Singapore: Market for Fish Fats And Oils 2023

Market Size for Fish Fats And Oils in Singapore

In 2021, the Singaporean fish fat and oil market decreased by -6.4% to $X for the first time since 2018, thus ending a two-year rising trend. In general, consumption, however, recorded a buoyant increase. Fish fat and oil consumption peaked at $X in 2020, and then fell in the following year.

Production of Fish Fats And Oils in Singapore

In value terms, fish fat and oil production shrank modestly to $X in 2021 estimated in export price. Overall, production, however, showed a prominent expansion. The pace of growth appeared the most rapid in 2019 with an increase of 53%. Fish fat and oil production peaked at $X in 2020, and then contracted modestly in the following year.

Exports of Fish Fats And Oils

Exports from Singapore

In 2021, approx. X tons of fish fats and oils were exported from Singapore; increasing by 36% compared with the previous year's figure. Overall, exports, however, continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2016 with an increase of 231% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, fish fat and oil exports soared to $X in 2021. Over the period under review, exports, however, recorded a noticeable setback. The pace of growth appeared the most rapid in 2016 with an increase of 241%. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Indonesia (X tons) was the main destination for fish fat and oil exports from Singapore, with a 65% share of total exports. Moreover, fish fat and oil exports to Indonesia exceeded the volume sent to the second major destination, Malaysia (X tons), threefold. The third position in this ranking was held by China (X tons), with a 7.3% share.

From 2012 to 2021, the average annual growth rate of volume to Indonesia totaled +12.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-17.6% per year) and China (+56.9% per year).

In value terms, Malaysia ($X) remains the key foreign market for fish fats and oils exports from Singapore, comprising 71% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 21% share of total exports. It was followed by China, with a 3.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Malaysia stood at -6.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+2.7% per year) and China (+62.9% per year).

Export Prices by Country

In 2021, the average fish fat and oil export price amounted to $X per ton, with an increase of 24% against the previous year. In general, the export price posted a measured expansion. The growth pace was the most rapid in 2019 when the average export price increased by 77% against the previous year. The export price peaked in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Malaysia ($X per ton), while the average price for exports to Indonesia ($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 Malaysia (+14.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports into Singapore

In 2021, after four years of growth, there was significant decline in supplies from abroad of fish fats and oils, when their volume decreased by -8.5% to X tons. Overall, imports, however, recorded a resilient increase. The growth pace was the most rapid in 2015 when imports increased by 56% against the previous year. Over the period under review, imports hit record highs at X tons in 2020, and then contracted in the following year.

In value terms, fish fat and oil imports expanded rapidly to $X in 2021. Over the period under review, imports, however, posted a strong expansion. The growth pace was the most rapid in 2015 when imports increased by 90% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Vietnam (X tons) was the main fish fat and oil supplier to Singapore, with a approx. 98% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from Vietnam totaled +9.6%.

In value terms, Vietnam ($X) constituted the largest supplier of fish fats and oils to Singapore.

From 2012 to 2021, the average annual growth rate of value from Vietnam stood at +6.0%.

Import Prices by Country

In 2021, the average fish fat and oil import price amounted to $X per ton, rising by 17% against the previous year. Overall, the import price, however, showed a noticeable reduction. The pace of growth appeared the most rapid in 2015 an increase of 22% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the rate of growth in terms of prices for Vietnam amounted to -3.3% per year.

Source: IndexBox Market Intelligence Platform

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