Singapore: Market for Powdered, Condensed Or Evaporated Milk 2024

Market Size for Powdered, Condensed Or Evaporated Milk in Singapore

The Singaporean market for powdered, condensed or evaporated milk shrank modestly to $X in 2022, waning by X% against the previous year. Overall, consumption showed a noticeable decline. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Powdered, Condensed Or Evaporated Milk in Singapore

In value terms, powdered, condensed or evaporated milk production fell modestly to $X in 2022 estimated in export price. Over the period under review, production showed a abrupt contraction. The pace of growth was the most pronounced in 2018 with an increase of X%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Powdered, Condensed Or Evaporated Milk

Exports from Singapore

In 2022, after two years of decline, there was growth in overseas shipments of powdered, condensed or evaporated milk, when their volume increased by X% to X tons. Over the period under review, exports, however, continue to indicate a pronounced shrinkage. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, powdered, condensed or evaporated milk exports skyrocketed to $X in 2022. Overall, exports, however, recorded a perceptible downturn. The most prominent rate of growth was recorded in 2017 when exports increased by X%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for powdered, condensed or evaporated milk exports from Singapore, accounting for a X% share of total exports. Moreover, powdered, condensed or evaporated milk exports to Japan exceeded the volume sent to the second major destination, Bangladesh (X tons), threefold. The third position in this ranking was taken by Malaysia (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Japan stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (X% per year) and Malaysia (X% per year).

In value terms, Japan ($X) remains the key foreign market for powdered, condensed or evaporated milk exports from Singapore, comprising X% of total exports. The second position in the ranking was held by Bangladesh ($X), with a X% share of total exports. It was followed by Malaysia, with an X% share.

From 2012 to 2022, the average annual growth rate of value to Japan amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (X% per year) and Malaysia (X% per year).

Export Prices by Country

In 2022, the average export price for powdered, condensed or evaporated milk amounted to $X per ton, increasing by X% against the previous year. Over the period under review, export price indicated a notable expansion from 2012 to 2022: its price 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, powdered, condensed or evaporated milk export price increased by X% against 2017 indices. The pace of growth was the most pronounced in 2017 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to see steady growth in the near future.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Vietnam ($X per ton) and Japan ($X per ton), while the average price for exports to Bangladesh ($X per ton) and Myanmar ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Powdered, Condensed Or Evaporated Milk

Imports into Singapore

Powdered, condensed or evaporated milk imports into Singapore declined slightly to X tons in 2022, waning by X% against the previous year. Overall, imports showed a mild descent. The pace of growth was the most pronounced in 2013 with an increase of X%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, powdered, condensed or evaporated milk imports expanded significantly to $X in 2022. In general, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, New Zealand (X tons) constituted the largest powdered, condensed or evaporated milk supplier to Singapore, accounting for a X% share of total imports. Moreover, powdered, condensed or evaporated milk imports from New Zealand exceeded the figures recorded by the second-largest supplier, Australia (X tons), sixfold. The United States (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from New Zealand was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (X% per year) and the United States (X% per year).

In value terms, New Zealand ($X) constituted the largest supplier of powdered, condensed or evaporated milk to Singapore, comprising X% of total imports. The second position in the ranking was taken by Australia ($X), with an X% share of total imports. It was followed by the United States, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from New Zealand totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (X% per year) and the United States (X% per year).

Import Prices by Country

The average import price for powdered, condensed or evaporated milk stood at $X per ton in 2022, increasing by X% against the previous year. In general, import price indicated modest growth from 2012 to 2022: its price 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, powdered, condensed or evaporated milk import price increased by X% against 2016 indices. The growth pace was the most rapid in 2017 an increase of X%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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