Singapore: Honey Market Overview 2021

Honey Market Size in Singapore

The Singaporean honey market fell dramatically to $X in 2019, with a decrease of -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, consumption, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2009 when the market value increased by X% year-to-year. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2019, consumption failed to regain the momentum.

Honey Exports

Exports from Singapore

In 2019, approx. X tonnes of honey were exported from Singapore; picking up by X% against 2018. In general, exports showed a resilient expansion. Over the period under review, exports attained the maximum at X tonnes in 2008; however, from 2009 to 2019, exports stood at a somewhat lower figure.

In value terms, honey exports soared to $X in 2019. Over the period under review, exports recorded a strong expansion. Over the period under review, exports hit record highs at $X in 2017; however, from 2018 to 2019, exports remained at a lower figure.

Exports by Country

Malaysia (X tonnes) was the main destination for honey exports from Singapore, with a X% share of total exports. Moreover, honey exports to Malaysia exceeded the volume sent to the second major destination, Indonesia (X tonnes), fourfold. Maldives (X tonnes) ranked third in terms of total exports with a X% share.

From 2007 to 2019, the average annual rate of growth in terms of volume to Malaysia stood at +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-X% per year) and Maldives (+X% per year).

In value terms, Indonesia ($X), Malaysia ($X) and Maldives ($X) constituted the largest markets for honey exported from Singapore worldwide, together comprising X% of total exports. Cambodia, Mauritius, China, Sri Lanka and South Korea lagged somewhat behind, together accounting for a further X saw the highest growth rate of the value of exports, among 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 2019, the average honey export price amounted to $X per tonne, with a decrease of -X% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2009 an increase of X% y-o-y. Over the period under review, average export prices reached the peak figure at $X per tonne in 2013; however, from 2014 to 2019, export prices remained at a lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was Indonesia ($X per tonne), while the average price for exports to South Korea ($X per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Sri Lanka, while the prices for the other major destinations experienced more modest paces of growth.

Honey Imports

Imports into Singapore

In 2019, overseas purchases of honey were finally on the rise to reach X tonnes after two years of decline. Overall, imports posted resilient growth. The growth pace was the most rapid in 2008 when imports increased by X% y-o-y. Over the period under review, imports hit record highs at X tonnes in 2016; however, from 2017 to 2019, imports stood at a somewhat lower figure.

In value terms, honey imports expanded significantly to $X in 2019. In general, imports posted a strong expansion. The pace of growth appeared the most rapid in 2008 with an increase of X% y-o-y. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2019, imports remained at a lower figure.

Imports by Country

In 2019, China (X tonnes) constituted the largest supplier of honey to Singapore, with a X% share of total imports. Moreover, honey imports from China exceeded the figures recorded by the second-largest supplier, Australia (X tonnes), threefold. The third position in this ranking was occupied by New Zealand (X tonnes), with a X% share.

From 2007 to 2019, the average annual growth rate of volume from China amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+X% per year) and New Zealand (+X% per year).

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

From 2007 to 2019, the average annual rate of growth in terms 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 2019, growing by X% against the previous year. In general, import price indicated tangible growth from 2007 to 2019: its price increased at an average annual rate of +X% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, honey import price decreased by -X% against 2017 indices. The pace of growth was the most pronounced in 2017 an increase of X% against the previous year. As a result, import price reached the peak level of $X per tonne. From 2018 to 2019, the growth in terms of the average import prices failed to regain the momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2019, the country with the highest price was New Zealand ($X per tonne), while the price for Myanmar ($X per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Thailand, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox AI Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for honey in the world?

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The countries with the highest volumes of honey consumption in 2019 were China (330K tonnes), the U.S. (252K tonnes) and Turkey (104K tonnes), with a combined 36% share of global consumption. These countries were followed by Canada, Iran, Germany, Russia, Ethiopia, the UK, Japan, France, Spain and Mexico, which together accounted for a further 30%.

What are the largest producers of honey in the world?

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The country with the largest volume of honey production was China (444K tonnes), accounting for 23% of total volume. Moreover, honey production in China exceeded the figures recorded by the second-largest producer, Turkey (109K tonnes), fourfold. The third position in this ranking was occupied by Canada (80K tonnes), with a 4.2% share.

What are the leading suppliers of honey to Singapore?

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In value terms, New Zealand ($10M) constituted the largest supplier of honey to Singapore, comprising 48% of total imports. The second position in the ranking was occupied by Australia ($3.4M), with a 16% share of total imports. It was followed by China, with a 13% share.

What are the leading importers of honey from Singapore?

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In value terms, the largest markets for honey exported from Singapore were Indonesia ($1.1M), Malaysia ($998K) and Maldives ($222K), with a combined 64% share of total exports. Cambodia, Mauritius, China, Sri Lanka and South Korea lagged somewhat behind, together accounting for a further 13%.

What is the average export price for honey in Singapore?

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The average honey export price stood at $2,757 per tonne in 2019, waning by -19.5% against the previous year.

What is the average import price for honey in Singapore?

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The average honey import price stood at $6,270 per tonne in 2019, picking up by 5.9% against the previous year.