Singapore: Honey Market Overview 2021

Honey Market Size in Singapore

In 2020, the Singaporean honey market decreased by -X% to $X, falling for the third consecutive year after nine years of growth. In general, consumption, however, saw a buoyant increase. The pace of growth appeared the most rapid in 2009 when the market value increased by X% year-to-year. Honey consumption peaked at $X in 2017; however, from 2018 to 2020, consumption remained at a lower figure.

Honey Exports

Exports from Singapore

For the third consecutive year, Singapore recorded growth in overseas shipments of honey, which increased by X% to X tonnes in 2020. Over the period under review, exports recorded a notable increase. Over the period under review, exports attained the maximum at X tonnes in 2008; however, from 2009 to 2020, exports failed to regain the momentum.

In value terms, honey exports soared to $X in 2020. In general, exports enjoyed a temperate expansion. Over the period under review, exports reached the maximum at $X in 2008; however, from 2009 to 2020, exports stood at a somewhat 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), twofold. The third position in this ranking was occupied by the UK (X tonnes), with a X% share.

From 2007 to 2020, the average annual rate of growth in terms of volume to Malaysia amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+X% per year) and the UK (+X% per year).

In value terms, the largest markets for honey exported from Singapore were Indonesia ($X), Malaysia ($X) and the UK ($X), together accounting for X% of total exports.

In terms of the main countries of destination, the UK (+X% per year) saw the highest growth rate of 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 2020, the average honey export price amounted to $X per tonne, picking up by X% against the previous year. Overall, export price indicated modest growth from 2007 to 2020: its price increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, honey export price increased by +X% against 2016 indices. The pace of growth was the most pronounced in 2009 when the average export price increased by X% year-to-year. Over the period under review, average export prices attained the maximum at $X per tonne in 2013; however, from 2014 to 2020, export prices failed to regain the momentum.

There were significant differences in the average prices for the major overseas markets. In 2020, the country with the highest price was Brunei Darussalam ($X per tonne), while the average price for exports to Malaysia ($X per tonne) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia, while the prices for the other major destinations experienced more modest paces of growth.

Honey Imports

Imports into Singapore

In 2020, after two years of decline, there was significant growth in supplies from abroad of honey, when their volume increased by X% to X tonnes. Overall, total imports indicated a buoyant expansion from 2007 to 2020: its volume increased at an average annual rate of +X% over the last thirteen-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 2008 with an increase of X% year-to-year. Imports peaked at X tonnes in 2017; however, from 2018 to 2020, imports remained at a lower figure.

In value terms, honey imports rose markedly to $X in 2020. In general, imports continue to indicate a remarkable increase. The pace of growth was the most pronounced in 2008 when imports increased by X% y-o-y. Imports peaked at $X in 2017; however, from 2018 to 2020, imports remained at a lower figure.

Imports by Country

China (X tonnes), New Zealand (X tonnes) and Australia (X tonnes) were the main suppliers of honey imports to Singapore, with a combined X% share of total imports. Indonesia, Thailand, India, Yemen and Malaysia lagged somewhat behind, together accounting for a further X 2007 to 2020, the biggest increases were in Yemen, while purchases for the other leaders experienced more modest paces of growth.

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

From 2007 to 2020, the average annual growth rate of value from New Zealand amounted to +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 2020, with a decrease of -X% against the previous year. Overall, import price indicated a tangible increase from 2007 to 2020: its price increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, honey import price decreased by -X% against 2017 indices. The pace of growth was the most pronounced in 2012 an increase of X% y-o-y. Over the period under review, average import prices hit record highs at $X per tonne in 2017; however, from 2018 to 2020, import prices stood at a somewhat lower figure.

Prices varied noticeably by the country of origin; the country with the highest price was New Zealand ($X per tonne), while the price for China ($X per tonne) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Malaysia, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox 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 2020 were China (325K tonnes), the U.S. (226K tonnes) and Turkey (107K tonnes), together comprising 34% of global consumption. Germany, Canada, Iran, Russia, the UK, Ethiopia, Japan, France, Spain and Mexico lagged somewhat behind, together comprising a further 31%.

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 (453K tonnes), comprising approx. 23% of total volume. Moreover, honey production in China exceeded the figures recorded by the second-largest producer, Turkey (113K tonnes), fourfold. Ukraine (93K tonnes) ranked third in terms of total production with a 4.7% share.

What are the leading suppliers of honey to Singapore?

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In value terms, New Zealand ($11M) constituted the largest supplier of honey to Singapore, comprising 48% of total imports. The second position in the ranking was occupied by Australia ($4.2M), with a 18% 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, Indonesia ($1.2M), Malaysia ($651K) and the UK ($140K) appeared to be the largest markets for honey exported from Singapore worldwide, with a combined 68% share of total exports.

What is the average export price for honey in Singapore?

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In 2020, the average honey export price amounted to $3,370 per tonne, increasing by 17% against the previous year.

What is the average import price for honey in Singapore?

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In 2020, the average honey import price amounted to $6,360 per tonne, with a decrease of -5.4% against the previous year.