Singapore: Market for Soap In Different Forms 2024

Market Size for Soap In Different Forms in Singapore

In 2021, the Singaporean soap in different forms market increased by 44% to $X, rising for the second year in a row after two years of decline. Overall, the total consumption indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +82.3% against 2019 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Soap In Different Forms in Singapore

In value terms, soap in different forms production contracted sharply to $X in 2021 estimated in export price. Overall, production, however, recorded moderate growth. The pace of growth was the most pronounced in 2020 with an increase of 486% against the previous year. As a result, production attained the peak level of $X, and then dropped dramatically in the following year.

Exports of Soap In Different Forms

Exports from Singapore

In 2021, overseas shipments of soap in different forms decreased by -45.3% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, exports, however, recorded a buoyant expansion. The growth pace was the most rapid in 2020 with an increase of 325% against the previous year. As a result, the exports attained the peak of X tons, and then shrank dramatically in the following year.

In value terms, soap in different forms exports expanded modestly to $X in 2021. Overall, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 459% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to see steady growth in years to come.

Exports by Country

Malaysia (X tons), the United States (X tons) and South Korea (X tons) were the main destinations of soap in different forms exports from Singapore, with a combined 61% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +154.6%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) emerged as the key foreign market for soap in different forms exports from Singapore, comprising 46% of total exports. The second position in the ranking was held by South Korea ($X), with a 19% share of total exports. It was followed by Malaysia, with a 9.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China totaled +120.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+84.9% per year) and Malaysia (+9.0% per year).

Export Prices by Country

The average soap in different forms export price stood at $X per ton in 2021, rising by 88% against the previous year. Overall, the export price enjoyed strong growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Oman ($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 (+17.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Soap In Different Forms

Imports into Singapore

In 2021, overseas purchases of soap in different forms increased by 3.4% to X tons, rising for the second year in a row after two years of decline. In general, total imports indicated measured growth from 2012 to 2021: its volume increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +30.5% against 2019 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 32% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, soap in different forms imports surged to $X in 2021. Overall, imports posted a resilient increase. The pace of growth appeared the most rapid in 2020 with an increase of 68%. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest supplier of soap in different forms to Singapore, accounting for a 51% share of total imports. Moreover, soap in different forms imports from Malaysia exceeded the figures recorded by the second-largest supplier, Thailand (X tons), fourfold. The third position in this ranking was taken by the United Arab Emirates (X tons), with an 8.1% share.

From 2012 to 2021, the average annual growth rate of volume from Malaysia stood at +4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+5.3% per year) and the United Arab Emirates (+48.9% per year).

In value terms, Japan ($X) constituted the largest supplier of soap in different forms to Singapore, comprising 54% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 15% share of total imports. It was followed by the United States, with a 9.8% share.

From 2012 to 2021, the average annual growth rate of value from Japan totaled +41.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+1.6% per year) and the United States (+9.5% per year).

Import Prices by Country

In 2021, the average soap in different forms import price amounted to $X per ton, growing by 19% against the previous year. Overall, the import price posted a buoyant expansion. The most prominent rate of growth was recorded in 2018 when the average import price increased by 55% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in years to come.

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 ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+12.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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