Singapore - Spices - Market Analysis, Forecast, Size, Trends and Insights
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View PricingSingapore: Spice Market 2024
Spice Market Size in Singapore
In 2022, the Singaporean spice market decreased by X% to $X for the first time since 2018, thus ending a three-year rising trend. In general, the total consumption indicated moderate growth 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 2018 indices. As a result, consumption reached the peak level of $X, and then contracted remarkably in the following year.
Spice Production in Singapore
In value terms, spice production shrank to $X in 2022 estimated in export price. Overall, production, however, recorded notable growth. The most prominent rate of growth was recorded in 2014 when the production volume increased by X,861,650%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.
In 2022, the average spice yield in Singapore stood at less than X kg per ha, standing approx. at the previous year's figure. In general, the yield showed a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.
In 2022, approx. less than X ha of spices were harvested in Singapore; approximately reflecting the previous year. Overall, the harvested area continues to indicate a relatively flat trend pattern.
Spice Exports
Exports from Singapore
After seven years of decline, shipments abroad of spices increased by X% to X tons in 2022. Overall, exports, however, continue to indicate a abrupt decrease. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.
In value terms, spice exports soared to $X in 2022. In general, exports, however, recorded a abrupt shrinkage. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.
Exports by Country
Indonesia (X tons) was the main destination for spice exports from Singapore, accounting for a X% share of total exports. Moreover, spice exports to Indonesia exceeded the volume sent to the second major destination, Bangladesh (X tons), ninefold. The third position in this ranking was taken by Malaysia (X tons), with a X% share.
From 2012 to 2022, the average annual growth rate of volume to Indonesia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (X% per year) and Malaysia (X% per year).
In value terms, Indonesia ($X) emerged as the key foreign market for spices exports from Singapore, comprising X% of total exports. The second position in the ranking was taken by Bangladesh ($X), with a X% share of total exports. It was followed by Malaysia, with a X% share.
From 2012 to 2022, the average annual rate of growth in terms of value to Indonesia amounted to 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).
Export Prices by Country
The average spice export price stood at $X per ton in 2022, increasing by X% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 an increase of X%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Hong Kong SAR ($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 Bangladesh (X%), while the prices for the other major destinations experienced more modest paces of growth.
Spice Imports
Imports into Singapore
In 2022, supplies from abroad of spices increased by X% to X tons, rising for the third year in a row after two years of decline. Over the period under review, imports, however, showed a slight reduction. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.
In value terms, spice imports soared to $X in 2022. Overall, imports, however, recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.
Imports by Country
Madagascar (X tons), Malaysia (X tons) and China (X tons) were the main suppliers of spice imports to Singapore, with a combined X% share of total imports. India, Thailand, Indonesia, Vietnam, Guatemala, Tanzania and Comoros lagged somewhat behind, together accounting for a further X%.
From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Thailand (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.
In value terms, Madagascar ($X) constituted the largest supplier of spices to Singapore, comprising X% of total imports. The second position in the ranking was held by Malaysia ($X), with a X% share of total imports. It was followed by India, with a X% share.
From 2012 to 2022, the average annual growth rate of value from Madagascar was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and India (X% per year).
Import Prices by Country
In 2022, the average spice import price amounted to $X per ton, rising by X% against the previous year. Over the period under review, the import price, however, showed a perceptible slump. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Guatemala ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (X%), while the prices for the other major suppliers experienced more modest paces of growth.
Source: IndexBox Platform
Frequently Asked Questions (FAQ) :
This report provides an in-depth analysis of the spice market in Singapore. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- FCL 687 - Pepper
- FCL 689 - Pimento
- FCL 692 - Vanilla
- FCL 693 - Cinnamon (canella)
- FCL 698 - Cloves
- FCL 702 - Nutmeg, mace, cardamoms
- FCL 711 - Anise, badian, fennel
- FCL 720 - Ginger
- FCL 723 - Spices nes
Country coverage:
- Singapore
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Singapore
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- COUNTRIES WITH TOP YIELDS
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION, HARVESTED AREA AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Yield And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Area Harvested, 2012–2023
- Yield, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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