Singapore: Plastic Bag Market 2024

Plastic Bag Market Size in Singapore

In 2022, the Singaporean plastic bag market decreased by -9.8% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Plastic Bag Production in Singapore

In value terms, plastic bag production totaled $X in 2022 estimated in export price. Overall, production, however, showed a perceptible slump. The growth pace was the most rapid in 2018 with an increase of 58%. Over the period under review, production attained the maximum level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Plastic Bag Exports

Exports from Singapore

For the third year in a row, Singapore recorded growth in shipments abroad of plastic sacks and bags, which increased by 24% to X tons in 2022. In general, exports, however, saw a noticeable slump. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, plastic bag exports soared to $X in 2022. Over the period under review, exports, however, showed a mild slump. The most prominent rate of growth was recorded in 2021 when exports increased by 24% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Democratic Republic of the Congo (X tons), the United States (X tons) and Indonesia (X tons) were the main destinations of plastic bag exports from Singapore, with a combined 56% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Democratic Republic of the Congo (with a CAGR of +30.5%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Democratic Republic of the Congo ($X) and Malaysia ($X) appeared to be the largest markets for plastic bag exported from Singapore worldwide, with a combined 50% share of total exports. Indonesia, the UK, Angola, Australia, India, South Korea, Ireland, Japan, Hong Kong SAR and the Philippines lagged somewhat behind, together accounting for a further 38%.

India, with a CAGR of +33.9%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination 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 plastic bag export price amounted to $X per ton, shrinking by -1.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2021 when the average export price increased by 18%. As a result, the export price reached the peak level of $X per ton, and then declined modestly in the following year.

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 the UK ($X per ton), while the average price for exports to Angola ($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 the UK (+8.1%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Bag Imports

Imports into Singapore

In 2022, the amount of plastic sacks and bags imported into Singapore declined modestly to X tons, with a decrease of -2.7% compared with 2021 figures. The total import volume increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 16% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, plastic bag imports dropped modestly to $X in 2022. The total import value increased at an average annual rate of +1.0% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 14% against the previous year. As a result, imports reached the peak of $X, and then declined in the following year.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of plastic bag to Singapore, accounting for a 49% share of total imports. Moreover, plastic bag imports from Malaysia exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The United States (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia stood at +3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+2.8% per year) and the United States (+8.4% per year).

In value terms, Malaysia ($X) constituted the largest supplier of plastic sacks and bags to Singapore, comprising 43% of total imports. The second position in the ranking was taken by the United States ($X), with an 18% share of total imports. It was followed by China, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from Malaysia stood at +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+12.6% per year) and China (+1.1% per year).

Import Prices by Country

In 2022, the average plastic bag import price amounted to $X per ton, almost unchanged from the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 11%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

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 United States ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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