Singapore: Whisky Market 2024

Whisky Market Size in Singapore

In 2022, after three years of decline, there was significant growth in the Singaporean whisky market, when its value increased by 134% to $X. In general, consumption showed a noticeable increase. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Whisky Production in Singapore

In value terms, whisky production surged to $X in 2022 estimated in export price. Overall, production, however, recorded a deep contraction. Over the period under review, production attained the peak level at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Whisky Exports

Exports from Singapore

In 2022, shipments abroad of whisky decreased by -5.1% to X litres, falling for the third consecutive year after two years of growth. Overall, exports continue to indicate a pronounced setback. The growth pace was the most rapid in 2016 with an increase of 5.8% against the previous year. The exports peaked at X litres in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, whisky exports skyrocketed to $X in 2022. The total export value increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Taiwan (Chinese) (X litres), Thailand (X litres) and Malaysia (X litres) were the main destinations of whisky exports from Singapore, together comprising 43% of total exports. These countries were followed by China, Japan, Vietnam, India, Indonesia, Australia, the Netherlands, the Philippines, South Korea and the United Arab Emirates, which together accounted for a further 45%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of +109.8%), while the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X), China ($X) and Thailand ($X) were the largest markets for whisky exported from Singapore worldwide, with a combined 41% share of total exports. Vietnam, Malaysia, Indonesia, South Korea, Japan, India, Australia, the Netherlands, the United Arab Emirates and the Philippines lagged somewhat behind, together accounting for a further 46%.

Among the main countries of destination, the Netherlands, with a CAGR of +30.3%, recorded the highest growth rate of 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 2022, the average whisky export price amounted to $X per litre, increasing by 49% against the previous year. Over the period under review, the export price recorded a prominent increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per litre), while the average price for exports to the Philippines ($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 China (+29.1%), while the prices for the other major destinations experienced more modest paces of growth.

Whisky Imports

Imports into Singapore

In 2022, after three years of decline, there was growth in supplies from abroad of whisky, when their volume increased by 0.1% to X litres. Overall, imports, however, continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 10%. Over the period under review, imports attained the maximum at X litres in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, whisky imports soared to $X in 2022. Over the period under review, total imports indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +3.1% 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 +61.0% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the UK (X litres) constituted the largest whisky supplier to Singapore, with a 79% share of total imports. Moreover, whisky imports from the UK exceeded the figures recorded by the second-largest supplier, the United States (X litres), more than tenfold. France (X litres) ranked third in terms of total imports with a 4.1% share.

From 2012 to 2022, the average annual growth rate of volume from the UK amounted to -5.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-13.0% per year) and France (-2.0% per year).

In value terms, the UK ($X) constituted the largest supplier of whisky to Singapore, comprising 79% of total imports. The second position in the ranking was held by Japan ($X), with a 5.6% share of total imports. It was followed by France, with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the UK stood at +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+39.7% per year) and France (+24.7% per year).

Import Prices by Country

The average whisky import price stood at $X per litre in 2022, rising by 47% against the previous year. In general, the import price showed a resilient increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Japan ($X per litre), while the price for India ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+27.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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