Singapore: Beef Market Overview 2021

Beef Market Size in Singapore

The Singaporean beef market contracted remarkably to $X in 2019, declining by -X% against the previous year. Overall, consumption, however, continues to indicate a prominent increase. The most prominent rate of growth was recorded in 2011 when the market value increased by X% year-to-year. Beef consumption peaked at $X in 2017; however, from 2018 to 2019, consumption failed to regain the momentum.

Beef Production in Singapore

In value terms, beef production dropped dramatically to $X in 2019 estimated in export prices. Over the period under review, production saw a pronounced curtailment. The most prominent rate of growth was recorded in 2012 when the production volume increased by X% y-o-y. As a result, production reached the peak level of $X. From 2013 to 2019, production growth failed to regain the momentum.

In 2019, the average yield of beef (cattle meat) in Singapore amounted to X kg per head, remaining stable against 2018. The yield figure increased at an average annual rate of +X% over the period from 2007 to 2019; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of X% year-to-year. The beef yield peaked at X kg per head in 2014; however, from 2015 to 2019, the yield stood at a somewhat lower figure.

In 2019, number of animals slaughtered for beef production in Singapore reduced to X head, standing approx. at 2018. In general, the number of producing animals continues to indicate a pronounced shrinkage. The pace of growth appeared the most rapid in 2012 with an increase of X% y-o-y. As a result, the number of producing animals reached the peak level of X head. From 2013 to 2019, the growth of this number failed to regain the momentum.

Beef Exports

Exports from Singapore

In 2019, approx. X tonnes of beef (cattle meat) were exported from Singapore; increasing by X% on the year before. In general, exports enjoyed a buoyant expansion. As a result, exports attained the peak and are likely to continue growth in the immediate term.

In value terms, beef exports skyrocketed to $X in 2019. Over the period under review, exports enjoyed a strong increase. As a result, exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Malaysia (X tonnes) and Indonesia (X tonnes) were the main destinations of beef exports from Singapore, together accounting for X% of total exports.

From 2007 to 2019, the biggest increases were in Malaysia.

In value terms, Indonesia ($X) and Malaysia ($X) constituted the largest markets for beef exported from Singapore worldwide, together accounting for X% of total exports.

Malaysia recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review.

Export Prices by Country

The average beef export price stood at $X per tonne in 2019, waning by -X% against the previous year. Overall, the export price recorded a slight shrinkage. The most prominent rate of growth was recorded in 2011 when the average export price increased by X% y-o-y. The export price peaked at $X per tonne in 2016; however, from 2017 to 2019, export prices remained at a lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was Indonesia ($X per tonne), while the average price for exports to Malaysia stood at $X per tonne.

From 2007 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia.

Beef Imports

Imports into Singapore

In 2019, the amount of beef (cattle meat) imported into Singapore contracted to X tonnes, waning by -X% against the previous year. Overall, total imports indicated a temperate increase from 2007 to 2019: its volume increased at an average annual rate of +X% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, imports decreased by -X% against 2017 indices. The growth pace was the most rapid in 2015 with an increase of X% year-to-year. Over the period under review, imports attained the peak figure at X tonnes in 2017; however, from 2018 to 2019, imports failed to regain the momentum.

In value terms, beef imports dropped to $X in 2019. Over the period under review, imports, however, enjoyed a prominent expansion. The growth pace was the most rapid in 2011 when imports increased by X% y-o-y. Imports peaked at $X in 2017; however, from 2018 to 2019, imports failed to regain the momentum.

Imports by Country

In 2019, Brazil (X tonnes) constituted the largest beef supplier to Singapore, accounting for a X% share of total imports. Moreover, beef imports from Brazil exceeded the figures recorded by the second-largest supplier, Australia (X tonnes), threefold. The third position in this ranking was occupied by the U.S. (X tonnes), with a X% share.

From 2007 to 2019, the average annual growth rate of volume from Brazil amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+X% per year) and the U.S. (+X% per year).

In value terms, the largest beef suppliers to Singapore were Brazil ($X), Australia ($X) and the U.S. ($X), together accounting for X% of total imports. New Zealand and Argentina lagged somewhat behind, together comprising a further X the main suppliers, Argentina recorded 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

The average beef import price stood at $X per tonne in 2019, increasing by X% against the previous year. Over the period from 2007 to 2019, it increased at an average annual rate of +X%. The growth pace was the most rapid in 2008 an increase of X% against the previous year. Over the period under review, average import prices attained the peak figure at $X per tonne in 2014; however, from 2015 to 2019, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2019, the country with the highest price was the U.S. ($X per tonne), while the price for Argentina ($X per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Australia, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox AI Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for beef (cattle meat) in the world?

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The countries with the highest volumes of beef consumption in 2019 were the U.S. (12M tonnes), Brazil (8.7M tonnes) and China (7.5M tonnes), together comprising 40% of global consumption. Argentina, Pakistan, Russia, Mexico, France, India, Germany, Canada and Turkey lagged somewhat behind, together comprising a further 21%.

What are the largest producers of beef (cattle meat) in the world?

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The countries with the highest volumes of beef production in 2019 were the U.S. (12M tonnes), Brazil (10M tonnes) and China (6.5M tonnes), with a combined 40% share of global production. Argentina, India, Australia, Pakistan, Mexico, Russia, France, Canada and Germany lagged somewhat behind, together comprising a further 25%.

What are the leading suppliers of beef (cattle meat) to Singapore?

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In value terms, Brazil ($71M), Australia ($59M) and the U.S. ($29M) appeared to be the largest beef suppliers to Singapore, together accounting for 80% of total imports. New Zealand and Argentina lagged somewhat behind, together accounting for a further 10%.

What are the leading importers of beef (cattle meat) from Singapore?

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In value terms, the largest markets for beef exported from Singapore were Indonesia ($13M) and Malaysia ($8.2M), together comprising 88% of total exports.

What is the average export price for beef (cattle meat) in Singapore?

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The average beef export price stood at $2,888 per tonne in 2019, dropping by -37% against the previous year.

What is the average import price for beef (cattle meat) in Singapore?

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In 2019, the average beef import price amounted to $5,931 per tonne, increasing by 2.9% against the previous year.