Singapore: Sparkling Wine Market 2024

Sparkling Wine Market Size in Singapore

In 2022, after nine years of decline, there was significant growth in the Singaporean sparkling wine market, when its value increased by 20% to $X. Over the period under review, consumption saw a abrupt downturn. Sparkling wine consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Sparkling Wine Production in Singapore

In value terms, sparkling wine production surged to $X in 2022 estimated in export price. Over the period under review, production, however, saw a abrupt contraction. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Sparkling Wine Exports

Exports from Singapore

In 2022, overseas shipments of sparkling wine increased by 0.7% to X litres, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 42%. Over the period under review, the exports hit record highs at X litres in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, sparkling wine exports soared to $X in 2022. In general, total exports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +108.0% against 2020 indices. The growth pace was the most rapid in 2021 when exports increased by 55%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

Japan (X litres) was the main destination for sparkling wine exports from Singapore, with a 52% share of total exports. Moreover, sparkling wine exports to Japan exceeded the volume sent to the second major destination, Australia (X litres), threefold. The third position in this ranking was held by Hong Kong SAR (X litres), with an 8.2% share.

From 2012 to 2022, the average annual growth rate of volume to Japan amounted to +3.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (-1.1% per year) and Hong Kong SAR (+3.7% per year).

In value terms, Japan ($X) remains the key foreign market for sparkling wine exports from Singapore, comprising 59% of total exports. The second position in the ranking was taken by Australia ($X), with a 15% share of total exports. It was followed by Hong Kong SAR, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan totaled +7.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+0.5% per year) and Hong Kong SAR (+7.1% per year).

Export Prices by Country

In 2022, the average sparkling wine export price amounted to $X per litre, surging by 33% against the previous year. In general, export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sparkling wine export price increased by +4.2% against 2019 indices. The pace of growth was the most pronounced in 2019 when the average export price increased by 43% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per litre), while the average price for exports to the Philippines ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+3.7%), while the prices for the other major destinations experienced more modest paces of growth.

Sparkling Wine Imports

Imports into Singapore

In 2022, imports of sparkling wine into Singapore fell to X litres, dropping by -5.8% on 2021. The total import volume increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 40% against the previous year. Imports peaked at X litres in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, sparkling wine imports soared to $X in 2022. Overall, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +97.3% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 54% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, France (X litres) constituted the largest sparkling wine supplier to Singapore, accounting for a 43% share of total imports. Moreover, sparkling wine imports from France exceeded the figures recorded by the second-largest supplier, Italy (X litres), more than tenfold. Australia (X litres) ranked third in terms of total imports with a 2.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from France totaled -4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-1.1% per year) and Australia (+1.5% per year).

In value terms, France ($X) constituted the largest supplier of sparkling wine to Singapore, comprising 48% of total imports. The second position in the ranking was taken by Australia ($X), with a 0.7% share of total imports. It was followed by Italy, with a 0.6% share.

From 2012 to 2022, the average annual growth rate of value from France was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+4.5% per year) and Italy (+4.0% per year).

Import Prices by Country

In 2022, the average sparkling wine import price amounted to $X per litre, picking up by 36% against the previous year. In general, import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sparkling wine import price increased by +75.6% against 2016 indices. 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 France ($X per litre), while the price for Spain ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+5.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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