Market 2024

Lactose Market Size in Singapore

The Singaporean lactose market shrank slightly to $X in 2022, almost unchanged from 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). In general, consumption showed a mild setback. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Lactose Exports

Exports from Singapore

In 2022, approx. X tons of lactose and lactose syrup were exported from Singapore; growing by 93% on 2021 figures. Overall, exports showed a strong expansion. The growth pace was the most rapid in 2018 with an increase of 302%. Over the period under review, the exports reached the peak figure in 2022 and are likely to see steady growth in the near future.

In value terms, lactose exports soared to $X in 2022. In general, exports continue to indicate a prominent expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 220%. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

The Philippines (X tons), Malaysia (X tons) and China (X tons) were the main destinations of lactose exports from Singapore, together accounting for 93% of total exports. South Korea, Thailand and India lagged somewhat behind, together accounting for a further 5.3%.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +91.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for lactose exported from Singapore were Malaysia ($X), the Philippines ($X) and China ($X), with a combined 92% share of total exports. Thailand, South Korea and India lagged somewhat behind, together comprising a further 5.7%.

Thailand, with a CAGR of +68.2%, saw the highest growth rate of the value of exports, among 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 lactose export price stood at $X per ton in 2022, with an increase of 13% against the previous year. Overall, the export price, however, recorded a mild setback. The most prominent rate of growth was recorded in 2019 an increase of 112%. The export price peaked at $X per ton in 2014; however, from 2015 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 Thailand ($X per ton), while the average price for exports to China ($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 Myanmar (+7.5%), while the prices for the other major destinations experienced more modest paces of growth.

Lactose Imports

Imports into Singapore

In 2022, supplies from abroad of lactose and lactose syrup increased by 1.7% to X tons for the first time since 2019, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 when imports increased by 32%. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, lactose imports expanded to $X in 2022. Over the period under review, imports, however, showed a slight decline. The pace of growth was the most pronounced in 2017 with an increase of 68%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United States (X tons) constituted the largest lactose supplier to Singapore, with a 69% share of total imports. Moreover, lactose imports from the United States exceeded the figures recorded by the second-largest supplier, New Zealand (X tons), fivefold. The third position in this ranking was held by Denmark (X tons), with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (+31.6% per year) and Denmark (+59.6% per year).

In value terms, the United States ($X) constituted the largest supplier of lactose and lactose syrup to Singapore, comprising 67% of total imports. The second position in the ranking was taken by New Zealand ($X), with a 15% share of total imports. It was followed by Denmark, with a 5.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at -3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (+26.9% per year) and Denmark (+67.7% per year).

Import Prices by Country

The average lactose import price stood at $X per ton in 2022, remaining relatively unchanged against the previous year. Over the period under review, the import price, however, saw a pronounced downturn. The pace of growth was the most pronounced in 2017 when the average import price increased by 41%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat 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 the Netherlands ($X per ton), while the price for Denmark ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+5.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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