Singapore - Honey - Market Analysis, Forecast, Size, Trends and Insights
Update: COVID-19 Impact

Singapore: Honey Market Overview 2020

Honey Market Size in Singapore

The revenue of the honey market in Singapore amounted to $X in 2018, going down by -X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, honey consumption, however, continues to indicate a buoyant increase. The pace of growth was the most pronounced in 2009 with an increase of X% y-o-y. Honey consumption peaked at $X in 2016; however, from 2017 to 2018, consumption failed to regain its momentum.

Honey Exports

Exports from Singapore

In 2018, the exports of honey from Singapore amounted to X tonnes, increasing by X% against the previous year. In general, honey exports continue to indicate a remarkable expansion. The pace of growth was the most pronounced in 2017 when exports increased by X% against the previous year. Exports peaked at X tonnes in 2008; however, from 2009 to 2018, exports remained at a lower figure.

In value terms, honey exports amounted to $X in 2018. In general, honey exports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. Over the period under review, honey exports reached their peak figure in 2018 and are likely to see steady growth in the immediate term.

Exports by Country

Malaysia (X tonnes), Indonesia (X tonnes) and Maldives (X tonnes) were the main destinations of honey exports from Singapore, together comprising X% of total exports. China, Sri Lanka, Mauritius, Bangladesh, Brunei Darussalam and Seychelles lagged somewhat behind, together comprising a further X 2007 to 2018, the most notable rate of growth in terms of exports, amongst the main countries of destination, was attained by Sri Lanka, while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for honey exported from Singapore were Indonesia ($X), Malaysia ($X) and Maldives ($X), with a combined X% share of total exports. These countries were followed by Sri Lanka, Mauritius, China, Bangladesh, Seychelles and Brunei Darussalam, which together accounted for a further X Lanka recorded the highest rates of growth with regard to exports, among the main countries of destination over the last eleven-year period, while the other leaders experienced more modest paces of growth.

Export Prices by Country

The average honey export price stood at $X per tonne in 2018, jumping by X% against the previous year. In general, the export price indicated a resilient increase from 2007 to 2018: its price increased at an average annual rate of +X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, honey export price increased by +X% against 2016 indices. The most prominent rate of growth was recorded in 2009 an increase of X% against the previous year. Over the period under review, the average export prices for honey attained their peak figure in 2018 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2018, the country with the highest price was Indonesia ($X per tonne), while the average price for exports to China ($X per tonne) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia, while the prices for the other major destinations experienced more modest paces of growth.

Honey Imports

Imports into Singapore

In 2018, the imports of honey into Singapore amounted to X tonnes, dropping by -X% against the previous year. Overall, honey imports, however, continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2008 when imports increased by X% y-o-y. Imports peaked at X tonnes in 2017, and then declined slightly in the following year.

In value terms, honey imports totaled $X in 2018. Over the period under review, honey imports, however, continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2008 when imports increased by X% y-o-y. Over the period under review, honey imports attained their peak figure at $X in 2017, and then declined slightly in the following year.

Imports by Country

China (X tonnes), Australia (X tonnes) and New Zealand (X tonnes) were the main suppliers of honey imports to Singapore, with a combined X% share of total imports. These countries were followed by the U.S., Taiwan, Chinese, Thailand, Malaysia, France and India, which together accounted for a further X 2007 to 2018, the most notable rate of growth in terms of imports, amongst the main suppliers, was attained by France, while the other leaders experienced more modest paces of growth.

In value terms, New Zealand ($X) constituted the largest supplier of honey to Singapore, comprising X% of total honey imports. The second position in the ranking was occupied by Australia ($X), with a X% share of total imports. It was followed by China, with a X% share.

From 2007 to 2018, the average annual growth rate of value from New Zealand stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+X% per year) and China (+X% per year).

Import Prices by Country

The average honey import price stood at $X per tonne in 2018, coming down by -X% against the previous year. In general, the import price indicated modest growth from 2007 to 2018: its price increased at an average annual rate of +X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, honey import price decreased by -X% against 2013 indices. The most prominent rate of growth was recorded in 2012 an increase of X% y-o-y. Over the period under review, the average import prices for honey reached their peak figure at $X per tonne in 2013; however, from 2014 to 2018, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2018, the country with the highest price was New Zealand ($X per tonne), while the price for Taiwan, Chinese ($X per tonne) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by New Zealand, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox AI Platform