Singapore: Confectionery Market 2024

Confectionery Market Size in Singapore

In 2022, the Singaporean confectionery market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. Over the period under review, consumption saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Confectionery Production in Singapore

In value terms, confectionery production totaled $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Confectionery Exports

Exports from Singapore

For the third consecutive year, Singapore recorded growth in overseas shipments of confectionery, which increased by X% to X tons in 2022. Overall, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by X%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, confectionery exports rose sharply to $X in 2022. The total export value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

Japan (X tons), Australia (X tons) and China (X tons) were the main destinations of confectionery exports from Singapore, together comprising X% of total exports. Indonesia, Malaysia, South Korea, the Philippines, India, Thailand, the United Arab Emirates, the Netherlands, the United States and Russia lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, 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 X%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Malaysia ($X) and Australia ($X) appeared to be the largest markets for confectionery exported from Singapore worldwide, together comprising X% of total exports. China, Indonesia, South Korea, the Philippines, India, the United Arab Emirates, the United States, Thailand, the Netherlands and Russia lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, the Netherlands, with a CAGR of X%, saw the highest growth rate of 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 2022, the average confectionery export price amounted to $X per ton, picking up by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2014 an increase of X% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

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

Confectionery Imports

Imports into Singapore

In 2022, supplies from abroad of confectionery increased by X% to X tons for the first time since 2019, thus ending a two-year declining trend. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, confectionery imports soared to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of confectionery to Singapore, accounting for a X% share of total imports. Moreover, confectionery imports from Malaysia exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), threefold. Indonesia (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 Malaysia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and Indonesia (X% per year).

In value terms, Malaysia ($X) constituted the largest supplier of confectionery to Singapore, comprising X% of total imports. The second position in the ranking was held by the Netherlands ($X), with a X% share of total imports. It was followed by the United States, with an X% share.

From 2012 to 2022, the average annual growth rate of value from Malaysia stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and the United States (X% per year).

Import Prices by Country

The average confectionery import price stood at $X per ton in 2022, increasing by X% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. The import price peaked at $X per ton in 2016; however, from 2017 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 Italy ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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