Singapore: Skim Milk Market 2025

Skim Milk Market Size in Singapore

The Singaporean skim milk market soared to $X in 2021, increasing by 39% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw a prominent expansion. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Skim Milk Exports

Exports from Singapore

In 2021, shipments abroad of skim milk increased by 52% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, exports, however, showed a abrupt contraction. The pace of growth was the most pronounced in 2020 when exports increased by 181%. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, skim milk exports reduced rapidly to $X in 2021. Overall, exports, however, continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2020 with an increase of 224%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Indonesia (X tons) was the main destination for skim milk exports from Singapore, with a 75% share of total exports. Moreover, skim milk exports to Indonesia exceeded the volume sent to the second major destination, Bangladesh (X tons), fivefold. The third position in this ranking was taken by Cambodia (X tons), with a 4% share.

From 2012 to 2021, the average annual growth rate of volume to Indonesia stood at +8.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+15.1% per year) and Cambodia (+4.1% per year).

In value terms, Indonesia ($X) emerged as the key foreign market for skim milk exports from Singapore, comprising 78% of total exports. The second position in the ranking was held by Bangladesh ($X), with an 11% share of total exports. It was followed by Vietnam, with a 3.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Indonesia amounted to +5.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+12.3% per year) and Vietnam (-28.1% per year).

Export Prices by Country

In 2021, the average skim milk export price amounted to $X per ton, reducing by -66.2% against the previous year. Over the period under review, the export price saw a perceptible setback. The pace of growth was the most pronounced in 2017 when the average export price increased by 53%. The export price peaked at $X per ton in 2020, and then dropped remarkably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Myanmar ($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 China (+9.7%), while the prices for the other major destinations experienced more modest paces of growth.

Skim Milk Imports

Imports into Singapore

In 2021, purchases abroad of skim milk was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Overall, imports continue to indicate prominent growth. The pace of growth was the most pronounced in 2013 with an increase of 133%. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, skim milk imports soared to $X in 2021. In general, imports saw a strong expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 244%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Australia (X tons), Germany (X tons) and Indonesia (X tons) were the main suppliers of skim milk imports to Singapore, together accounting for 72% of total imports. New Zealand, Thailand, Japan, Belgium, France and the United States lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of +188.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), New Zealand ($X) and Germany ($X) were the largest skim milk suppliers to Singapore, with a combined 69% share of total imports. These countries were followed by Indonesia, Japan, Thailand, Belgium, the United States and France, which together accounted for a further 28%.

Belgium, with a CAGR of +181.5%, saw the highest growth rate of 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 skim milk import price stood at $X per ton in 2021, falling by -10.7% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 48%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the average import prices remained 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 Japan ($X per ton), while the price for France ($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 (+4.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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