Singapore: Waffle And Wafer Market 2024

Waffle And Wafer Market Size in Singapore

In 2021, the Singaporean waffle and wafer market increased by 7.8% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, the total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Waffle and wafer consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Waffle And Wafer Exports

Exports from Singapore

Waffle and wafer exports from Singapore soared to X tons in 2021, rising by 18% against the previous year. In general, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by 176%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, waffle and wafer exports shrank modestly to $X in 2021. Over the period under review, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 442%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tons), Hong Kong SAR (X tons) and Oman (X tons) were the main destinations of waffle and wafer exports from Singapore, together comprising 74% of total exports. Maldives, Samoa, Thailand, French Polynesia and the Philippines lagged somewhat behind, together comprising a further 22%.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +105.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for waffle and wafer exported from Singapore were Malaysia ($X), Hong Kong SAR ($X) and Oman ($X), together accounting for 71% of total exports. These countries were followed by Maldives, Thailand, the Philippines, Samoa and French Polynesia, which together accounted for a further 22%.

In terms of the main countries of destination, Thailand, with a CAGR of +105.3%, saw 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

In 2021, the average waffle and wafer export price amounted to $X per ton, which is down by -16.2% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 97%. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Samoa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+28.1%), while the prices for the other major destinations experienced more modest paces of growth.

Waffle And Wafer Imports

Imports into Singapore

In 2021, waffle and wafer imports into Singapore was estimated at X tons, increasing by 3.8% on the previous year's figure. The total import volume increased at an average annual rate of +3.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by 42% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, waffle and wafer imports totaled $X in 2021. The total import value increased at an average annual rate of +5.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by 35%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest supplier of waffle and wafer to Singapore, accounting for a 30% share of total imports. Moreover, waffle and wafer imports from Malaysia exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. Italy (X tons) ranked third in terms of total imports with a 9.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Malaysia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+0.7% per year) and Italy (+24.1% per year).

In value terms, the largest waffle and wafer suppliers to Singapore were Malaysia ($X), Italy ($X) and Austria ($X), together accounting for 46% of total imports. Germany, Poland, the UK, the United States and Indonesia lagged somewhat behind, together accounting for a further 36%.

In terms of the main suppliers, Poland, with a CAGR of +97.2%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average waffle and wafer import price stood at $X per ton in 2021, increasing by 5.2% against the previous year. Over the last nine years, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2016 an increase of 13%. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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