Singapore: Sugary Soft Drink Market 2024

Sugary Soft Drink Market Size in Singapore

The Singaporean sugary soft drink market amounted to $X in 2022, with an increase of 6.3% against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. Sugary soft drink consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Sugary Soft Drink Production in Singapore

In value terms, sugary soft drink production expanded slightly to $X in 2022 estimated in export price. Overall, production, however, recorded a pronounced setback. The growth pace was the most rapid in 2018 when the production volume increased by 31%. Sugary soft drink production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Sugary Soft Drink Exports

Exports from Singapore

In 2022, overseas shipments of sugary soft drinks increased by 90% to X litres, rising for the second year in a row after seven years of decline. Over the period under review, exports, however, saw a abrupt decrease. Over the period under review, the exports attained the peak figure at X litres in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, sugary soft drink exports surged to $X in 2022. Overall, exports, however, showed a deep reduction. The pace of growth was the most pronounced in 2021 when exports increased by 58% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Malaysia (X litres) was the main destination for sugary soft drink exports from Singapore, with a 57% share of total exports. Moreover, sugary soft drink exports to Malaysia exceeded the volume sent to the second major destination, Maldives (X litres), fourfold. Seychelles (X litres) ranked third in terms of total exports with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia stood at +14.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (+25.5% per year) and Seychelles (+39.5% per year).

In value terms, Malaysia ($X) remains the key foreign market for sugary soft drinks exports from Singapore, comprising 51% of total exports. The second position in the ranking was held by Maldives ($X), with a 13% share of total exports. It was followed by Seychelles, with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia amounted to +15.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (+22.5% per year) and Seychelles (+40.7% per year).

Export Prices by Country

In 2022, the average sugary soft drink export price amounted to $X per litre, reducing by -30.4% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the average export price increased by 40%. Over the period under review, the average export prices reached the maximum at $X per litre in 2021, and then dropped dramatically in the following year.

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 the United Arab Emirates ($X per litre), while the average price for exports to Malaysia ($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 United Arab Emirates (+5.8%), while the prices for the other major destinations experienced more modest paces of growth.

Sugary Soft Drink Imports

Imports into Singapore

In 2022, approx. X litres of sugary soft drinks were imported into Singapore; picking up by 14% compared with 2021 figures. Overall, imports continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2016 when imports increased by 47%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, sugary soft drink imports surged to $X in 2022. In general, total imports indicated a prominent increase 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 +54.1% against 2020 indices. The pace of growth appeared the most rapid in 2016 when imports increased by 40% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Malaysia (X litres) was the main supplier of sugary soft drink to Singapore, with a approx. 91% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Malaysia stood at +9.9%.

In value terms, Malaysia ($X) constituted the largest supplier of sugary soft drinks to Singapore.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia amounted to +9.3%.

Import Prices by Country

The average sugary soft drink import price stood at $X per litre in 2022, with an increase of 2.2% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by 6.9% against the previous year. The import price peaked at $X per litre in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

As there is only one major supplying country, the average price level is determined by prices for Malaysia.

From 2012 to 2022, the rate of growth in terms of prices for Malaysia amounted to -0.5% per year.

Source: IndexBox Platform

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