Singapore: Canned Food Market 2024

Canned Food Market Size in Singapore

In 2021, the Singaporean canned food market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption enjoyed strong growth. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Canned Food Production in Singapore

In value terms, canned food production declined modestly to $X in 2021 estimated in export price. Overall, production continues to indicate a prominent expansion. The pace of growth appeared the most rapid in 2018 with an increase of 91%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Canned Food Exports

Exports from Singapore

In 2021, approx. X tons of canned food were exported from Singapore; flattening at 2020 figures. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 11% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, canned food exports declined modestly to $X in 2021. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 18% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Malaysia (X tons) was the main destination for canned food exports from Singapore, accounting for a 22% share of total exports. Moreover, canned food exports to Malaysia exceeded the volume sent to the second major destination, the Philippines (X tons), threefold. Thailand (X tons) ranked third in terms of total exports with a 6.6% share.

From 2012 to 2020, the average annual rate of growth in terms of volume to Malaysia stood at -7.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+13.5% per year) and Thailand (+1.1% per year).

In value terms, Thailand ($X), Vietnam ($X) and the Philippines ($X) appeared to be the largest markets for canned food exported from Singapore worldwide, together accounting for 28% of total exports. These countries were followed by Indonesia, Malaysia, Taiwan (Chinese), the United Arab Emirates, Saudi Arabia, China, India, the United States, Israel and Australia, which together accounted for a further 29%.

In terms of the main countries of destination, India, with a CAGR of +81.2%, recorded the highest rates of growth with regard to 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

The average canned food export price stood at $X per ton in 2020, growing by 13% against the previous year. Overall, the export price, however, saw a mild curtailment. The export price peaked at $X per ton in 2012; however, from 2013 to 2020, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2020, the country with the highest price was China ($X per ton), while the average price for exports to Israel ($X per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+10.9%), while the prices for the other major destinations experienced more modest paces of growth.

Canned Food Imports

Imports into Singapore

In 2021, approx. X tons of canned food were imported into Singapore; approximately reflecting 2020. The total import volume increased at an average annual rate of +2.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when imports increased by 41%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, canned food imports totaled $X in 2021. The total import value increased at an average annual rate of +3.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 21%. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the near future.

Imports by Country

Thailand (X tons), China (X tons) and Malaysia (X tons) were the main suppliers of canned food imports to Singapore, together accounting for 64% of total imports. Indonesia, the United States, Italy, Australia, Taiwan (Chinese), Ukraine, Japan, South Korea and the United Arab Emirates lagged somewhat behind, together accounting for a further 41%.

From 2012 to 2020, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ukraine (with a CAGR of +147.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest canned food suppliers to Singapore were Thailand ($X), China ($X) and Malaysia ($X), together accounting for 73% of total imports. These countries were followed by the United States, Australia, Taiwan (Chinese), Japan, Indonesia, Italy, South Korea, Ukraine and the United Arab Emirates, which together accounted for a further 29%.

Ukraine, with a CAGR of +138.1%, recorded 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

In 2020, the average canned food import price amounted to $X per ton, reducing by -2.1% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 8.7% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2020, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Australia ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was attained by China (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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