Singapore: Whole Powdered Milk Market 2024

Whole Powdered Milk Market Size in Singapore

The Singaporean whole powdered milk market fell remarkably to $X in 2022, declining by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption showed a mild downturn. Whole powdered milk consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Whole Powdered Milk Exports

Exports from Singapore

In 2022, after two years of decline, there was significant growth in shipments abroad of whole powdered milk, when their volume increased by X% to X tons. Overall, exports, however, showed a noticeable slump. The pace of growth appeared the most rapid in 2013 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, whole powdered milk exports surged to $X in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Japan (X tons) was the main destination for whole powdered milk exports from Singapore, with a X% share of total exports. Moreover, whole powdered milk exports to Japan exceeded the volume sent to the second major destination, Bangladesh (X tons), fivefold. The third position in this ranking was taken by Malaysia (X tons), with a X% share.

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

In value terms, Japan ($X) remains the key foreign market for whole powdered milk exports from Singapore, comprising X% of total exports. The second position in the ranking was held by Bangladesh ($X), with a X% share of total exports. It was followed by the Philippines, with a X% share.

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

Export Prices by Country

The average whole powdered milk export price stood at $X per ton in 2022, jumping by X% against the previous year. Overall, export price indicated modest growth 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, whole powdered milk export price increased by X% against 2016 indices. The growth pace was the most rapid in 2017 when the average export price increased by X%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Vietnam ($X per ton) and Japan ($X per ton), while the average price for exports to Malaysia ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

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

Whole Powdered Milk Imports

Imports into Singapore

In 2022, whole powdered milk imports into Singapore declined to X tons, falling by X% compared with the previous year's figure. Over the period under review, imports recorded a noticeable slump. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, whole powdered milk imports expanded notably to $X in 2022. Overall, imports showed a mild reduction. The most prominent rate of growth was recorded in 2013 when imports increased by X%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, New Zealand (X tons) constituted the largest supplier of whole powdered milk to Singapore, accounting for a X% share of total imports. Moreover, whole powdered milk imports from New Zealand exceeded the figures recorded by the second-largest supplier, Australia (X tons), ninefold. The third position in this ranking was taken by the Netherlands (X tons), with a X% share.

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

In value terms, New Zealand ($X) constituted the largest supplier of whole powdered milk to Singapore, comprising X% of total imports. The second position in the ranking was held by Australia ($X), with a X% share of total imports. It was followed by the Netherlands, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from New Zealand stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (X% per year) and the Netherlands (X% per year).

Import Prices by Country

The average whole powdered milk import price stood at $X per ton in 2022, with an increase of X% against the previous year. In general, import price indicated a modest 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, whole powdered milk import price increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by X%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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