Singapore: Soybean Oilcake Market 2024

Soybean Oilcake Market Size in Singapore

After three years of growth, the Singaporean soybean oilcake market decreased by -2.2% to $X in 2021. Over the period under review, consumption, however, recorded a pronounced contraction. Soybean oilcake consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Soybean Oilcake Production in Singapore

In value terms, soybean oilcake production fell slightly to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a noticeable reduction. The pace of growth was the most pronounced in 2016 when the production volume increased by 18% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Soybean Oilcake Exports

Exports from Singapore

For the fourth year in a row, Singapore recorded growth in shipments abroad of soybean oilcake, which increased by 49% to X tons in 2021. Overall, exports enjoyed a remarkable increase. The growth pace was the most rapid in 2020 when exports increased by 152% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in the immediate term.

In value terms, soybean oilcake exports surged to $X in 2021. Over the period under review, exports posted a remarkable increase. The pace of growth was the most pronounced in 2020 when exports increased by 346% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in the near future.

Exports by Country

Malaysia (X tons) was the main destination for soybean oilcake exports from Singapore, accounting for a 93% share of total exports. Moreover, soybean oilcake exports to Malaysia exceeded the volume sent to the second major destination, Indonesia (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Malaysia stood at +23.3%.

In value terms, Malaysia ($X) remains the key foreign market for soybean oilcake exports from Singapore, comprising 76% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 23% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Malaysia totaled +36.3%.

Export Prices by Country

The average soybean oilcake export price stood at $X per ton in 2021, with an increase of 12% against the previous year. Over the period under review, the export price showed a perceptible expansion. The pace of growth appeared the most rapid in 2020 an increase of 77%. The export price peaked in 2021 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Malaysia amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+10.6%), while the prices for the other major destinations experienced mixed trend patterns.

Soybean Oilcake Imports

Imports into Singapore

After two years of decline, overseas purchases of soybean oilcake increased by 14% to X tons in 2021. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 17%. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, soybean oilcake imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +2.4% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest supplier of soybean oilcake to Singapore, with a 67% share of total imports. Moreover, soybean oilcake imports from Malaysia exceeded the figures recorded by the second-largest supplier, the United States (X tons), fivefold. India (X tons) ranked third in terms of total imports with an 8.9% share.

From 2012 to 2021, the average annual growth rate of volume from Malaysia stood at +7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+51.1% per year) and India (-16.5% per year).

In value terms, Malaysia ($X) constituted the largest supplier of soybean oilcake to Singapore, comprising 60% of total imports. The second position in the ranking was taken by the United States ($X), with a 16% share of total imports. It was followed by India, with an 8.5% share.

From 2012 to 2021, the average annual growth rate of value from Malaysia stood at +9.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+58.3% per year) and India (-14.3% per year).

Import Prices by Country

In 2021, the average soybean oilcake import price amounted to $X per ton, jumping by 26% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.8%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+10.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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