Singapore: Crispbread Market 2024

Crispbread Market Size in Singapore

In 2021, the Singaporean crispbread market increased by 52% to $X, rising for the fifth consecutive year after three years of decline. Over the period under review, consumption saw a strong increase. Crispbread consumption peaked in 2021 and is likely to continue growth in the near future.

Crispbread Exports

Exports from Singapore

In 2021, the amount of crispbread exported from Singapore reduced rapidly to X tons, which is down by -29.9% against 2020 figures. Overall, exports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2018 when exports increased by 58% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, crispbread exports contracted notably to $X in 2021. In general, exports recorded a abrupt shrinkage. The growth pace was the most rapid in 2018 with an increase of 60%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for crispbread exports from Singapore, with a 76% share of total exports. Moreover, crispbread exports to Japan exceeded the volume sent to the second major destination, Indonesia (X tons), more than tenfold. The third position in this ranking was taken by the Philippines (X tons), with a 5.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan totaled -9.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-7.2% per year) and the Philippines (+9.4% per year).

In value terms, Japan ($X) remains the key foreign market for crispbread exports from Singapore, comprising 72% of total exports. The second position in the ranking was held by the Philippines ($X), with a 7% share of total exports. It was followed by Malaysia, with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan amounted to -9.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+15.7% per year) and Malaysia (+23.0% per year).

Export Prices by Country

In 2021, the average crispbread export price amounted to $X per ton, picking up by 20% against the previous year. Over the period under review, export price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, crispbread export price increased by +96.6% against 2016 indices. The growth pace was the most rapid in 2020 when the average export price increased by 36% against the previous year. The export price peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Maldives ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Maldives (+29.8%), while the prices for the other major destinations experienced more modest paces of growth.

Crispbread Imports

Imports into Singapore

For the third consecutive year, Singapore recorded growth in purchases abroad of crispbread, which increased by 78% to X tons in 2021. In general, imports continue to indicate significant growth. The pace of growth was the most pronounced in 2016 when imports increased by 395%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, crispbread imports surged to $X in 2021. Over the period under review, imports enjoyed a resilient expansion. The pace of growth was the most pronounced in 2016 with an increase of 354%. Imports peaked in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest supplier of crispbread to Singapore, with a 24% share of total imports. Moreover, crispbread imports from Malaysia exceeded the figures recorded by the second-largest supplier, the UK (X tons), twofold. The United States (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Malaysia amounted to +16.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+38.0% per year) and the United States (+19.1% per year).

In value terms, the largest crispbread suppliers to Singapore were the UK ($X), Australia ($X) and the United States ($X), together comprising 50% of total imports. Germany, Thailand, Malaysia, Lithuania, Japan and Vietnam lagged somewhat behind, together comprising a further 26%.

Among the main suppliers, Germany, with a CAGR of +38.6%, saw 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 crispbread import price stood at $X per ton in 2021, dropping by -26.5% against the previous year. Overall, the import price saw a abrupt decline. The most prominent rate of growth was recorded in 2013 when the average import price increased by 12%. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (-2.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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