Singapore - Honey - Market Analysis, Forecast, Size, Trends and Insights

Singapore: Honey Market Overview 2019

Honey Market Size in Singapore

The revenue of the honey market in Singapore amounted to $X in 2017, growing 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 continues to indicate a strong expansion. The pace of growth was the most pronounced in 2009, with an increase of X% year-to-year. Over the period under review, the honey market attained its maximum level in 2017, and is expected to retain its growth in the immediate term.

Honey Exports

Exports from Singapore

In 2017, exports of honey from Singapore stood at X tonnes, picking up by X% against the previous year. Overall, honey exports continue to indicate a prominent expansion. The growth pace was the most rapid in 2008, when exports increased by X% against the previous year. In that year, the honey exports attained their peak volume of X tonnes. From 2009 to 2017, growth of the honey exports failed to regain its momentum.

In value terms, honey exports stood at $X in 2017. Overall, honey exports continue to indicate a strong growth. In that year, the honey exports attained their peak level of $X. From 2016 to 2017, growth of the honey exports failed to regain its momentum.

Exports by Country

Malaysia (X tonnes), Indonesia (X tonnes) and Cambodia (X tonnes) were the main destinations of honey exports from Singapore, together accounting for X% of total exports.

From 2007 to 2017, the most notable rate of growth in terms of exports, amongst the main countries of destination, was attained by Cambodia (+X% per year), while the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X) remains the key foreign market for honey exports from Singapore, making up X% of total honey exports. The second position in the ranking was occupied by Malaysia ($X), with a X% share of total exports. It was followed by Cambodia, with a X% share.

From 2007 to 2017, the average annual rate of growth in terms of value to Indonesia amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+X% per year) and Cambodia (+X% per year).

Export Prices by Country

The average honey export price stood at $X per tonne in 2017, going down by -X% against the previous year. In general, honey export price continues to indicate a prominent increase. 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 reached its maximum level of $X per tonne in 2015; however, from 2016 to 2017, it failed to regain its momentum.

Export prices varied noticeably by the country of origin; the country with the highest export price was Indonesia ($X per tonne), while average price for exports to China ($X per tonne) was amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of export prices was recorded for supplies to Malaysia (+X% per year), the export prices for other major destinations experienced more modest paces of growth.

Honey Imports

Imports into Singapore

Honey imports into Singapore stood at X tonnes in 2017, surging by X% against the previous year. Overall, honey imports continue to indicate a prominent increase. The pace of growth was the most pronounced in 2008, when it surged by X% year-to-year. Over the period under review, the honey imports attained its maximum volume in 2017, and are expected to retain its growth in the immediate term.

In value terms, honey imports totaled $X in 2017. Overall, honey imports continue to indicate a strong expansion. The imports peaked in 2017, and are expected to retain its growth in the immediate term.

Imports by Country

In 2017, New Zealand (X tonnes) constituted the largest supplier of honey to Singapore, accounting for X% share of total imports. Moreover, honey imports from New Zealand exceeded the figures recorded by the second largest supplier, China (X tonnes), fourfold. The third position in this ranking was occupied by Australia (X tonnes), with a X% share.

From 2007 to 2017, the average annual rate of growth in terms of volume from New Zealand amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+X% per year) and Australia (+X% per year).

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

From 2007 to 2017, the average annual growth rate of value from New Zealand totaled +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 2017, lowering by -X% against the previous year. In general, the import price indicated a strong increase from 2007 to 2017: its price increased at an average annual rate of +X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2012, when it surged by X% against the previous year. The import price peaked of $X per tonne in 2016, and then declined slightly in the following year.

There were significant differences in the average import prices amongst the major supplying countries. In 2017, the country with the highest import price was Australia ($X per kg), while price for Taiwan, Chinese ($X per tonne) was amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of import prices was attained by Taiwan, Chinese (+X% per year), the import prices for other major suppliers experienced more modest paces of growth.

Source: IndexBox AI Platform