Singapore: Gingerbread Market 2023

Gingerbread Market Size in Singapore

In 2021, the Singaporean gingerbread market decreased by -1.7% to $X for the first time since 2017, thus ending a three-year rising trend. In general, the total consumption indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +73.5% against 2017 indices. Gingerbread consumption peaked at $X in 2020, and then contracted modestly in the following year.

Gingerbread Production in Singapore

In value terms, gingerbread production shrank modestly to $X in 2021 estimated in export price. Overall, the total production indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +94.1% against 2017 indices. The pace of growth appeared the most rapid in 2018 with an increase of 40% against the previous year. Gingerbread production peaked at $X in 2020, and then declined modestly in the following year.

Gingerbread Exports

Exports from Singapore

In 2021, gingerbread exports from Singapore rose notably to X tons, surging by 13% on 2020. Over the period under review, exports, however, saw a sharp descent. The most prominent rate of growth was recorded in 2017 with an increase of 6,370%. Over the period under review, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, gingerbread exports shrank slightly to $X in 2021. Overall, exports, however, faced a precipitous decrease. The pace of growth was the most pronounced in 2017 with an increase of 2,646% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Maldives (X tons), Brunei Darussalam (X tons) and Indonesia (X tons) were the main destinations of gingerbread exports from Singapore, together comprising 99% of total exports.

From 2012 to 2021, the biggest increases were recorded for Indonesia (with a CAGR of +31.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for gingerbread exported from Singapore were Indonesia ($X), Maldives ($X) and Brunei Darussalam ($X), with a combined 98% share of total exports.

Indonesia, with a CAGR of +15.4%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average gingerbread export price amounted to $X per ton, which is down by -15.7% against the previous year. Overall, export price indicated a measured increase from 2012 to 2021: its price increased at an average annual rate of +3.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 an increase of 113%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2020, and then reduced remarkably in the following year.

Prices varied noticeably country of destination: 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 2021, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+0.1%), while the prices for the other major destinations experienced a decline.

Gingerbread Imports

Imports into Singapore

In 2021, supplies from abroad of gingerbread increased by 1.6% to X tons, rising for the third year in a row after five years of decline. Over the period under review, imports showed a prominent increase. The most prominent rate of growth was recorded in 2013 with an increase of 511%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, gingerbread imports fell to $X in 2021. In general, imports showed strong growth. The pace of growth appeared the most rapid in 2013 with an increase of 314%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Vietnam (X tons) constituted the largest gingerbread supplier to Singapore, accounting for a 64% share of total imports. Moreover, gingerbread imports from Vietnam exceeded the figures recorded by the second-largest supplier, Bangladesh (X tons), threefold. The third position in this ranking was taken by Belgium (X tons), with a 3% share.

From 2012 to 2021, the average annual growth rate of volume from Vietnam was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Bangladesh (+37.8% per year) and Belgium (0.0% per year).

In value terms, Vietnam ($X) constituted the largest supplier of gingerbread to Singapore, comprising 42% of total imports. The second position in the ranking was held by Bangladesh ($X), with a 9.5% share of total imports. It was followed by the UK, with an 8.7% share.

From 2012 to 2021, the average annual growth rate of value from Vietnam amounted to -4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Bangladesh (+54.0% per year) and the UK (-2.8% per year).

Import Prices by Country

The average gingerbread import price stood at $X per ton in 2021, declining by -2.3% against the previous year. Over the period under review, the import price saw a abrupt contraction. The pace of growth was the most pronounced in 2018 when the average import price increased by 17% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was China ($X per ton), while the price for Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+33.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

Frequently Asked Questions (FAQ) :