Singapore: Butter Market Overview 2021

Butter Market Size in Singapore

In 2019, the Singaporean butter market decreased by -X% to $X for the first time since 2016, thus ending a two-year rising trend. Overall, the total consumption indicated a measured increase from 2007 to 2019: its value decreased at an average annual rate of -X% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption increased by +X% against 2016 indices. The pace of growth was the most pronounced in 2010 with an increase of X% y-o-y. Over the period under review, the market hit record highs at $X in 2018, and then reduced markedly in the following year.

Butter Exports

Exports from Singapore

In 2019, after four years of decline, there was significant growth in shipments abroad of butter, when their volume increased by X% to X tonnes. Over the period under review, exports, however, continue to indicate a deep reduction. The pace of growth was the most pronounced in 2012 with an increase of X% against the previous year. Over the period under review, exports hit record highs at X tonnes in 2014; however, from 2015 to 2019, exports failed to regain the momentum.

In value terms, butter exports reached $X in 2019. Overall, exports, however, recorded a slight shrinkage. The most prominent rate of growth was recorded in 2012 when exports increased by X% against the previous year. Over the period under review, exports attained the peak figure at $X in 2014; however, from 2015 to 2019, exports stood at a somewhat lower figure.

Exports by Country

Japan (X tonnes) was the main destination for butter exports from Singapore, with a X% share of total exports. Moreover, butter exports to Japan exceeded the volume sent to the second major destination, the Netherlands (X tonnes), more than tenfold. Maldives (X tonnes) ranked third in terms of total exports with a X% share.

From 2007 to 2019, the average annual rate of growth in terms of volume to Japan totaled -X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and Maldives (-X% per year).

In value terms, Japan ($X) remains the key foreign market for butter exports from Singapore, comprising X% of total exports. The second position in the ranking was occupied by the Netherlands ($X), with a X% share of total exports. It was followed by Thailand, with a X% share.

From 2007 to 2019, the average annual rate of growth in terms of value to Japan stood at +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and Thailand (+X% per year).

Export Prices by Country

In 2019, the average butter export price amounted to $X per tonne, with a decrease of -X% against the previous year. Over the period under review, export price indicated a prominent increase from 2007 to 2019: its price increased at an average annual rate of +X% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, butter export price increased by +X% against 2016 indices. The pace of growth was the most pronounced in 2018 an increase of X% y-o-y. As a result, export price attained the peak level of $X per tonne, and then contracted dramatically in the following year.

Average prices varied somewhat for the major external markets. In 2019, the countries with the highest prices were Thailand ($X per tonne) and Malaysia ($X per tonne), while the average price for exports to Japan ($X per tonne) and Maldives ($X per tonne) were amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Maldives, while the prices for the other major destinations experienced more modest paces of growth.

Butter Imports

Imports into Singapore

In 2019, butter imports into Singapore reduced to X tonnes, shrinking by -X% compared with the previous year. Overall, imports showed a slight descent. The most prominent rate of growth was recorded in 2018 with an increase of X% y-o-y. Imports peaked at X tonnes in 2015; however, from 2016 to 2019, imports failed to regain the momentum.

In value terms, butter imports contracted sharply to $X in 2019. In general, total imports indicated a temperate increase from 2007 to 2019: its value decreased 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 increased by +X% against 2016 indices. The growth pace was the most rapid in 2010 when imports increased by X% against the previous year. Imports peaked at $X in 2018, and then fell rapidly in the following year.

Imports by Country

New Zealand (X tonnes), the Netherlands (X tonnes) and Australia (X tonnes) were the main suppliers of butter imports to Singapore, together accounting for X% of total imports. France and Denmark lagged somewhat behind, together accounting for a further X 2007 to 2019, the biggest increases were in Denmark, while purchases for the other leaders experienced mixed trend patterns.

In value terms, New Zealand ($X), the Netherlands ($X) and France ($X) constituted the largest butter suppliers to Singapore, with a combined X% share of total imports. Australia and Denmark lagged somewhat behind, together accounting for a further X saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2019, the average butter import price amounted to $X per tonne, declining by -X% against the previous year. In general, import price indicated buoyant growth from 2007 to 2019: its price 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. The pace of growth was the most pronounced in 2017 when the average import price increased by X% year-to-year. Over the period under review, average import prices attained the maximum at $X per tonne in 2018, and then declined modestly in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2019, the countries with the highest prices were France ($X per tonne) and Denmark ($X per tonne), while the price for the Netherlands ($X per tonne) and New Zealand ($X per tonne) were 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 butter in the world?

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The countries with the highest volumes of butter consumption in 2019 were the U.S. (934K tonnes), Germany (495K tonnes) and France (463K tonnes), with a combined 34% share of global consumption. Russia, New Zealand, Turkey, Iran, the UK, China, Canada, Poland, Brazil and Italy lagged somewhat behind, together comprising a further 34%.

What are the largest producers of butter in the world?

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The countries with the highest volumes of butter production in 2019 were the U.S. (913K tonnes), New Zealand (510K tonnes) and Germany (488K tonnes), together accounting for 34% of global production. These countries were followed by France, Ireland, Russia, Turkey, Iran, Poland, the Netherlands, the UK, Canada and Belarus, which together accounted for a further 36%.

What are the leading suppliers of butter to Singapore?

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In value terms, the largest butter suppliers to Singapore were New Zealand ($35M), the Netherlands ($20M) and France ($13M), together accounting for 73% of total imports. These countries were followed by Australia and Denmark, which together accounted for a further 18%.

What are the leading importers of butter from Singapore?

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In value terms, Japan ($9M) remains the key foreign market for butter exports from Singapore, comprising 79% of total exports. The second position in the ranking was occupied by the Netherlands ($1M), with a 8.9% share of total exports. It was followed by Thailand, with a 2.9% share.

What is the average export price for butter in Singapore?

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The average butter export price stood at $5,754 per tonne in 2019, declining by -15.5% against the previous year.

What is the average import price for butter in Singapore?

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In 2019, the average butter import price amounted to $5,765 per tonne, shrinking by -3.9% against the previous year.