Singapore: Soft Drink Market 2024

Soft Drink Market Size in Singapore

In 2021, the Singaporean soft drink market was finally on the rise to reach $X after three years of decline. The market value increased at an average annual rate of +2.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Soft Drink Production in Singapore

In value terms, soft drink production amounted to $X in 2021 estimated in export price. Overall, production, however, showed a pronounced slump. The growth pace was the most rapid in 2016 when the production volume increased by 7.9% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Soft Drink Exports

Exports from Singapore

In 2021, exports of soft drinks from Singapore shrank modestly to X litres, which is down by -3% on the previous year's figure. Overall, exports saw a abrupt curtailment. The growth pace was the most rapid in 2019 when exports increased by 40%. Over the period under review, the exports hit record highs at X litres in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, soft drink exports amounted to $X in 2021. In general, exports recorded a deep downturn. The pace of growth was the most pronounced in 2013 when exports increased by 33% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Malaysia (X litres), China (X litres) and France (X litres) were the main destinations of soft drink exports from Singapore, together comprising 40% of total exports. Maldives, Thailand, Brunei Darussalam, the United Arab Emirates, Vietnam, the United States, Australia, Cambodia, Indonesia and Hong Kong SAR lagged somewhat behind, together comprising a further 41%.

From 2012 to 2021, the biggest increases were in the United States (with a CAGR of +24.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) emerged as the key foreign market for soft drink exports from Singapore, comprising 29% of total exports. The second position in the ranking was held by China ($X), with a 10% share of total exports. It was followed by Thailand, with an 8.1% share.

From 2012 to 2021, the average annual growth rate of value to Malaysia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+7.4% per year) and Thailand (-1.6% per year).

Export Prices by Country

In 2021, the average soft drink export price amounted to $X per litre, rising by 9.9% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average export price increased by 12% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is expected to retain growth in years to come.

Prices varied noticeably country of destination: the country with the highest price was Malaysia ($X per litre), while the average price for exports to Cambodia ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+9.2%), while the prices for the other major destinations experienced more modest paces of growth.

Soft Drink Imports

Imports into Singapore

Soft drink imports into Singapore skyrocketed to X litres in 2021, increasing by 17% against the previous year's figure. Overall, total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when imports increased by 58% against the previous year. As a result, imports reached the peak of X litres. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, soft drink imports soared to $X in 2021. The total import value increased at an average annual rate of +3.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 when imports increased by 53% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Malaysia (X litres) constituted the largest soft drink supplier to Singapore, accounting for a 78% share of total imports. Moreover, soft drink imports from Malaysia exceeded the figures recorded by the second-largest supplier, Thailand (X litres), more than tenfold. Australia (X litres) ranked third in terms of total imports with a 2.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Malaysia totaled +6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-0.4% per year) and Australia (+3.8% per year).

In value terms, Malaysia ($X) constituted the largest supplier of soft drink to Singapore, comprising 60% of total imports. The second position in the ranking was held by Thailand ($X), with an 8.1% share of total imports. It was followed by Australia, with a 4.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Malaysia stood at +4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-0.1% per year) and Australia (+1.9% per year).

Import Prices by Country

In 2021, the average soft drink import price amounted to $X per litre, growing by 4.6% against the previous year. In general, the import price, however, recorded a pronounced setback. The growth pace was the most rapid in 2018 when the average import price increased by 12% against the previous year. Over the period under review, average import prices hit record highs at $X per litre in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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