Singapore: Market for Prepared Or Preserved Shoulders And Cuts Of Swine Meat 2024

Market Size for Prepared Or Preserved Shoulders And Cuts Of Swine Meat in Singapore

In 2021, the Singaporean preserved swine meat cut market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption recorded a relatively flat trend pattern. Preserved swine meat cut consumption peaked at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Production of Prepared Or Preserved Shoulders And Cuts Of Swine Meat in Singapore

In value terms, preserved swine meat cut production surged to $X in 2021 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 34% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

Exports of Prepared Or Preserved Shoulders And Cuts Of Swine Meat

Exports from Singapore

In 2021, approx. X tons of prepared or preserved shoulders and cuts of swine meat were exported from Singapore; which is down by -30.5% on the previous year's figure. In general, exports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 567%. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, preserved swine meat cut exports contracted to $X in 2021. Overall, exports, however, enjoyed a significant expansion. The growth pace was the most rapid in 2018 with an increase of 853%. The exports peaked at $X in 2020, and then declined slightly in the following year.

Exports by Country

Japan (X kg), Indonesia (X kg) and the Philippines (X kg) were the main destinations of preserved swine meat cut exports from Singapore, with a combined 94% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Indonesia (with a CAGR of +76.9%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) remains the key foreign market for prepared or preserved shoulders and cuts of swine meat exports from Singapore, comprising 78% of total exports. The second position in the ranking was held by Indonesia ($X), with a 17% share of total exports. It was followed by Myanmar, with a 2.5% share.

From 2012 to 2021, the average annual growth rate of value to Japan totaled +42.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+55.7% per year) and Myanmar (+44.5% per year).

Export Prices by Country

The average preserved swine meat cut export price stood at $X per ton in 2021, increasing by 42% against the previous year. In general, the export price saw a mild increase. The most prominent rate of growth was recorded in 2018 an increase of 43% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 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 Japan ($X per ton), while the average price for exports to Brunei Darussalam ($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 Myanmar (+5.4%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Prepared Or Preserved Shoulders And Cuts Of Swine Meat

Imports into Singapore

In 2021, the amount of prepared or preserved shoulders and cuts of swine meat imported into Singapore shrank remarkably to X tons, with a decrease of -65.2% on 2020 figures. Overall, imports, however, showed moderate growth. The pace of growth appeared the most rapid in 2014 with an increase of 182%. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, preserved swine meat cut imports dropped markedly to $X in 2021. Over the period under review, imports, however, recorded moderate growth. The pace of growth was the most pronounced in 2014 when imports increased by 103%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Belgium (X tons) constituted the largest supplier of preserved swine meat cut to Singapore, accounting for a 14% share of total imports. Moreover, preserved swine meat cut imports from Belgium exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. Denmark (X kg) ranked third in terms of total imports with a 4.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Belgium stood at -8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-10.1% per year) and Denmark (-6.3% per year).

In value terms, Spain ($X), the United States ($X) and Belgium ($X) were the largest preserved swine meat cut suppliers to Singapore, with a combined 27% share of total imports.

Spain, with a CAGR of +47.5%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average preserved swine meat cut import price stood at $X per ton in 2021, rising by 87% against the previous year. Overall, the import price recorded a relatively flat trend pattern. 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 Spain ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+12.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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