Singapore: Preserved Turkey Market 2024

Preserved Turkey Market Size in Singapore

In 2021, the Singaporean preserved turkey market was finally on the rise to reach $X after two years of decline. The market value increased at an average annual rate of +1.7% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Preserved Turkey Production in Singapore

In value terms, preserved turkey production rose sharply to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.1% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 11% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Preserved Turkey Exports

Exports from Singapore

In 2021, the amount of prepared or preserved meat or offal of turkeys exported from Singapore skyrocketed to X tons, jumping by 19% against 2020 figures. Overall, exports, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2013 when exports increased by 98% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, preserved turkey exports soared to $X in 2021. In general, exports, however, showed a noticeable curtailment. The growth pace was the most rapid in 2013 with an increase of 86%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Maldives (X tons) was the main destination for preserved turkey exports from Singapore, accounting for a 60% share of total exports. Moreover, preserved turkey exports to Maldives exceeded the volume sent to the second major destination, Indonesia (X tons), threefold. The third position in this ranking was taken by Myanmar (X kg), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume to Maldives stood at +8.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-9.9% per year) and Myanmar (-2.6% per year).

In value terms, Maldives ($X) emerged as the key foreign market for prepared or preserved meat or offal of turkeys exports from Singapore, comprising 61% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 21% share of total exports. It was followed by Myanmar, with a 7% share.

From 2012 to 2021, the average annual growth rate of value to Maldives amounted to +11.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-8.7% per year) and Myanmar (-1.1% per year).

Export Prices by Country

In 2021, the average preserved turkey export price amounted to $X per ton, surging by 6.8% against the previous year. Over the last nine years, it increased at an average annual rate of +2.8%. The pace of growth was the most pronounced in 2016 an increase of 11% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cambodia ($X per ton), while the average price for exports to Myanmar ($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 Cambodia (+8.5%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Turkey Imports

Imports into Singapore

In 2021, supplies from abroad of prepared or preserved meat or offal of turkeys was finally on the rise to reach X tons for the first time since 2016, thus ending a four-year declining trend. In general, imports, however, saw a abrupt descent. The pace of growth appeared the most rapid in 2014 when imports increased by 17%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, preserved turkey imports declined modestly to $X in 2021. Over the period under review, imports, however, continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2014 when imports increased by 24%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest preserved turkey supplier to Singapore, accounting for a 80% share of total imports. Moreover, preserved turkey imports from the United States exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), sixfold.

From 2012 to 2021, the average annual growth rate of volume from the United States stood at -10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+142.3% per year) and Chile (+95.9% per year).

In value terms, the United States ($X) constituted the largest supplier of prepared or preserved meat or offal of turkeys to Singapore, comprising 81% of total imports. The second position in the ranking was held by Malaysia ($X), with a 15% share of total imports.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to -8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+137.1% per year) and Chile (+96.5% per year).

Import Prices by Country

In 2021, the average preserved turkey import price amounted to $X per ton, dropping by -13.6% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2020 an increase of 29% against the previous year. As a result, import price attained the peak level of $X per ton, and then fell in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Chile ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+2.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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