Singapore: Soap Market 2024

Soap Market Size in Singapore

The Singaporean soap market expanded sharply to $X in 2021, rising by 15% 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, the total consumption indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +3.9% 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 decreased by -14.8% against 2019 indices. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Soap Exports

Exports from Singapore

In 2021, overseas shipments of soap increased by 3.2% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports showed a prominent expansion. The most prominent rate of growth was recorded in 2020 with an increase of 75%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, soap exports rose sharply to $X in 2021. In general, exports showed significant growth. The growth pace was the most rapid in 2020 with an increase of 173%. Over the period under review, the exports attained the maximum in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

Australia (X tons), the United States (X tons) and China (X tons) were the main destinations of soap exports from Singapore, with a combined 65% share of total exports. These countries were followed by Malaysia, Hong Kong SAR, Vietnam, South Korea, Thailand, the Netherlands, Pakistan, the United Arab Emirates, Indonesia and New Zealand, which together accounted for a further 54%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +73.9%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and Malaysia ($X) constituted the largest markets for soap exported from Singapore worldwide, with a combined 67% share of total exports. These countries were followed by Australia, South Korea, Indonesia, Hong Kong SAR, Vietnam, Pakistan, Thailand, the Netherlands, the United Arab Emirates and New Zealand, which together accounted for a further 65%.

In terms of the main countries of destination, the Netherlands, with a CAGR of +79.2%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average soap export price amounted to $X per ton, with an increase of 2.7% against the previous year. Over the period under review, export price indicated strong growth from 2012 to 2021: its price increased at an average annual rate of +5.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, soap export price increased by +81.9% against 2018 indices. The most prominent rate of growth was recorded in 2020 an increase of 56%. Over the period under review, the average export prices reached the peak figure in 2021 and is likely to see steady growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was South Korea ($X per ton), while the average price for exports to Australia ($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 (+22.1%), while the prices for the other major destinations experienced more modest paces of growth.

Soap Imports

Imports into Singapore

For the seventh consecutive year, Singapore recorded growth in overseas purchases of soap, which increased by 3.9% to X tons in 2021. Overall, imports recorded a buoyant expansion. The pace of growth was the most pronounced in 2018 with an increase of 20%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, soap imports rose significantly to $X in 2021. Over the period under review, imports showed strong growth. The pace of growth was the most pronounced in 2020 when imports increased by 19% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the immediate term.

Imports by Country

The United States (X tons), China (X tons) and Malaysia (X tons) were the main suppliers of soap imports to Singapore, with a combined 49% share of total imports. Indonesia, Germany, Thailand, Canada, India, the United Arab Emirates, Japan, the Philippines and the Netherlands lagged somewhat behind, together comprising a further 41%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +34.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Japan ($X) and China ($X) were the largest soap suppliers to Singapore, together accounting for 54% of total imports.

Japan, with a CAGR of +32.9%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average soap import price amounted to $X per ton, rising by 10% against the previous year. Over the last nine years, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2020 an increase of 11%. Over the period under review, average import prices reached the maximum in 2021 and is expected to retain growth in years to come.

Prices varied noticeably country of origin: 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 the Philippines (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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