Singapore: Wheat Starch Market 2024

Wheat Starch Market Size in Singapore

For the seventh year in a row, the Singaporean wheat starch market recorded growth in sales value, which increased by 3.3% to $X in 2021. Over the period under review, consumption, however, continues to indicate resilient growth. Over the period under review, the market reached the maximum level in 2021 and is expected to retain growth in years to come.

Wheat Starch Production in Singapore

In value terms, wheat starch production shrank to $X in 2021 estimated in export price. Overall, production, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2015 when the production volume increased by 93% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then reduced slightly in the following year.

Wheat Starch Exports

Exports from Singapore

In 2021, overseas shipments of wheat starch decreased by -24.1% to X tons, falling for the third year in a row after two years of growth. Overall, exports continue to indicate a noticeable reduction. The pace of growth appeared the most rapid in 2018 when exports increased by 166%. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, wheat starch exports contracted rapidly to $X in 2021. In general, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when exports increased by 232% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Indonesia (X tons) was the main destination for wheat starch exports from Singapore, accounting for a 100% share of total exports. It was followed by Malaysia (X tons), with a 0.2% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Indonesia stood at +11.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-42.5% per year) and Thailand (-63.0% per year).

In value terms, Indonesia ($X) remains the key foreign market for wheat starch exports from Singapore, comprising 99% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 0.2% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Indonesia amounted to +12.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-40.0% per year) and Thailand (-62.2% per year).

Export Prices by Country

In 2021, the average wheat starch export price amounted to $X per ton, increasing by 5.9% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.9%. The growth pace was the most rapid in 2018 when the average export price increased by 25%. Over the period under review, the average export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Indonesia ($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 Malaysia (+4.3%), while the prices for the other major destinations experienced more modest paces of growth.

Wheat Starch Imports

Imports into Singapore

In 2021, overseas purchases of wheat starch decreased by -19.8% to X tons, falling for the third consecutive year after two years of growth. Over the period under review, imports recorded a perceptible shrinkage. The growth pace was the most rapid in 2018 with an increase of 178% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, wheat starch imports dropped to $X in 2021. Overall, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 241% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Australia (X tons) was the main supplier of wheat starch to Singapore, with a 93% share of total imports. It was followed by Lithuania (X tons), with a 1.8% share of total imports. The third position in this ranking was held by France (X tons), with a 1.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Australia amounted to +29.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+35.0% per year) and France (-6.9% per year).

In value terms, Australia ($X) constituted the largest supplier of wheat starch to Singapore, comprising 91% of total imports. The second position in the ranking was held by Lithuania ($X), with a 2% share of total imports. It was followed by France, with a 1.9% share.

From 2012 to 2021, the average annual growth rate of value from Australia amounted to +25.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+32.1% per year) and France (-8.9% per year).

Import Prices by Country

In 2021, the average wheat starch import price amounted to $X per ton, increasing by 6.2% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2018 when the average import price increased by 23%. Over the period under review, average import prices reached the peak figure in 2021 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+45.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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