Singapore: Chemically Modified Oils Market 2023

Chemically Modified Oils Market Size in Singapore

In 2021, the Singaporean chemically modified oils market increased by 77% to $X, rising for the sixth consecutive year after two years of decline. Over the period under review, consumption saw significant growth. Over the period under review, the market hit record highs in 2021 and is likely to continue growth in the immediate term.

Chemically Modified Oils Exports

Exports from Singapore

In 2021, shipments abroad of animal or vegetable fats and oils chemically modified decreased by -15.3% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 816%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, chemically modified oils exports contracted slightly to $X in 2021. In general, exports, however, saw slight growth. The growth pace was the most rapid in 2018 with an increase of 574% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tons) was the main destination for chemically modified oils exports from Singapore, with a 75% share of total exports. Moreover, chemically modified oils exports to Malaysia exceeded the volume sent to the second major destination, the UK (X tons), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Malaysia totaled +10.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+41.6% per year) and Hong Kong SAR (-56.7% per year).

In value terms, Malaysia ($X), the UK ($X) and Hong Kong SAR ($X) were the largest markets for chemically modified oils exported from Singapore worldwide, together comprising 96% of total exports.

In terms of the main countries of destination, the UK, with a CAGR of +37.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average chemically modified oils export price amounted to $X per ton, increasing by 15% against the previous year. In general, the export price, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2017 when the average export price increased by 39% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Malaysia ($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 Hong Kong SAR (+10.9%), while the prices for the other major destinations experienced a decline.

Chemically Modified Oils Imports

Imports into Singapore

In 2021, approx. X tons of animal or vegetable fats and oils chemically modified were imported into Singapore; picking up by 45% on 2020. Overall, imports recorded significant growth. The most prominent rate of growth was recorded in 2016 with an increase of 708% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the near future.

In value terms, chemically modified oils imports skyrocketed to $X in 2021. In general, imports continue to indicate a significant increase. The growth pace was the most rapid in 2014 when imports increased by 311%. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in years to come.

Imports by Country

The United States (X tons), China (X tons) and Malaysia (X tons) were the main suppliers of chemically modified oils imports to Singapore, with a combined 75% share of total imports.

From 2012 to 2021, the biggest increases were in the United States (with a CAGR of +241.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest chemically modified oils suppliers to Singapore were the United States ($X), China ($X) and Malaysia ($X), with a combined 75% share of total imports. Indonesia, Japan, Canada, Taiwan (Chinese) and South Korea lagged somewhat behind, together comprising a further 23%.

In terms of the main suppliers, Canada, with a CAGR of +206.1%, 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

In 2021, the average chemically modified oils import price amounted to $X per ton, jumping by 63% against the previous year. In general, the import price, however, continues to indicate a pronounced curtailment. The growth pace was the most rapid in 2015 an increase of 102% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the average import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were the United States ($X per ton) and Canada ($X per ton), while the price for Japan ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+12.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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