Singapore: Sauce And Seasoning Market 2024

Sauce And Seasoning Market Size in Singapore

The Singaporean sauce and seasoning market rose significantly to $X in 2021, picking up by 12% against the previous year. The market value increased at an average annual rate of +1.1% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Sauce And Seasoning Production in Singapore

In value terms, sauce and seasoning production rose markedly to $X in 2021 estimated in export price. Overall, production, however, showed a abrupt downturn. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Sauce And Seasoning Exports

Exports from Singapore

In 2021, approx. X tons of sauces and seasonings were exported from Singapore; jumping by 18% compared with 2020 figures. The total export volume increased at an average annual rate of +1.6% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, sauce and seasoning exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +2.5% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons), Australia (X tons) and Thailand (X tons) were the main destinations of sauce and seasoning exports from Singapore, with a combined 33% share of total exports. These countries were followed by Indonesia, Malaysia, the Philippines, Japan, the Netherlands, the United States, Vietnam, Bangladesh, New Zealand and Hong Kong SAR, which together accounted for a further 47%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bangladesh (with a CAGR of +16.3%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Thailand ($X) and Indonesia ($X) constituted the largest markets for sauce and seasoning exported from Singapore worldwide, together comprising 33% of total exports. China, Australia, Vietnam, the Philippines, the Netherlands, Bangladesh, Japan, Hong Kong SAR, New Zealand and the United States lagged somewhat behind, together comprising a further 47%.

Bangladesh, with a CAGR of +20.7%, saw the highest rates of growth with regard to the value of exports, among 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 2021, the average sauce and seasoning export price amounted to $X per ton, with an increase of 1.6% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 15%. Over the period under review, the average export prices hit record highs in 2021 and is likely to see steady growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (+3.8%), while the prices for the other major destinations experienced more modest paces of growth.

Sauce And Seasoning Imports

Imports into Singapore

In 2021, the amount of sauces and seasonings imported into Singapore surged to X tons, picking up by 21% compared with the previous year's figure. The total import volume increased at an average annual rate of +4.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, sauce and seasoning imports rose sharply to $X in 2021. The total import value increased at an average annual rate of +5.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of 11%. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest supplier of sauce and seasoning to Singapore, accounting for a 48% share of total imports. Moreover, sauce and seasoning imports from Malaysia exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. Thailand (X tons) ranked third in terms of total imports with an 8.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Malaysia stood at +6.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+3.6% per year) and Thailand (+5.5% per year).

In value terms, Malaysia ($X) constituted the largest supplier of sauces and seasonings to Singapore, comprising 34% of total imports. The second position in the ranking was taken by China ($X), with a 12% share of total imports. It was followed by Japan, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Malaysia amounted to +5.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+8.1% per year) and Japan (+1.3% per year).

Import Prices by Country

In 2021, the average sauce and seasoning import price amounted to $X per ton, reducing by -10% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the average import price increased by 7.8% against the previous year. As a result, import price reached the peak level of $X per ton, and then shrank in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+6.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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