Singapore: Goat Meat Market 2024

Goat Meat Market Size in Singapore

In 2022, the Singaporean goat meat market decreased by -70.7% to $X, falling for the second year in a row after six years of growth. Over the period under review, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Goat Meat Production in Singapore

In value terms, goat meat production declined slightly to $X in 2022 estimated in export price. Over the period under review, production showed a pronounced decline. The pace of growth appeared the most rapid in 2017 when the production volume increased by 13%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

In 2022, the average goat meat yield in Singapore declined modestly to X kg per head, reducing by -2.8% on the previous year. The yield figure increased at an average annual rate of +3.8% 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 2013 with an increase of 46% against the previous year. The goat meat yield peaked at X kg per head in 2014; however, from 2015 to 2022, the yield failed to regain momentum.

The number of animals slaughtered for goat meat production in Singapore stood at X head in 2022, leveling off at 2021. Overall, the number of producing animals, however, recorded a deep contraction. The pace of growth appeared the most rapid in 2017 with an increase of 1.4%. The number of animals slaughtered for goat meat production peaked at X heads in 2012; however, from 2013 to 2022, producing animals stood at a somewhat lower figure.

Goat Meat Exports

Exports from Singapore

In 2022, shipments abroad of goat meat increased by 505% to X tons, rising for the fifth year in a row after three years of decline. Over the period under review, exports saw a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, goat meat exports skyrocketed to $X in 2022. In general, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of 501% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

Indonesia (X tons) was the main destination for goat meat exports from Singapore, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Indonesia totaled +138.0%.

In value terms, Indonesia ($X) emerged as the key foreign market for goat meat exports from Singapore.

From 2012 to 2022, the average annual growth rate of value to Indonesia stood at +94.0%.

Export Prices by Country

The average goat meat export price stood at $X per ton in 2022, which is down by -33.7% against the previous year. Over the period under review, the export price continues to indicate a deep contraction. The most prominent rate of growth was recorded in 2018 when the average export price increased by 27% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Indonesia.

From 2012 to 2022, the rate of growth in terms of prices for Oman amounted to -13.5% per year.

Goat Meat Imports

Imports into Singapore

In 2022, supplies from abroad of goat meat decreased by -39.1% to X tons, falling for the second year in a row after six years of growth. Over the period under review, imports, however, recorded significant growth. The growth pace was the most rapid in 2019 when imports increased by 230%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, goat meat imports dropped significantly to $X in 2022. Overall, imports, however, posted significant growth. The pace of growth was the most pronounced in 2020 with an increase of 179% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Argentina (X tons) constituted the largest supplier of goat meat to Singapore, accounting for a 78% share of total imports. Moreover, goat meat imports from Argentina exceeded the figures recorded by the second-largest supplier, Australia (X tons), fourfold.

From 2012 to 2022, the average annual growth rate of volume from Argentina stood at -38.3%.

In value terms, Argentina ($X) and Australia ($X) constituted the largest goat meat suppliers to Singapore.

In terms of the main suppliers, Australia, with a CAGR of +14.6%, saw the highest rates of growth with regard to the value of imports, over the period under review.

Import Prices by Country

In 2022, the average goat meat import price amounted to $X per ton, picking up by 15% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable decrease. The growth pace was the most rapid in 2021 an increase of 30% against the previous year. 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 Australia ($X per ton), while the price for Argentina amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+162.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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