Singapore: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Singapore

The Singaporean refined olive oil market stood at $X in 2022, picking up by 7.3% against the previous year. Over the period under review, consumption, however, recorded a abrupt descent. Refined olive oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Refined Olive Oil Production in Singapore

In value terms, refined olive oil production totaled $X in 2022 estimated in export price. Overall, production showed a abrupt setback. The most prominent rate of growth was recorded in 2015 when the production volume increased by 3.7% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Refined Olive Oil Exports

Exports from Singapore

In 2022, the amount of refined olive oil exported from Singapore declined rapidly to X tons, waning by -34.5% against the previous year's figure. In general, exports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2016 when exports increased by 69% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, refined olive oil exports shrank sharply to $X in 2022. Over the period under review, exports recorded a abrupt decline. The growth pace was the most rapid in 2021 with an increase of 63%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Malaysia (X tons) was the main destination for refined olive oil exports from Singapore, accounting for a 46% share of total exports. Moreover, refined olive oil exports to Malaysia exceeded the volume sent to the second major destination, Brunei Darussalam (X tons), fourfold. South Korea (X tons) ranked third in terms of total exports with a 5.5% share.

From 2012 to 2022, the average annual growth rate of volume to Malaysia amounted to -10.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brunei Darussalam (+12.2% per year) and South Korea (+8.3% per year).

In value terms, Malaysia ($X) remains the key foreign market for refined olive oil exports from Singapore, comprising 43% of total exports. The second position in the ranking was held by Indonesia ($X), with a 13% share of total exports. It was followed by Brunei Darussalam, with a 9.7% share.

From 2012 to 2022, the average annual growth rate of value to Malaysia totaled -12.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+5.8% per year) and Brunei Darussalam (+9.4% per year).

Export Prices by Country

The average refined olive oil export price stood at $X per ton in 2022, jumping by 17% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The pace of growth was the most pronounced in 2017 an increase of 27%. The export price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 the United States (+14.4%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Olive Oil Imports

Imports into Singapore

In 2022, the amount of refined olive oil imported into Singapore surged to X tons, jumping by 20% against 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 48% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, refined olive oil imports soared to $X in 2022. Over the period under review, total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 58%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Italy (X tons), Spain (X tons) and Turkey (X tons) were the main suppliers of refined olive oil imports to Singapore, together accounting for 94% of total imports. These countries were followed by Greece, which accounted for a further 2.6%.

From 2012 to 2022, the biggest increases were recorded for Greece (with a CAGR of +25.2%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest refined olive oil suppliers to Singapore were Spain ($X), Italy ($X) and Turkey ($X), with a combined 87% share of total imports. These countries were followed by Greece, which accounted for a further 2.3%.

In terms of the main suppliers, Greece, with a CAGR of +25.6%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average refined olive oil import price amounted to $X per ton, surging by 10% against the previous year. Over the last decade, it increased at an average annual rate of +4.9%. The most prominent rate of growth was recorded in 2013 an increase of 35%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Spain ($X per ton) and Italy ($X per ton), while the price for Greece ($X per ton) and Turkey ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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