Singapore: Olive Oil Market 2024

Olive Oil Market Size in Singapore

The Singaporean olive oil market amounted to $X in 2022, picking up 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). Over the period under review, the total consumption indicated a resilient 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 failed to regain momentum.

Olive Oil Exports

Exports from Singapore

In 2022, the amount of olive oil and its fractions exported from Singapore soared to X tons, jumping by 65% compared with the previous year's figure. In general, exports recorded a slight expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 82%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, olive oil exports surged to $X in 2022. Overall, exports enjoyed buoyant growth. The pace of growth appeared the most rapid in 2016 with an increase of 132%. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

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

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +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 ($X) emerged as the key foreign market for olive oil and its fractions exports from Singapore, comprising 29% of total exports. The second position in the ranking was held by Timor-Leste ($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 growth rate 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

In 2022, the average olive oil export price amounted to $X per ton, dropping by -13.1% against the previous year. Overall, the export price, however, posted tangible growth. The most prominent rate of growth was recorded in 2016 an increase of 77%. The export price peaked at $X per ton in 2018; however, from 2019 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 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.

Olive Oil Imports

Imports into Singapore

In 2022, approx. X tons of olive oil and its fractions were imported into Singapore; picking up by 2.7% on 2021. The total import volume increased at an average annual rate of +2.8% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded 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, olive oil imports expanded remarkably to $X in 2022. In general, total imports indicated resilient growth 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 most prominent rate of growth was recorded in 2013 when imports increased by 22%. Over the period under review, imports reached the peak figure 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 olive oil imports to Singapore, with a combined 91% share 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 olive oil suppliers to Singapore were Spain ($X), Italy ($X) and Greece ($X), together accounting for 89% of total imports. Canada, Turkey and Malaysia lagged somewhat behind, together accounting for a further 4.7%.

Malaysia, with a CAGR of +161.9%, saw the highest rates of growth with regard to 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

The average olive oil import price stood at $X per ton in 2022, surging by 3.9% against the previous year. Over the last decade, it increased at an average annual rate of +2.6%. The pace of growth was the most pronounced in 2017 when the average import price increased by 19% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2020; however, from 2021 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 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