Singapore: Market for Mixed Condiments, Sauses and Seasonings 2024

Market Size for Mixed Condiments, Sauses and Seasonings in Singapore

In 2022, the Singaporean market for mixed condiments, sauses and seasonings decreased by -12.5% to $X for the first time since 2015, thus ending a six-year rising trend. Overall, the total consumption indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Mixed condiment, sause and seasoning consumption peaked at $X in 2021, and then reduced in the following year.

Exports of Mixed Condiments, Sauses and Seasonings

Exports from Singapore

In 2022, overseas shipments of mixed condiments, sauses and seasonings increased by 8.4% to X tons, rising for the second consecutive year after four years of decline. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 22% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, mixed condiment, sause and seasoning exports shrank slightly to $X in 2022. The total export value increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2021 when exports increased by 18%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Malaysia (X tons), Bangladesh (X tons) and Japan (X tons) were the main destinations of mixed condiment, sause and seasoning exports from Singapore, together comprising 36% of total exports. Indonesia, the Philippines, Vietnam, Thailand, the United States, Australia, Brunei Darussalam, Nepal, the United Arab Emirates and Hong Kong SAR lagged somewhat behind, together comprising a further 47%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Nepal (with a CAGR of +108.4%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) remains the key foreign market for mixed condiments, sauses and seasonings exports from Singapore, comprising 20% of total exports. The second position in the ranking was held by Thailand ($X), with a 9.5% share of total exports. It was followed by Indonesia, with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+1.8% per year) and Indonesia (-1.1% per year).

Export Prices by Country

The average export price for mixed condiments, sauses and seasonings stood at $X per ton in 2022, reducing by -8.5% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the average export price increased by 15% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to the United States ($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 Thailand (+3.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Mixed Condiments, Sauses and Seasonings

Imports into Singapore

After ten years of growth, overseas purchases of mixed condiments, sauses and seasonings decreased by -12.1% to X tons in 2022. The total import volume increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 27%. As a result, imports attained the peak of X tons, and then contracted in the following year.

In value terms, mixed condiment, sause and seasoning imports fell slightly to $X in 2022. Over the period under review, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +62.2% against 2012 indices. The pace of growth appeared the most rapid in 2018 when imports increased by 11%. Over the period under review, imports hit record highs at $X in 2021, and then contracted slightly in the following year.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest mixed condiment, sause and seasoning supplier to Singapore, with a 44% share of total imports. Moreover, mixed condiment, sause and seasoning imports from Malaysia exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. Thailand (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from Malaysia stood at +4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+3.2% per year) and Thailand (+6.6% per year).

In value terms, Malaysia ($X) constituted the largest supplier of mixed condiments, sauses and seasonings to Singapore, comprising 37% of total imports. The second position in the ranking was held by China ($X), with a 12% share of total imports. It was followed by Japan, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia amounted to +6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+7.5% per year) and Japan (+0.6% per year).

Import Prices by Country

The average import price for mixed condiments, sauses and seasonings stood at $X per ton in 2022, increasing by 13% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The import price peaked at $X per ton in 2020; afterwards, it flattened through to 2022.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for China ($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 (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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