Singapore: Prepared Baking Powder Market 2024

Prepared Baking Powder Market Size in Singapore

In 2022, the Singaporean prepared baking powder market decreased by -30.1% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption recorded a noticeable slump. Prepared baking powder consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Prepared Baking Powder Exports

Exports from Singapore

In 2022, shipments abroad of prepared baking powders increased by 50% to X tons for the first time since 2018, thus ending a three-year declining trend. Overall, exports recorded a notable increase. The pace of growth was the most pronounced in 2017 when exports increased by 93%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, prepared baking powder exports surged to $X in 2022. Over the period under review, exports continue to indicate a remarkable increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Indonesia (X tons), Hong Kong SAR (X tons) and Bangladesh (X tons) were the main destinations of prepared baking powder exports from Singapore, with a combined 82% share of total exports. Vietnam, Malaysia, Australia, Myanmar, Cambodia and the Philippines lagged somewhat behind, together accounting for a further 14%.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +62.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X) emerged as the key foreign market for prepared baking powders exports from Singapore, comprising 59% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 22% share of total exports. It was followed by Bangladesh, with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Indonesia stood at +45.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+29.2% per year) and Bangladesh (+37.0% per year).

Export Prices by Country

In 2022, the average prepared baking powder export price amounted to $X per ton, picking up by 65% against the previous year. In general, the export price showed a resilient expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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 Indonesia ($X per ton), while the average price for exports to Myanmar ($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 Cambodia (+8.5%), while the prices for the other major destinations experienced more modest paces of growth.

Prepared Baking Powder Imports

Imports into Singapore

Prepared baking powder imports into Singapore dropped to X tons in 2022, waning by -7.9% on the previous year. Overall, imports recorded a slight contraction. The most prominent rate of growth was recorded in 2016 with an increase of 33%. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, prepared baking powder imports expanded markedly to $X in 2022. The total import value increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 with an increase of 27% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of prepared baking powder to Singapore, with a 72% share of total imports. Moreover, prepared baking powder imports from Malaysia exceeded the figures recorded by the second-largest supplier, the United States (X tons), sevenfold. Spain (X tons) ranked third in terms of total imports with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia totaled +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-4.9% per year) and Spain (+0.3% per year).

In value terms, Malaysia ($X) constituted the largest supplier of prepared baking powders to Singapore, comprising 66% of total imports. The second position in the ranking was held by Cyprus ($X), with an 11% share of total imports. It was followed by Spain, with a 9.9% share.

From 2012 to 2022, the average annual growth rate of value from Malaysia totaled +7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Cyprus (+55.2% per year) and Spain (+3.7% per year).

Import Prices by Country

The average prepared baking powder import price stood at $X per ton in 2022, picking up by 21% against the previous year. Overall, import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, prepared baking powder import price increased by +92.9% against 2017 indices. The pace of growth was the most pronounced in 2018 when the average import price increased by 29% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+17.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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