Singapore: Vegetable Oils Market 2024

Vegetable Oils Market Size in Singapore

The Singaporean vegetable oils market skyrocketed to $X in 2022, increasing by X% against the previous year. Over the period under review, consumption recorded a buoyant increase. Over the period under review, the market attained the maximum level in 2022 and is likely to see steady growth in years to come.

Vegetable Oils Production in Singapore

In value terms, vegetable oils production totaled $X in 2022 estimated in export price. Overall, production, however, saw a abrupt setback. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Vegetable oils production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Vegetable Oils Exports

Exports from Singapore

In 2022, overseas shipments of vegetable fats and oils decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports showed a mild slump. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, vegetable oils exports rose notably to $X in 2022. Overall, exports recorded a mild decline. The most prominent rate of growth was recorded in 2021 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for vegetable oils exports from Singapore, accounting for a X% share of total exports. Moreover, vegetable oils exports to China exceeded the volume sent to the second major destination, Algeria (X tons), threefold. The third position in this ranking was taken by Indonesia (X tons), with an X% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Algeria (X% per year) and Indonesia (X% per year).

In value terms, China ($X) remains the key foreign market for vegetable fats and oils exports from Singapore, comprising X% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total exports. It was followed by Indonesia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Indonesia (X% per year).

Export Prices by Country

In 2022, the average vegetable oils export price amounted to $X per ton, picking up by X% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. Over the period under review, the average export prices attained the peak figure at $X per ton in 2019; afterwards, it flattened through to 2022.

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

Vegetable Oils Imports

Imports into Singapore

In 2022, supplies from abroad of vegetable fats and oils increased by X% to X tons, rising for the third year in a row after two years of decline. Overall, imports continue to indicate a buoyant increase. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, vegetable oils imports soared to $X in 2022. Over the period under review, imports showed a strong increase. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

Indonesia (X tons), Malaysia (X tons) and the Philippines (X tons) were the main suppliers of vegetable oils imports to Singapore, with a combined X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Philippines (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Malaysia ($X) and the Philippines ($X) were the largest vegetable oils suppliers to Singapore, with a combined X% share of total imports.

The Philippines, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average vegetable oils import price stood at $X per ton in 2022, growing by X% against the previous year. Over the period under review, import price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vegetable oils import price increased by X% against 2020 indices. The growth pace was the most rapid in 2021 when the average import price increased by X%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the near future.

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

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

Source: IndexBox Platform

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