Singapore: Overview of the Market for Fish Fats And Oils 2021

Market Size for Fish Fats And Oils in Singapore

After three years of growth, the Singaporean fish fat and oil market decreased by -X% to $X in 2020. In general, the total consumption indicated a noticeable increase from 2007 to 2020: its value increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, consumption increased by +X% against 2016 indices. The pace of growth appeared the most rapid in 2019 when the market value increased by X% y-o-y. As a result, consumption reached the peak level of $X, and then declined in the following year.

Production of Fish Fats And Oils in Singapore

In value terms, fish fat and oil production shrank markedly to $X in 2020 estimated in export prices. Overall, production enjoyed a moderate expansion. The most prominent rate of growth was recorded in 2019 with an increase of X% y-o-y. As a result, production attained the peak level of $X, and then fell rapidly in the following year.

Exports of Fish Fats And Oils

Exports from Singapore

In 2020, exports of fish fats and oils from Singapore shrank notably to X tonnes, which is down by -X% against 2019. Overall, exports, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2009 with an increase of X% y-o-y. Exports peaked at X tonnes in 2016; however, from 2017 to 2020, exports failed to regain the momentum.

In value terms, fish fat and oil exports contracted sharply to $X in 2020. Over the period under review, exports, however, showed a deep slump. The growth pace was the most rapid in 2009 with an increase of X% against the previous year. Over the period under review, exports attained the peak figure at $X in 2011; however, from 2012 to 2020, exports stood at a somewhat lower figure.

Exports by Country

Australia (X tonnes) was the main destination for fish fat and oil exports from Singapore, with a X% share of total exports. Moreover, fish fat and oil exports to Australia exceeded the volume sent to the second major destination, the U.S. (X tonnes), threefold. Bangladesh (X tonnes) ranked third in terms of total exports with a X% share.

From 2007 to 2020, the average annual rate of growth in terms of volume to Australia totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the U.S. (+X% per year) and Bangladesh (+X% per year).

In value terms, Australia ($X) remains the key foreign market for fish fat and oil exports from Singapore, comprising X% of total exports. The second position in the ranking was occupied by China ($X), with a X% share of total exports. It was followed by Indonesia, with a X% share.

From 2007 to 2020, the average annual rate of growth in terms of value to Australia amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+X% per year) and Indonesia (-X% per year).

Export Prices by Country

In 2020, the average fish fat and oil export price amounted to $X per tonne, with an increase of X% against the previous year. Overall, the export price, however, continues to indicate a abrupt setback. The growth pace was the most rapid in 2010 when the average export price increased by X% against the previous year. As a result, export price reached the peak level of $X per tonne. From 2011 to 2020, the growth in terms of the average export prices remained at a somewhat lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was China ($X per tonne), while the average price for exports to the U.S. ($X per tonne) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to China, while the prices for the other major destinations experienced a decline.

Imports of Fish Fats And Oils

Imports into Singapore

In 2020, purchases abroad of fish fats and oils decreased by -X% to X tonnes, falling for the second consecutive year after two years of growth. Overall, imports, however, enjoyed a buoyant increase. The growth pace was the most rapid in 2011 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X tonnes in 2018; however, from 2019 to 2020, imports remained at a lower figure.

In value terms, fish fat and oil imports fell dramatically to $X in 2020. In general, imports, however, continue to indicate perceptible growth. The growth pace was the most rapid in 2015 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2019, and then shrank rapidly in the following year.

Imports by Country

In 2020, Viet Nam (X tonnes) was the main fish fat and oil supplier to Singapore, with a approx. X% share of total imports.

From 2007 to 2020, the average annual rate of growth in terms of volume from Viet Nam totaled +X%.

In value terms, Viet Nam ($X) constituted the largest supplier of fish fat and oil to Singapore.

From 2007 to 2020, the average annual growth rate of value from Viet Nam amounted to +X%.

Import Prices by Country

The average fish fat and oil import price stood at $X per tonne in 2020, reducing by -X% against the previous year. In general, the import price showed a perceptible decline. The most prominent rate of growth was recorded in 2015 an increase of X% y-o-y. The import price peaked at $X per tonne in 2016; however, from 2017 to 2020, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for Viet Nam.

From 2007 to 2020, the rate of growth in terms of prices for Viet Nam amounted to -X% per year.

Source: IndexBox AI Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for fish fats and oils in the world?

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The countries with the highest volumes of fish fat and oil consumption in 2020 were China (711K tonnes), the U.S. (356K tonnes) and India (287K tonnes), with a combined 28% share of global consumption. These countries were followed by Norway, Japan, Russia, Brazil, Mexico, Pakistan, Indonesia, Bangladesh, Nigeria and France, which together accounted for a further 28%.

What are the largest producers of fish fats and oils in the world?

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The countries with the highest volumes of fish fat and oil production in 2020 were China (665K tonnes), the U.S. (390K tonnes) and India (287K tonnes), with a combined 29% share of global production. Norway, Japan, Russia, Brazil, Mexico, Pakistan, Bangladesh, Indonesia, Nigeria and France lagged somewhat behind, together comprising a further 28%.

What are the leading suppliers of fish fats and oils to Singapore?

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In value terms, Viet Nam ($4M) constituted the largest supplier of fish fat and oil to Singapore.

What are the leading importers of fish fats and oils from Singapore?

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In value terms, Australia ($71K) remains the key foreign market for fish fat and oil exports from Singapore, comprising 56% of total exports. The second position in the ranking was occupied by China ($16K), with a 13% share of total exports. It was followed by Indonesia, with a 10% share.

What is the average export price for fish fats and oils in Singapore?

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In 2020, the average fish fat and oil export price amounted to $1,170 per tonne, surging by 5.9% against the previous year.

What is the average import price for fish fats and oils in Singapore?

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In 2020, the average fish fat and oil import price amounted to $9,897 per tonne, declining by -26.7% against the previous year.