Singapore: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Singapore

The Singaporean virgin olive oil market was estimated at $X in 2022, growing by 3.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.8% against 2020 indices. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Virgin Olive Oil Exports

Exports from Singapore

In 2022, the amount of virgin olive oil exported from Singapore surged to X tons, with an increase of 65% against the previous year. Overall, exports showed modest growth. The pace of growth was the most pronounced in 2013 when exports increased by 82%. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, virgin olive oil exports soared to $X in 2022. In general, exports enjoyed a resilient expansion. The growth pace was the most rapid in 2016 when exports increased by 132% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for virgin olive oil exports from Singapore, with a 28% share of total exports. Moreover, virgin olive oil exports to the United States exceeded the volume sent to the second major destination, Timor-Leste (X tons), twofold. The third position in this ranking was held by China (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +40.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Timor-Leste (+19.2% per year) and China (+39.4% per year).

In value terms, the United States ($X) emerged as the key foreign market for virgin olive oil exports from Singapore, comprising 29% of total exports. The second position in the ranking was taken by Timor-Leste ($X), with a 14% share of total exports. It was followed by Brunei Darussalam, with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +61.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Timor-Leste (+30.0% per year) and Brunei Darussalam (+26.3% per year).

Export Prices by Country

The average virgin olive oil export price stood at $X per ton in 2022, reducing by -13.1% against the previous year. Over the period under review, the export price, however, posted a temperate increase. The pace of growth was the most pronounced in 2016 an increase of 77% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Maldives ($X per ton), while the average price for exports to China ($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 Maldives (+16.5%), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into Singapore

In 2022, the amount of virgin olive oil imported into Singapore amounted to X tons, growing by 2.7% compared with 2021 figures. The total import volume increased at an average annual rate of +2.8% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2020 when imports increased by 21%. As a result, imports reached the peak of X tons; afterwards, it flattened through to 2022.

In value terms, virgin olive oil imports rose sharply to $X in 2022. In general, total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -5.9% against 2020 indices. The pace of growth was the most pronounced in 2013 with an increase of 22% against the previous year. Over the period under review, imports attained the maximum at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Spain (X tons), Italy (X tons) and Canada (X tons) were the main suppliers of virgin olive oil imports to Singapore, together comprising 91% of total imports. Greece, Malaysia and Turkey lagged somewhat behind, together comprising a further 5.4%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Malaysia (with a CAGR of +170.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest virgin olive oil suppliers to Singapore were Spain ($X), Italy ($X) and Greece ($X), together comprising 89% of total imports. Canada, Turkey and Malaysia lagged somewhat behind, together comprising a further 4.7%.

Malaysia, with a CAGR of +161.9%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2022, surging by 3.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2017 when the average import price increased by 19% against the previous year. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Greece ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Greece (+7.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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