Singapore: Margarine And Shortening Market 2024

Margarine And Shortening Market Size in Singapore

The Singaporean margarine and shortening market soared to $X in 2022, increasing by X% against the previous year. Overall, consumption recorded a prominent increase. Margarine and shortening consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Margarine And Shortening Production in Singapore

In value terms, margarine and shortening production reached $X in 2022 estimated in export price. In general, the total production indicated a moderate increase 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, production decreased by X% against 2018 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Margarine And Shortening Exports

Exports from Singapore

In 2022, shipments abroad of margarine and shortening increased by X% to X tons, rising for the second consecutive year after two years of decline. In general, total exports indicated a remarkable increase from 2012 to 2022: its volume 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, exports increased by X% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, margarine and shortening exports surged to $X in 2022. Over the period under review, total exports indicated a buoyant 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, exports increased by X% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for margarine and shortening exports from Singapore, accounting for a X% share of total exports. Moreover, margarine and shortening exports to China exceeded the volume sent to the second major destination, South Korea (X tons), threefold. The third position in this ranking was held by Japan (X tons), with a X% share.

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

In value terms, the largest markets for margarine and shortening exported from Singapore were China ($X), South Korea ($X) and Japan ($X), with a combined X% share of total exports. Thailand, Indonesia, Malaysia, Taiwan (Chinese), Saudi Arabia, India, Algeria, the Philippines, Vietnam and Pakistan lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Algeria, with a CAGR of X%, recorded the highest rates of growth with regard to 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

The average margarine and shortening export price stood at $X per ton in 2022, rising by X% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Algeria ($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 Indonesia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Margarine And Shortening Imports

Imports into Singapore

In 2022, purchases abroad of margarine and shortening increased by X% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports saw a strong expansion. The pace of growth was the most pronounced in 2021 when imports increased by X%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, margarine and shortening imports soared to $X in 2022. In general, imports showed a strong increase. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest margarine and shortening supplier to Singapore, accounting for a X% share of total imports. Moreover, margarine and shortening imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), twofold. The third position in this ranking was taken by Australia (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Indonesia amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and Australia (X% per year).

In value terms, the largest margarine and shortening suppliers to Singapore were Indonesia ($X), Malaysia ($X) and the United States ($X), with a combined X% share of total imports.

Among the main suppliers, Indonesia, with a CAGR of X%, recorded the highest rates of growth with regard to 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 margarine and shortening import price stood at $X per ton in 2022, with an increase of X% against the previous year. In general, the import price, however, showed a noticeable contraction. The growth pace was the most rapid in 2017 an increase of X%. The import price peaked at $X per ton in 2012; however, from 2013 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 the United States ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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