Singapore: Market for Rusks, Toasted Bread and Similar Toasted Products 2024

Market Size for Rusks, Toasted Bread and Similar Toasted Products in Singapore

After three years of growth, the Singaporean rusks and toasted bread market decreased by -8.2% to $X in 2021. The market value increased at an average annual rate of +3.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X, and then declined in the following year.

Production of Rusks, Toasted Bread and Similar Toasted Products in Singapore

In value terms, rusks and toasted bread production dropped to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 when the production volume increased by 20% against the previous year. As a result, production attained the peak level of $X, and then reduced in the following year.

Exports of Rusks, Toasted Bread and Similar Toasted Products

Exports from Singapore

In 2021, the amount of rusks, toasted bread and similar toasted products exported from Singapore soared to X tons, with an increase of 60% against the year before. Over the period under review, exports saw a remarkable increase. The most prominent rate of growth was recorded in 2018 with an increase of 232%. The exports peaked in 2021 and are likely to see gradual growth in the immediate term.

In value terms, rusks and toasted bread exports skyrocketed to $X in 2021. In general, exports showed prominent growth. The most prominent rate of growth was recorded in 2018 when exports increased by 325% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in the near future.

Exports by Country

The Philippines (X tons) was the main destination for rusks and toasted bread exports from Singapore, accounting for a 57% share of total exports. Moreover, rusks and toasted bread exports to the Philippines exceeded the volume sent to the second major destination, Cambodia (X tons), threefold. Malaysia (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the Philippines amounted to +133.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (+138.1% per year) and Malaysia (+17.5% per year).

In value terms, the largest markets for rusks and toasted bread exported from Singapore were the Philippines ($X), Cambodia ($X) and Malaysia ($X), together comprising 86% of total exports.

In terms of the main countries of destination, the Philippines, with a CAGR of +128.2%, 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

In 2021, the average rusks and toasted bread export price amounted to $X per ton, picking up by 6.1% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by 28%. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 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 ($X per ton), while the average price for exports to the Philippines ($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 Turkey (+525.4%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Rusks, Toasted Bread and Similar Toasted Products

Imports into Singapore

In 2021, imports of rusks, toasted bread and similar toasted products into Singapore reduced to X tons, declining by -7% compared with 2020 figures. In general, imports, however, enjoyed prominent growth. The growth pace was the most rapid in 2014 with an increase of 73% against the previous year. Over the period under review, imports hit record highs at X tons in 2020, and then reduced in the following year.

In value terms, rusks and toasted bread imports soared to $X in 2021. Over the period under review, total imports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +10.4% 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 +43.7% against 2019 indices. The growth pace was the most rapid in 2013 when imports increased by 36%. Over the period under review, imports attained the maximum in 2021 and are likely to see gradual growth in years to come.

Imports by Country

Thailand (X tons), Bangladesh (X tons) and India (X tons) were the main suppliers of rusks and toasted bread imports to Singapore, with a combined 53% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Thailand (with a CAGR of +107.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest rusks and toasted bread suppliers to Singapore were the United States ($X), the UK ($X) and Thailand ($X), with a combined 45% share of total imports.

Thailand, with a CAGR of +100.6%, recorded the highest rates of growth with regard to the value of imports, in terms of 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 rusks and toasted bread import price stood at $X per ton in 2021, picking up by 29% against the previous year. Over the period under review, the import price, however, continues to indicate a abrupt contraction. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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 Australia ($X per ton), while the price for Vietnam ($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 (+19.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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