Singapore: Market for Candies, Sweets, and Nonchocolate Confectionery 2024

Market Size for Candies, Sweets, and Nonchocolate Confectionery in Singapore

The Singaporean market for candies, sweets, and nonchocolate confectionery fell to $X in 2022, shrinking by -5.6% against the previous year. Overall, the total consumption indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +3.6% against 2020 indices. Candy, sweets, and nonchocolate confectionery consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Candies, Sweets, and Nonchocolate Confectionery in Singapore

In value terms, candy, sweets, and nonchocolate confectionery production shrank to $X in 2022 estimated in export price. Over the period under review, the total production indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +6.6% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 91% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Exports of Candies, Sweets, and Nonchocolate Confectionery

Exports from Singapore

In 2022, overseas shipments of candies, sweets, and nonchocolate confectionery increased by 6% to X tons, rising for the second year in a row after two years of decline. Overall, exports, however, continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2018 when exports increased by 33% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, candy, sweets, and nonchocolate confectionery exports stood at $X in 2022. In general, exports, however, recorded a perceptible downturn. The growth pace was the most rapid in 2018 with an increase of 27%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Australia (X tons), China (X tons) and Malaysia (X tons) were the main destinations of candy, sweets, and nonchocolate confectionery exports from Singapore, together accounting for 56% of total exports. Thailand, South Korea, the United States, the United Arab Emirates, Vietnam, Japan and Papua New Guinea lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +27.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Malaysia ($X) and China ($X) appeared to be the largest markets for candy, sweets, and nonchocolate confectionery exported from Singapore worldwide, together accounting for 52% of total exports. Thailand, South Korea, the United States, Japan, Vietnam, the United Arab Emirates and Papua New Guinea lagged somewhat behind, together accounting for a further 32%.

The United Arab Emirates, with a CAGR of +24.3%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination 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 export price for candies, sweets, and nonchocolate confectionery amounted to $X per ton, picking up by 7.9% against the previous year. Over the last decade, it increased at an average annual rate of +5.4%. The most prominent rate of growth was recorded in 2014 when the average export price increased by 31%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Papua New Guinea ($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 Japan (+16.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Candies, Sweets, and Nonchocolate Confectionery

Imports into Singapore

In 2022, after three years of decline, there was significant growth in overseas purchases of candies, sweets, and nonchocolate confectionery, when their volume increased by 5.6% to X tons. In general, imports, however, recorded a noticeable descent. The growth pace was the most rapid in 2013 when imports increased by 9%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, candy, sweets, and nonchocolate confectionery imports surged to $X in 2022. Over the period under review, imports showed a relatively flat trend pattern. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest candy, sweets, and nonchocolate confectionery supplier to Singapore, accounting for a 30% share of total imports. Moreover, candy, sweets, and nonchocolate confectionery imports from Malaysia exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was held by Indonesia (X tons), with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia totaled -2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-2.9% per year) and Indonesia (-1.1% per year).

In value terms, Malaysia ($X), China ($X) and the United States ($X) appeared to be the largest candy, sweets, and nonchocolate confectionery suppliers to Singapore, together comprising 48% of total imports. Australia, Indonesia, Japan, India, Switzerland, Taiwan (Chinese), Germany, Thailand, Turkey and Hong Kong SAR lagged somewhat behind, together accounting for a further 37%.

Turkey, with a CAGR of +17.3%, saw the highest growth rate of the value of imports, in terms of 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 2022, the average import price for candies, sweets, and nonchocolate confectionery amounted to $X per ton, increasing by 11% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.8%. The pace of growth appeared the most rapid in 2019 an increase of 17%. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+7.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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