Singapore: Processed Meat Market 2024

Processed Meat Market Size in Singapore

In 2022, the Singaporean processed meat market increased by X% to $X, rising for the sixth year in a row after two years of decline. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the near future.

Processed Meat Production in Singapore

In value terms, processed meat production rose to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Processed meat production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Processed Meat Exports

Exports from Singapore

In 2022, shipments abroad of processed meat decreased by X% to X tons, falling for the second consecutive year after two years of growth. Overall, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, processed meat exports expanded to $X in 2022. Over the period under review, total exports indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Malaysia (X tons), Indonesia (X tons) and Hong Kong SAR (X tons) were the main destinations of processed meat exports from Singapore, with a combined X% share of total exports. Timor-Leste, Qatar, the Philippines, Brunei Darussalam, Maldives and Myanmar lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Hong Kong SAR ($X) and Indonesia ($X) were the largest markets for processed meat exported from Singapore worldwide, with a combined X% share of total exports. Brunei Darussalam, Qatar, Timor-Leste, Maldives, the Philippines and Myanmar lagged somewhat behind, together accounting for a further X%.

Myanmar, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average processed meat export price stood at $X per ton in 2022, surging by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2020 an increase of X%. The export price peaked in 2022 and is likely to continue growth in the near future.

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

Processed Meat Imports

Imports into Singapore

In 2022, imports of processed meat into Singapore expanded rapidly to X tons, increasing by X% compared with the previous year's figure. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, processed meat imports rose notably to $X in 2022. Overall, total imports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2016 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Thailand (X tons) constituted the largest processed meat supplier to Singapore, accounting for a X% share of total imports. Moreover, processed meat imports from Thailand exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. China (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Thailand amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and China (X% per year).

In value terms, Thailand ($X) constituted the largest supplier of processed meat to Singapore, comprising X% of total imports. The second position in the ranking was held by Malaysia ($X), with a X% share of total imports. It was followed by China, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Thailand stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and China (X% per year).

Import Prices by Country

In 2022, the average processed meat import price amounted to $X per ton, surging by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 an increase of X%. The import price peaked in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform