Singapore: Odoriferous Substance Mixture Market 2024

Odoriferous Substance Mixture Market Size in Singapore

In 2022, the Singaporean odoriferous substance mixture market increased by 34% to $X, rising for the third consecutive year after two years of decline. Overall, consumption recorded a resilient increase. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Odoriferous Substance Mixture Production in Singapore

In value terms, odoriferous substance mixture production rose modestly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.0% against 2020 indices. The pace of growth was the most pronounced in 2013 when the production volume increased by 49%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Odoriferous Substance Mixture Exports

Exports from Singapore

In 2022, shipments abroad of mixtures of odoriferous substances and their preparations increased by 4.5% to X tons, rising for the eighth consecutive year after two years of decline. Overall, total exports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +56.9% against 2014 indices. The pace of growth appeared the most rapid in 2018 with an increase of 14% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the near future.

In value terms, odoriferous substance mixture exports stood at $X in 2022. Over the period under review, total exports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +98.3% against 2015 indices. The most prominent rate of growth was recorded in 2018 with an increase of 25%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Thailand (X tons), Vietnam (X tons) and Indonesia (X tons) were the main destinations of odoriferous substance mixture exports from Singapore, with a combined 52% share of total exports. The Philippines, Malaysia, Japan, China, South Korea, Pakistan, Bangladesh, Australia and Myanmar lagged somewhat behind, together comprising a further 43%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Myanmar (with a CAGR of +43.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for odoriferous substance mixture exported from Singapore were Thailand ($X), Vietnam ($X) and the Philippines ($X), with a combined 50% share of total exports. Indonesia, Malaysia, Japan, Australia, South Korea, China, Bangladesh, Pakistan and Myanmar lagged somewhat behind, together accounting for a further 44%.

Among the main countries of destination, Myanmar, with a CAGR of +38.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average odoriferous substance mixture export price amounted to $X per ton, remaining stable against the previous year. In general, the export price, however, showed a pronounced slump. The most prominent rate of growth was recorded in 2018 when the average export price increased by 9.8% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Myanmar ($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 Bangladesh (+9.8%), while the prices for the other major destinations experienced more modest paces of growth.

Odoriferous Substance Mixture Imports

Imports into Singapore

In 2022, purchases abroad of mixtures of odoriferous substances and their preparations increased by 11% to X tons, rising for the sixth year in a row after four years of decline. In general, total imports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +4.1% 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 +65.2% against 2016 indices. The growth pace was the most rapid in 2021 with an increase of 14% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, odoriferous substance mixture imports rose rapidly to $X in 2022. Over the period under review, total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 +74.2% against 2015 indices. The growth pace was the most rapid in 2017 when imports increased by 19% against the previous year. Imports peaked in 2022 and are likely to continue growth in the near future.

Imports by Country

Indonesia (X tons), China (X tons) and the United States (X tons) were the main suppliers of odoriferous substance mixture imports to Singapore, together comprising 47% of total imports. Ireland, Germany, Switzerland, Malaysia, India, France, Italy, Thailand, the UK and the Netherlands lagged somewhat behind, together comprising a further 42%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +29.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest odoriferous substance mixture suppliers to Singapore were Ireland ($X), the United States ($X) and Indonesia ($X), together comprising 48% of total imports. Switzerland, China, Germany, Malaysia, France, India, the UK, Italy, the Netherlands and Thailand lagged somewhat behind, together comprising a further 41%.

Italy, with a CAGR of +32.1%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average odoriferous substance mixture import price amounted to $X per ton, reducing by -2.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 20% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

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 UK ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+15.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :