Updated Jan 21, 2023 23:47

Sunflower Seed Market in Singapore

Market Overview
After five years of growth, the Singaporean sunflower seed market decreased by -% to $ in . In general, consumption, however, showed prominent growth. Sunflower seed consumption peaked at $ in , and then fell slightly in the following year.

In , approx. tons of sunflower seed were consumed in Singapore; which is down by -% compared with the year before. Overall, consumption, however, enjoyed a prominent expansion. Over the period under review, consumption attained the peak volume at tons in 2019; however, from to , consumption remained at a lower figure.

The revenue of the sunflower seed market in Singapore dropped slightly to $ in , with a decrease of -% 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, however, recorded a strong increase. Sunflower seed consumption peaked at $ in , and then reduced modestly in the following year.

Market Forecast
Driven by increasing demand for sunflower seed in Singapore, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tons by the end of .

In value terms, the market is forecast to increase with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .

Market Structure
Sunflower seed market in Singapore consists almost entirely of imported products. In recent years, import price have increased sharply. Despite the hike in price, Singapore relies completely on foreign supplies: the volume of domestic output remains insufficient to satiate market demand.

Trade Balance
Singapore remains a net importer of sunflower seed; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of tons, 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.