Singapore: Food Manufacture Machinery Market 2024

Food Manufacture Machinery Market Size in Singapore

In 2022, the Singaporean food manufacture machinery market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption, however, continues to indicate a strong expansion. Food manufacture machinery consumption peaked at $X in 2021, and then plummeted in the following year.

Food Manufacture Machinery Exports

Exports from Singapore

In 2022, overseas shipments of machinery for the preparation or manufacture of food or drink increased by X% to X units, rising for the second year in a row after two years of decline. Overall, exports enjoyed a strong increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, food manufacture machinery exports skyrocketed to $X in 2022. Over the period under review, exports recorded a temperate increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

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

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

In value terms, Malaysia ($X), China ($X) and Indonesia ($X) constituted the largest markets for food manufacture machinery exported from Singapore worldwide, with a combined X% share of total exports. The Philippines and Vietnam lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, the Philippines, with a CAGR of X%, recorded 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 2022, the average food manufacture machinery export price amounted to $X per unit, waning by X% against the previous year. In general, the export price recorded a abrupt decline. The growth pace was the most rapid in 2021 an increase of X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while the average price for exports to Vietnam ($X per unit) was amongst the lowest.

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

Food Manufacture Machinery Imports

Imports into Singapore

In 2022, after two years of growth, there was decline in overseas purchases of machinery for the preparation or manufacture of food or drink, when their volume decreased by X% to X units. Over the period under review, imports, however, continue to indicate a remarkable increase. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of X units, and then contracted modestly in the following year.

In value terms, food manufacture machinery imports soared to $X in 2022. Overall, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

Taiwan (Chinese) (X units), China (X units) and France (X units) were the main suppliers of food manufacture machinery imports to Singapore, together comprising X% of total imports. Italy, the United States, Japan and Vietnam lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest food manufacture machinery suppliers to Singapore were Japan ($X), Italy ($X) and France ($X), with a combined X% share of total imports. Taiwan (Chinese), the United States, China and Vietnam lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Taiwan (Chinese), 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 food manufacture machinery import price stood at $X per unit in 2022, increasing by X% against the previous year. Over the period under review, the import price, however, showed a perceptible shrinkage. Over the period under review, average import prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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