Singapore: Market for Spirits, Liqueurs And Other Spirituous Beverages 2024

Market Size for Spirits, Liqueurs And Other Spirituous Beverages in Singapore

The Singaporean market for spirits, liqueurs and other spirituous beverages soared to $X in 2022, with an increase of 120% against the previous year. In general, consumption posted a significant expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Spirits, Liqueurs And Other Spirituous Beverages in Singapore

In value terms, production of spirits, liqueurs and other spirituous beverages reduced slightly to $X in 2022 estimated in export price. In general, production, however, posted a significant expansion. The growth pace was the most rapid in 2013 with an increase of 235% against the previous year. Production of peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Spirits, Liqueurs And Other Spirituous Beverages

Exports from Singapore

In 2022, approx. X litres of spirits, liqueurs and other spirituous beverages were exported from Singapore; dropping by -87.1% compared with the year before. In general, exports saw a abrupt descent. The growth pace was the most rapid in 2020 with an increase of 36% against the previous year. Over the period under review, the exports of hit record highs at X litres in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, exports of spirits, liqueurs and other spirituous beverages reduced rapidly to $X in 2022. Overall, exports faced a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 when exports increased by 36%. Over the period under review, the exports of hit record highs at $X in 2021, and then shrank dramatically in the following year.

Exports by Country

China (X litres) was the main destination for exports of spirits, liqueurs and other spirituous beverages from Singapore, accounting for a 32% share of total exports. Moreover, exports of spirits, liqueurs and other spirituous beverages to China exceeded the volume sent to the second major destination, Thailand (X litres), threefold. The third position in this ranking was taken by Australia (X litres), with an 8.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China totaled -4.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (-16.4% per year) and Australia (-26.0% per year).

In value terms, the largest markets for spirits, liqueurs and other spirituous beverages exported from Singapore were Vietnam ($X), China ($X) and Hong Kong SAR ($X), together accounting for 66% of total exports. Thailand, Australia, Taiwan (Chinese), Malaysia, India, Indonesia, South Korea, the Netherlands, Japan and the Philippines lagged somewhat behind, together comprising a further 28%.

Among the main countries of destination, the Netherlands, with a CAGR of +14.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average export price for spirits, liqueurs and other spirituous beverages stood at $X per litre in 2022, with a decrease of -2.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.2%. The most prominent rate of growth was recorded in 2013 when the average export price increased by 22%. Over the period under review, the average export prices reached the peak figure at $X per litre in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per litre), while the average price for exports to the Philippines ($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 Vietnam (+8.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Spirits, Liqueurs And Other Spirituous Beverages

Imports into Singapore

In 2022, overseas purchases of spirits, liqueurs and other spirituous beverages increased by 72% to X litres, rising for the second year in a row after two years of decline. Over the period under review, total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +5.3% 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 +112.1% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, imports of spirits, liqueurs and other spirituous beverages reduced dramatically to $X in 2022. In general, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 17% against the previous year. As a result, imports attained the peak of $X, and then dropped dramatically in the following year.

Imports by Country

South Korea (X litres), Japan (X litres) and Poland (X litres) were the main suppliers of imports of spirits, liqueurs and other spirituous beverages to Singapore, with a combined 30% share of total imports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +32.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of spirits, liqueurs and other spirituous beverages to Singapore, comprising 37% of total imports. The second position in the ranking was held by France ($X), with a 7.6% share of total imports. It was followed by Hong Kong SAR, with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-3.5% per year) and Hong Kong SAR (+30.7% per year).

Import Prices by Country

The average import price for spirits, liqueurs and other spirituous beverages stood at $X per litre in 2022, declining by -53.3% against the previous year. In general, the import price showed a perceptible slump. The pace of growth was the most pronounced in 2020 when the average import price increased by 27% against the previous year. As a result, import price attained the peak level of $X per litre. From 2021 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: 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 the UK (+4.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform