Singapore: Food Manufacture Machinery Market 2024

Food Manufacture Machinery Market Size in Singapore

The Singaporean food manufacture machinery market skyrocketed to $X in 2021, with an increase of 160% against the previous year. In general, consumption enjoyed a temperate expansion. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Food Manufacture Machinery Production in Singapore

In value terms, food manufacture machinery production soared to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a deep contraction. Over the period under review, production attained the maximum level at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

Food Manufacture Machinery Exports

Exports from Singapore

In 2021, shipments abroad of machinery for the preparation or manufacture of food or drink was finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. In general, exports continue to indicate mild growth. The most prominent rate of growth was recorded in 2018 when exports increased by 248% against the previous year. As a result, the exports attained the peak of X units. From 2019 to 2021, the growth of the exports failed to regain momentum.

In value terms, food manufacture machinery exports soared to $X in 2021. Over the period under review, exports, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2015 with an increase of 113%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Indonesia (X units) was the main destination for food manufacture machinery exports from Singapore, with a 70% share of total exports. Moreover, food manufacture machinery exports to Indonesia exceeded the volume sent to the second major destination, Nigeria (X units), tenfold. The third position in this ranking was held by the United States (X units), with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Indonesia totaled +4.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (+27.0% per year) and the United States (+97.9% per year).

In value terms, Indonesia ($X) remains the key foreign market for machinery for the preparation or manufacture of food or drink exports from Singapore, comprising 80% of total exports. The second position in the ranking was held by Malaysia ($X), with a 4.3% share of total exports. It was followed by the United States, with a 3.8% share.

From 2012 to 2021, the average annual growth rate of value to Indonesia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-19.4% per year) and the United States (+49.1% per year).

Export Prices by Country

In 2021, the average food manufacture machinery export price amounted to $X per unit, with an increase of 6.8% against the previous year. Over the period under review, the export price, however, continues to indicate a drastic downturn. The growth pace was the most rapid in 2019 an increase of 50%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Australia ($X per unit), while the average price for exports to Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (-5.1%), while the prices for the other major destinations experienced a decline.

Food Manufacture Machinery Imports

Imports into Singapore

Food manufacture machinery imports into Singapore soared to X units in 2021, with an increase of 79% on the previous year's figure. In general, imports showed buoyant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, food manufacture machinery imports skyrocketed to $X in 2021. Over the period under review, total imports indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of food manufacture machinery to Singapore, accounting for a 62% share of total imports. Moreover, food manufacture machinery imports from China exceeded the figures recorded by the second-largest supplier, France (X units), sixfold. The third position in this ranking was held by Japan (X units), with an 8.1% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +11.2%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+15.0% per year) and Japan (+31.9% per year).

In value terms, the largest food manufacture machinery suppliers to Singapore were Japan ($X), China ($X) and Taiwan (Chinese) ($X), together comprising 43% of total imports.

In terms of the main suppliers, Taiwan (Chinese), with a CAGR of +20.4%, recorded 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 food manufacture machinery import price stood at $X per unit in 2021, dropping by -15% against the previous year. Overall, the import price showed a deep setback. The pace of growth was the most pronounced in 2014 when the average import price increased by 15% against the previous year. As a result, import price attained the peak level of $X per unit. From 2015 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Malaysia ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+8.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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