Singapore: Spirits And Liqueurs Market 2024

Spirits And Liqueurs Market Size in Singapore

The Singaporean spirits and liqueurs market soared to $X in 2022, picking up by X% against the previous year. In general, the total consumption indicated a strong expansion from 2012 to 2022: its value 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, consumption increased by X% against 2019 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Spirits And Liqueurs Production in Singapore

In value terms, spirits and liqueurs production soared to $X in 2022 estimated in export price. Over the period under review, production showed prominent growth. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, production attained the peak level at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Spirits And Liqueurs Exports

Exports from Singapore

In 2022, exports of spirits, liqueurs and other spirituous beverages from Singapore fell to X litres, waning by X% against 2021. Overall, exports continue to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of X%. The exports peaked at X litres in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, spirits and liqueurs exports declined to $X in 2022. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X litres), Thailand (X litres) and Malaysia (X litres) were the main destinations of spirits and liqueurs exports from Singapore, with a combined X% share of total exports. Vietnam, India, the Philippines, Indonesia, Taiwan (Chinese), the Netherlands, Hong Kong SAR, Australia, Myanmar and South Korea lagged somewhat behind, together accounting for a further X%.

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

In value terms, China ($X) remains the key foreign market for spirits, liqueurs and other spirituous beverages exports from Singapore, comprising X% of total exports. The second position in the ranking was taken by Thailand ($X), with an X% share of total exports. It was followed by Malaysia, with a X% share.

From 2012 to 2022, the average annual growth rate of value to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (X% per year) and Malaysia (X% per year).

Export Prices by Country

In 2022, the average spirits and liqueurs export price amounted to $X per litre, falling by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2021 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per litre, and then contracted in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per litre), while the average price for exports to Myanmar ($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 Hong Kong SAR (X%), while the prices for the other major destinations experienced more modest paces of growth.

Spirits And Liqueurs Imports

Imports into Singapore

In 2022, purchases abroad of spirits, liqueurs and other spirituous beverages increased by X% to X litres, rising for the second year in a row after two years of decline. In general, imports, however, continue to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, imports attained the peak of X litres. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, spirits and liqueurs imports totaled $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in years to come.

Imports by Country

The UK (X litres), France (X litres) and the United States (X litres) were the main suppliers of spirits and liqueurs imports to Singapore, with a combined X% share of total imports. Japan, Ireland, South Korea, Mexico, India, China, Italy, Germany and the United Arab Emirates lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, France ($X), the UK ($X) and China ($X) appeared to be the largest spirits and liqueurs suppliers to Singapore, with a combined X% share of total imports. Japan, the United States, Ireland, Mexico, Germany, Italy, India, South Korea and the United Arab Emirates lagged somewhat behind, together comprising a further X%.

Japan, with a CAGR of X%, recorded the highest rates of growth with regard to 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

The average spirits and liqueurs import price stood at $X per litre in 2022, standing approx. at the previous year. In general, import price indicated a noticeable expansion 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, spirits and liqueurs import price increased by X% against 2016 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by X%. The import price peaked in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per litre), while the price for South Korea ($X per litre) was amongst the lowest.

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

Source: IndexBox Platform

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