Singapore: Market for Prepared or Preserved Meat 2024

Market Size for Prepared or Preserved Meat in Singapore

In 2022, the Singaporean prepared or preserved meat market increased by X% to $X, rising for the sixth year in a row after two years of decline. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Exports of Prepared or Preserved Meat

Exports from Singapore

In 2022, the amount of prepared or preserved meat exported from Singapore reached X tons, stabilizing at the year before. Overall, exports posted a perceptible increase. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, prepared or preserved meat exports stood at $X in 2022. Over the period under review, exports showed buoyant growth. The pace of growth appeared the most rapid in 2020 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Malaysia (X tons) was the main destination for prepared or preserved meat exports from Singapore, with a X% share of total exports. Moreover, prepared or preserved meat exports to Malaysia exceeded the volume sent to the second major destination, Indonesia (X tons), threefold. The third position in this ranking was held by Hong Kong SAR (X tons), with a X% share.

From 2012 to 2022, 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 Hong Kong SAR (X% per year).

In value terms, the largest markets for prepared or preserved meat exported from Singapore were Malaysia ($X), Hong Kong SAR ($X) and Indonesia ($X), with a combined X% share of total exports. Qatar, Brunei Darussalam, the Philippines, Maldives and the United Arab Emirates lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Qatar, with a CAGR of X%, saw 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

In 2022, the average prepared or preserved meat export price amounted to $X per ton, remaining stable against the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2013 an increase of X% against the previous year. The export price peaked in 2022 and is likely to see steady growth in the near future.

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

Imports of Prepared or Preserved Meat

Imports into Singapore

In 2022, the amount of prepared or preserved meat imported into Singapore expanded rapidly to X tons, with an increase of X% on the year before. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, prepared or preserved meat imports rose rapidly to $X in 2022. Over the period under review, total imports indicated a temperate 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, imports increased by X% against 2016 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Thailand (X tons) constituted the largest prepared or preserved meat supplier to Singapore, accounting for a X% share of total imports. Moreover, prepared or preserved meat imports from Thailand exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. The third position in this ranking was held by Malaysia (X tons), with a X% share.

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

In value terms, Thailand ($X) constituted the largest supplier of prepared or preserved meat to Singapore, comprising X% of total imports. The second position in the ranking was taken by Malaysia ($X), with a X% share of total imports. It was followed by China, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Thailand totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and China (X% per year).

Import Prices by Country

The average prepared or preserved meat import price stood at $X per ton in 2022, rising by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Australia ($X per ton), while the price for China ($X per ton) 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 more modest paces of growth.

Source: IndexBox Platform

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