Singapore: Preserved Salmon Market 2024

Preserved Salmon Market Size in Singapore

The Singaporean preserved salmon market declined slightly to $X in 2021, shrinking by -3.3% against the previous year. Overall, consumption saw a noticeable decline. Preserved salmon consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Preserved Salmon Production in Singapore

In value terms, preserved salmon production surged to $X in 2021 estimated in export price. In general, production, however, recorded a deep reduction. Over the period under review, production attained the peak level at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

Preserved Salmon Exports

Exports from Singapore

In 2021, exports of salmon (prepared or preserved) from Singapore surged to X tons, jumping by 333% compared with the year before. Overall, exports continue to indicate significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, preserved salmon exports soared to $X in 2021. Over the period under review, exports saw a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for preserved salmon exports from Singapore, accounting for a 74% share of total exports. Moreover, preserved salmon exports to the United States exceeded the volume sent to the second major destination, China (X tons), more than tenfold. The third position in this ranking was held by Canada (X tons), with a 5.2% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled +66.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+71.7% per year) and Canada (+1,259.1% per year).

In value terms, the United States ($X) remains the key foreign market for salmon (prepared or preserved) exports from Singapore, comprising 85% of total exports. The second position in the ranking was taken by Canada ($X), with a 6.2% share of total exports. It was followed by Qatar, with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +95.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+1,266.6% per year) and Qatar (+6.9% per year).

Export Prices by Country

In 2021, the average preserved salmon export price amounted to $X per ton, surging by 43% against the previous year. Over the period under review, the export price recorded a strong expansion. The most prominent rate of growth was recorded in 2020 when the average export price increased by 81%. The export price peaked in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to China ($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 the United States (+17.7%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Salmon Imports

Imports into Singapore

In 2021, imports of salmon (prepared or preserved) into Singapore shrank notably to X tons, which is down by -51.6% on the previous year's figure. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 67%. As a result, imports reached the peak of X tons, and then dropped remarkably in the following year.

In value terms, preserved salmon imports reduced rapidly to $X in 2021. Over the period under review, imports, however, recorded a resilient expansion. The pace of growth was the most pronounced in 2017 with an increase of 41%. Imports peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Thailand (X tons) constituted the largest supplier of preserved salmon to Singapore, accounting for a 51% share of total imports. Moreover, preserved salmon imports from Thailand exceeded the figures recorded by the second-largest supplier, Chile (X tons), fourfold. Japan (X tons) ranked third in terms of total imports with a 5.4% share.

From 2012 to 2021, the average annual growth rate of volume from Thailand was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Chile (+87.2% per year) and Japan (-0.4% per year).

In value terms, the largest preserved salmon suppliers to Singapore were Thailand ($X), Chile ($X) and the UK ($X), with a combined 65% share of total imports. Poland, Japan, Hong Kong SAR, Belgium, Australia, the United States, Vietnam and Norway lagged somewhat behind, together accounting for a further 27%.

Among the main suppliers, Belgium, with a CAGR of +102.0%, 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

The average preserved salmon import price stood at $X per ton in 2021, jumping by 73% against the previous year. Over the period under review, import price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +8.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. 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 the UK ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+12.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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