Singapore: Yoghurt Market 2024

Yoghurt Market Size in Singapore

The Singaporean yoghurt market was finally on the rise to reach $X in 2022, after two years of decline. The market value increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Yoghurt Exports

Exports from Singapore

In 2022, yoghurt exports from Singapore skyrocketed to X tons, increasing by 41% on the previous year. In general, exports showed strong growth. The growth pace was the most rapid in 2020 with an increase of 247% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, yoghurt exports surged to $X in 2022. Overall, exports showed a resilient increase. The most prominent rate of growth was recorded in 2020 with an increase of 223%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Malaysia (X tons), Hong Kong SAR (X tons) and Brunei Darussalam (X tons) were the main destinations of yoghurt exports from Singapore, with a combined 77% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +36.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for yoghurt exported from Singapore were Malaysia ($X), Brunei Darussalam ($X) and Hong Kong SAR ($X), together accounting for 72% of total exports.

Among the main countries of destination, Hong Kong SAR, with a CAGR of +52.6%, 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

The average yoghurt export price stood at $X per ton in 2022, surging by 2% against the previous year. Overall, export price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, yoghurt export price increased by +7.4% against 2020 indices. The pace of growth appeared the most rapid in 2018 an increase of 43%. As a result, the export price reached the peak level of $X per ton; afterwards, it flattened through to 2022.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to the Philippines ($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 Indonesia (+13.4%), while the prices for the other major destinations experienced more modest paces of growth.

Yoghurt Imports

Imports into Singapore

In 2022, approx. X tons of yoghurt were imported into Singapore; surging by 2.8% compared with the year before. The total import volume increased at an average annual rate of +4.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 33% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, yoghurt imports expanded slightly to $X in 2022. The total import value increased at an average annual rate of +4.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2014 with an increase of 23% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Australia (X tons), Thailand (X tons) and Malaysia (X tons) were the main suppliers of yoghurt imports to Singapore, with a combined 67% share of total imports. Switzerland, Germany, China and the United States lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +40.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X) constituted the largest supplier of yoghurt to Singapore, comprising 50% of total imports. The second position in the ranking was taken by Thailand ($X), with a 14% share of total imports. It was followed by Switzerland, with a 9.4% share.

From 2012 to 2022, the average annual growth rate of value from Australia stood at +6.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+12.3% per year) and Switzerland (+1.6% per year).

Import Prices by Country

The average yoghurt import price stood at $X per ton in 2022, remaining stable against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 11%. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+12.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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