Beef Market in Singapore
Market Overview
In 
, the Singaporean beef market decreased by -% to $ for the first time since 2016, thus ending a four-year rising trend. Overall, the total consumption indicated prominent growth from 2007 to : its value increased at an average annual rate of +% over the last fourteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against 2016 indices. Beef consumption peaked at $ in , and then fell in the following year.
In value terms, beef production reached $ in estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by %. As a result, production attained the peak level of $. From 2017 to , production growth failed to regain momentum.
In, the average yield of beef (cattle meat) in Singapore totaled kg per head, picking up by % on the previous year's figure. The yield figure increased at an average annual rate of +% from 2007 to ; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of %. Over the period under review, the average beef yield attained the maximum level in and is expected to retain growth in the near future.
In, the number of animals slaughtered for beef production in Singapore contracted to head, with a decrease of -% compared with the year before. Overall, the number of producing animals saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2016 when the number of producing animals increased by %. The number of animals slaughtered for beef production peaked at head in 2012; however, from 2013 to , producing animals failed to regain momentum.
, the Singaporean beef market decreased by -% to $ for the first time since 2016, thus ending a four-year rising trend. Overall, the total consumption indicated prominent growth from 2007 to : its value increased at an average annual rate of +% over the last fourteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against 2016 indices. Beef consumption peaked at $ in , and then fell in the following year.In value terms, beef production reached $
in estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by %. As a result, production attained the peak level of $. From 2017 to , production growth failed to regain momentum.In
, the average yield of beef (cattle meat) in Singapore totaled kg per head, picking up by % on the previous year's figure. The yield figure increased at an average annual rate of +% from 2007 to ; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of %. Over the period under review, the average beef yield attained the maximum level in and is expected to retain growth in the near future.In
, the number of animals slaughtered for beef production in Singapore contracted to head, with a decrease of -% compared with the year before. Overall, the number of producing animals saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2016 when the number of producing animals increased by %. The number of animals slaughtered for beef production peaked at head in 2012; however, from 2013 to , producing animals failed to regain momentum.Consumption
After two years of growth, consumption of beef (cattle meat) decreased by -% to tonnes in . Overall, the total consumption indicated a temperate expansion from 2007 to : its volume increased at an average annual rate of +% over the last fourteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against 2016 indices. Over the period under review, consumption attained the peak volume at tonnes in , and then contracted slightly in the following year.
The value of the beef market in Singapore reduced to $ in , shrinking by -% 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, the total consumption indicated a resilient expansion from 2007 to : its value increased at an average annual rate of +% over the last fourteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against 2016 indices. Over the period under review, the market attained the peak level at $ in , and then fell in the following year.
% to tonnes in . Overall, the total consumption indicated a temperate expansion from 2007 to : its volume increased at an average annual rate of +% over the last fourteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against 2016 indices. Over the period under review, consumption attained the peak volume at tonnes in , and then contracted slightly in the following year.The value of the beef market in Singapore reduced to $
in , shrinking by -% 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, the total consumption indicated a resilient expansion from 2007 to : its value increased at an average annual rate of +% over the last fourteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against 2016 indices. Over the period under review, the market attained the peak level at $ in , and then fell in the following year.Market Forecast
Driven by increasing demand for beef in Singapore, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tonnes by the end of .
% for the period from to , which is projected to bring the market volume to tonnes by the end of .Market Structure
Beef market in Singapore consists almost entirely of imported products.
Trade Balance
Singapore remains a net importer of beef; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of tonnes, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
. In , there was a significant trade deficit of tonnes, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
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