Singapore: Sugars Market 2024

Sugars Market Size in Singapore

In 2021, after two years of growth, there was significant decline in the Singaporean sugars market, when its value decreased by -9.4% to $X. Over the period under review, consumption, however, showed strong growth. As a result, consumption reached the peak level of $X, and then declined in the following year.

Sugars Production in Singapore

In value terms, sugars production shrank to $X in 2021 estimated in export price. In general, production, however, showed buoyant growth. The most prominent rate of growth was recorded in 2013 with an increase of 161% against the previous year. Sugars production peaked at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

Sugars Exports

Exports from Singapore

In 2021, the amount of sugars, sugar ethers and salts exported from Singapore surged to X tons, picking up by 31% compared with 2020 figures. Overall, exports, however, showed a abrupt descent. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, sugars exports surged to $X in 2021. In general, total exports indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +105.5% against 2018 indices. The pace of growth was the most pronounced in 2015 with an increase of 51% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Malaysia (X tons), Vietnam (X tons) and India (X tons) were the main destinations of sugars exports from Singapore, with a combined 66% share of total exports. Thailand, China, Taiwan (Chinese), the United States, Indonesia, Hong Kong SAR and Australia lagged somewhat behind, together comprising a further 31%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +51.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for sugars exported from Singapore were the United States ($X), Malaysia ($X) and Thailand ($X), with a combined 63% share of total exports.

In terms of the main countries of destination, the United States, with a CAGR of +48.6%, 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 2021, the average sugars export price amounted to $X per ton, rising by 7.4% against the previous year. Over the period under review, the export price showed strong growth. The most prominent rate of growth was recorded in 2019 when the average export price increased by 47%. Over the period under review, the average export prices attained the peak figure in 2021 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 Thailand (+17.4%), while the prices for the other major destinations experienced more modest paces of growth.

Sugars Imports

Imports into Singapore

In 2021, approx. X tons of sugars, sugar ethers and salts were imported into Singapore; reducing by -2.4% compared with 2020 figures. Over the period under review, imports saw a noticeable slump. The growth pace was the most rapid in 2018 with an increase of 55%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, sugars imports fell to $X in 2021. Overall, imports, however, saw resilient growth. The pace of growth was the most pronounced in 2020 when imports increased by 52%. As a result, imports reached the peak of $X, and then fell in the following year.

Imports by Country

China (X tons), the United States (X tons) and India (X tons) were the main suppliers of sugars imports to Singapore, together comprising 67% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +28.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of sugars, sugar ethers and salts to Singapore, comprising 31% of total imports. The second position in the ranking was taken by China ($X), with a 13% share of total imports. It was followed by Japan, with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States totaled +17.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+14.1% per year) and Japan (+6.6% per year).

Import Prices by Country

The average sugars import price stood at $X per ton in 2021, which is down by -2.7% against the previous year. Overall, the import price, however, recorded resilient growth. The pace of growth appeared the most rapid in 2017 when the average import price increased by 54% against the previous year. The import price peaked at $X per ton in 2020, and then dropped in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+25.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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