Singapore: Whole Fresh Milk Market 2024

Whole Fresh Milk Market Size in Singapore

After six years of growth, the Singaporean whole fresh milk market decreased by -5.2% to $X in 2022. Over the period under review, the total consumption indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +4.3% 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 +43.4% against 2015 indices. Whole fresh milk consumption peaked at $X in 2021, and then reduced in the following year.

Whole Fresh Milk Exports

Exports from Singapore

In 2022, after two years of growth, there was significant decline in shipments abroad of whole fresh milk, when their volume decreased by -49.3% to X tons. Over the period under review, exports recorded a deep downturn. The most prominent rate of growth was recorded in 2020 when exports increased by 39% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, whole fresh milk exports fell markedly to $X in 2022. Overall, exports recorded a abrupt contraction. The growth pace was the most rapid in 2014 with an increase of 54%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Cambodia (X tons), Brunei Darussalam (X tons) and Bangladesh (X tons) were the main destinations of whole fresh milk exports from Singapore, together comprising 71% of total exports.

From 2012 to 2022, the biggest increases were recorded for Brunei Darussalam (with a CAGR of +14.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Brunei Darussalam ($X) and Cambodia ($X) appeared to be the largest markets for whole fresh milk exported from Singapore worldwide, together accounting for 74% of total exports.

In terms of the main countries of destination, Vietnam, with a CAGR of +25.1%, saw 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 whole fresh milk export price amounted to $X per ton, jumping by 22% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.5%. The growth pace was the most rapid in 2014 an increase of 48% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Myanmar (+27.3%), while the prices for the other major destinations experienced more modest paces of growth.

Whole Fresh Milk Imports

Imports into Singapore

After ten years of growth, supplies from abroad of whole fresh milk decreased by -4.7% to X tons in 2022. The total import volume increased at an average annual rate of +3.6% 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 2020 when imports increased by 8.2%. Over the period under review, imports attained the maximum at X tons in 2021, and then dropped modestly in the following year.

In value terms, whole fresh milk imports contracted to $X in 2022. Over the period under review, total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +4.2% 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 +43.5% against 2015 indices. The most prominent rate of growth was recorded in 2020 with an increase of 11%. Over the period under review, imports attained the peak figure at $X in 2021, and then reduced in the following year.

Imports by Country

Thailand (X tons), Australia (X tons) and Malaysia (X tons) were the main suppliers of whole fresh milk imports to Singapore, together accounting for 83% of total imports. Indonesia, Poland, Germany, India and New Zealand lagged somewhat behind, together comprising a further 11%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of +51.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), Australia ($X) and Malaysia ($X) constituted the largest whole fresh milk suppliers to Singapore, with a combined 82% share of total imports. Indonesia, Poland, New Zealand, Germany and India lagged somewhat behind, together accounting for a further 9.3%.

In terms of the main suppliers, Poland, with a CAGR of +54.3%, recorded the highest rates of growth with regard to 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

In 2022, the average whole fresh milk import price amounted to $X per ton, therefore, remained relatively stable against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 6.3% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2021, and then fell slightly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (+5.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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