Singapore: Soap Market 2024

Soap Market Size in Singapore

For the third year in a row, the Singaporean soap market recorded growth in sales value, which increased by X% to $X in 2022. Over the period under review, the total consumption indicated a remarkable 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, consumption increased by X% against 2019 indices. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in the immediate term.

Soap Production in Singapore

In value terms, soap production soared to $X in 2022 estimated in export price. In general, production, however, recorded a perceptible shrinkage. The growth pace was the most rapid in 2017 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Soap Exports

Exports from Singapore

In 2022, approx. X tons of soap were exported from Singapore; increasing by X% compared with the previous year's figure. Overall, exports enjoyed a strong increase. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, soap exports soared to $X in 2022. Over the period under review, exports saw a significant expansion. The pace of growth appeared the most rapid in 2016 when exports increased by X%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Australia (X tons), the United Arab Emirates (X tons) and Malaysia (X tons) were the main destinations of soap exports from Singapore, together accounting for 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 the United Arab Emirates (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for soap exported from Singapore were China ($X), South Korea ($X) and Vietnam ($X), with a combined X% share of total exports. Australia, Malaysia, Hong Kong SAR, the United States, Indonesia, the Philippines, the United Arab Emirates, Pakistan and New Zealand lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, the United Arab Emirates, 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

The average soap export price stood at $X per ton in 2022, increasing by X% against the previous year. In general, export price indicated a temperate expansion from 2012 to 2022: its price 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, soap export price increased by X% against 2018 indices. The pace of growth appeared the most rapid in 2019 an increase of X%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the United Arab Emirates ($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 China (X%), while the prices for the other major destinations experienced more modest paces of growth.

Soap Imports

Imports into Singapore

In 2022, overseas purchases of soap decreased by X% to X tons, falling for the second consecutive year after nine years of growth. Over the period under review, imports, however, recorded a resilient expansion. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, soap imports declined slightly to $X in 2022. In general, imports, however, saw resilient growth. The pace of growth appeared the most rapid in 2013 when imports increased by X% against the previous year. Imports peaked at $X in 2021, and then declined in the following year.

Imports by Country

Malaysia (X tons), Indonesia (X tons) and China (X tons) were the main suppliers of soap imports to Singapore, with a combined X% share of total imports. Thailand, the United States, Germany, Canada, India, the United Arab Emirates, Japan and the Philippines 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 Canada (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest soap suppliers to Singapore were the United States ($X), Japan ($X) and Indonesia ($X), together accounting for X% of total imports.

Japan, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average soap import price amounted to $X per ton, rising by X% against the previous year. In general, import price indicated a noticeable increase from 2012 to 2022: its price 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, soap import price increased by X% against 2017 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the near future.

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

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

Source: IndexBox Platform

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