Singapore: Hop Market 2024

Hop Market Size in Singapore

After three years of decline, the Singaporean hop market increased by X% to $X in 2022. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Hop consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Hop Production in Singapore

In value terms, hop production amounted to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 with a decrease of X% against the previous year. Hop production peaked in 2022 and is expected to retain growth in the near future.

The average yield of hops in Singapore amounted to less than X kg per ha in 2022, leveling off at 2021 figures. Over the period under review, the yield saw a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. less than X ha of hops were harvested in Singapore; approximately reflecting the previous year. Over the period under review, the harvested area continues to indicate a relatively flat trend pattern.

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Hop Exports

Exports from Singapore

In 2022, the amount of hops exported from Singapore surged to X tons, with an increase of X% compared with the previous year's figure. Over the period under review, exports showed a significant expansion. The pace of growth appeared the most rapid in 2020 with an increase of X%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, hop exports amounted to $X in 2022. Overall, exports showed a significant increase. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tons), Indonesia (X tons) and Myanmar (X kg) were the main destinations of hop exports from Singapore, together comprising X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Malaysia (with a CAGR of X%), while the other leaders experienced mixed trend patterns.

In value terms, Indonesia ($X) remains the key foreign market for hops exports from Singapore, comprising X% of total exports. The second position in the ranking was taken by Malaysia ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Indonesia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X% per year) and Myanmar (X% per year).

Export Prices by Country

In 2022, the average hop export price amounted to $X per ton, dropping by X% against the previous year. Over the period under review, the export price showed a abrupt decline. The growth pace was the most rapid in 2019 when the average export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Myanmar ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Myanmar (X%), while the prices for the other major destinations experienced mixed trend patterns.

Hop Imports

Imports into Singapore

In 2022, purchases abroad of hops was finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Overall, imports recorded a relatively flat trend pattern. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, hop imports expanded notably to $X in 2022. In general, imports showed a resilient increase. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of hop to Singapore, with a X% share of total imports. Moreover, hop imports from Germany exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. Hong Kong SAR (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Germany stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Hong Kong SAR (X% per year).

In value terms, the largest hop suppliers to Singapore were Germany ($X), the United States ($X) and Hong Kong SAR ($X), with a combined X% share of total imports.

Among the main suppliers, the United States, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average hop import price stood at $X per ton in 2022, reducing by X% against the previous year. Overall, the import price, however, continues to indicate strong growth. The pace of growth appeared the most rapid in 2015 an increase of X% against the previous year. The import price peaked at $X per ton in 2021, and then dropped sharply in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was New Zealand ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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