Singapore: Market for Fresh Or Chilled Pig Meat Other Than Cuts Or Carcases 2024

Market Size for Fresh Or Chilled Pig Meat Other Than Cuts Or Carcases in Singapore

In 2022, the Singaporean market for fresh or chilled pig meat other than cuts or carcases decreased by -5.1% to $X, falling for the fifth year in a row after two years of growth. Overall, consumption recorded a abrupt decrease. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Exports of Fresh Or Chilled Pig Meat Other Than Cuts Or Carcases

Exports from Singapore

In 2022, approx. X tons of fresh or chilled pig meat other than cuts or carcases were exported from Singapore; with a decrease of -20.1% against 2021 figures. In general, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 1,500%. As a result, the exports reached the peak of X tons, and then dropped significantly in the following year.

In value terms, exports of fresh or chilled pig meat other than cuts or carcases shrank to $X in 2022. Overall, exports, however, saw strong growth. The most prominent rate of growth was recorded in 2021 with an increase of 1,650%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Thailand (X tons), Brunei Darussalam (X tons) and Indonesia (X tons) were the main destinations of exports of fresh or chilled pig meat other than cuts or carcases from Singapore, with a combined 100% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Thailand (with a CAGR of +95.6%), while the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Thailand ($X) and Brunei Darussalam ($X) constituted the largest markets for fresh pork other than cuts or carcases exported from Singapore worldwide, together comprising 99% of total exports.

In terms of the main countries of destination, Thailand, with a CAGR of +65.5%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for fresh or chilled pig meat other than cuts or carcases amounted to $X per ton, rising by 20% against the previous year. In general, the export price, however, continues to indicate a noticeable decrease. The most prominent rate of growth was recorded in 2016 an increase of 67%. Over the period under review, the average export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Brunei Darussalam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+18.5%), while the prices for the other major destinations experienced mixed trend patterns.

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Imports of Fresh Or Chilled Pig Meat Other Than Cuts Or Carcases

Imports into Singapore

In 2022, overseas purchases of fresh or chilled pig meat other than cuts or carcases decreased by -10.4% to X tons, falling for the fifth year in a row after two years of growth. Overall, imports saw a drastic downturn. The pace of growth appeared the most rapid in 2017 with an increase of 21%. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports of remained at a somewhat lower figure.

In value terms, imports of fresh or chilled pig meat other than cuts or carcases declined to $X in 2022. Over the period under review, imports showed a abrupt descent. The pace of growth was the most pronounced in 2017 when imports increased by 23% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports of failed to regain momentum.

Imports by Country

In 2022, Australia (X tons) constituted the largest fresh pork other than cuts or carcases supplier to Singapore, with a 71% share of total imports. Moreover, imports of fresh or chilled pig meat other than cuts or carcases from Australia exceeded the figures recorded by the second-largest supplier, Canada (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume from Australia totaled -12.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+1.2% per year) and Spain (+94.1% per year).

In value terms, the largest fresh pork other than cuts or carcases suppliers to Singapore were Australia ($X), Canada ($X) and Spain ($X), with a combined 100% share of total imports.

Among the main suppliers, Spain, with a CAGR of +88.0%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average import price for fresh or chilled pig meat other than cuts or carcases stood at $X per ton in 2022, with an increase of 5.4% against the previous year. Over the last decade, it increased at an average annual rate of +3.3%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 17%. Over the period under review, average import prices reached the peak figure in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Spain ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+6.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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