Singapore: Preserved Cows Meat Market 2024

Preserved Cows Meat Market Size in Singapore

The Singaporean preserved cows meat market skyrocketed to $X in 2021, picking up by 24% against the previous year. In general, the total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +80.7% against 2013 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Preserved Cows Meat Production in Singapore

In value terms, preserved cows meat production contracted to $X in 2021 estimated in export price. Over the period under review, production, however, saw a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of 69%. Preserved cows meat production peaked at $X in 2020, and then contracted in the following year.

Preserved Cows Meat Exports

Exports from Singapore

In 2021, shipments abroad of prepared or preserved meat or offal of bovine animals decreased by -9.2% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, total exports indicated mild growth from 2012 to 2021: its volume increased at an average annual rate of +1.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +109.9% against 2018 indices. The pace of growth appeared the most rapid in 2020 with an increase of 59%. As a result, the exports reached the peak of X tons, and then fell in the following year.

In value terms, preserved cows meat exports surged to $X in 2021. Over the period under review, exports, however, recorded modest growth. The pace of growth was the most pronounced in 2020 with an increase of 73%. The exports peaked in 2021 and are likely to see steady growth in the near future.

Exports by Country

Malaysia (X tons) was the main destination for preserved cows meat exports from Singapore, with a 46% share of total exports. Moreover, preserved cows meat exports to Malaysia exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), threefold. Qatar (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Malaysia stood at +2.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+34.4% per year) and Qatar (+399.7% per year).

In value terms, the largest markets for preserved cows meat exported from Singapore were Malaysia ($X), Hong Kong SAR ($X) and Brunei Darussalam ($X), with a combined 76% share of total exports. Qatar, Northern Mariana Islands, Maldives, Vietnam and Indonesia lagged somewhat behind, together comprising a further 20%.

Among the main countries of destination, Northern Mariana Islands, with a CAGR of +4,845.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average preserved cows meat export price stood at $X per ton in 2021, jumping by 31% against the previous year. In general, the export price saw a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Qatar ($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 Maldives (+1.1%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Cows Meat Imports

Imports into Singapore

In 2021, approx. X tons of prepared or preserved meat or offal of bovine animals were imported into Singapore; rising by 19% on 2020. The total import volume increased at an average annual rate of +2.0% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat 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, preserved cows meat imports skyrocketed to $X in 2021. Over the period under review, total imports indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +67.7% against 2016 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Malaysia (X tons), Australia (X tons) and Brazil (X tons) were the main suppliers of preserved cows meat imports to Singapore, with a combined 94% share of total imports. The United States and New Zealand lagged somewhat behind, together comprising a further 5.2%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +36.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest preserved cows meat suppliers to Singapore were Australia ($X), Malaysia ($X) and Brazil ($X), together accounting for 91% of total imports. These countries were followed by the United States and New Zealand, which together accounted for a further 8.2%.

The United States, with a CAGR of +40.5%, 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 preserved cows meat import price stood at $X per ton in 2021, picking up by 12% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.1%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by New Zealand (+7.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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