Safflower Seed Market in Singapore
Market Overview
The Singaporean safflower seed market fell slightly to $
in , declining 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). Overall, consumption, however, recorded a sharp shrinkage. Over the period under review, the market reached the maximum level at $ in 2012; however, from 2013 to , consumption failed to regain momentum.
In value terms, safflower seed production totaled $ in estimated in export price. Over the period under review, production continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2019 with an increase of %. Safflower seed production peaked at $ in 2012; however, from 2013 to , production remained at a lower figure.
The average yield of safflower seed in Singapore was estimated at less than kg per ha in , remaining stable against . In general, the yield saw 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, the safflower seed harvested area in Singapore was estimated at less than ha, flattening at the previous year. Over the period under review, the harvested area continues to indicate a relatively flat trend pattern.
in , declining 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). Overall, consumption, however, recorded a sharp shrinkage. Over the period under review, the market reached the maximum level at $ in 2012; however, from 2013 to , consumption failed to regain momentum.In value terms, safflower seed production totaled $
in estimated in export price. Over the period under review, production continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2019 with an increase of %. Safflower seed production peaked at $ in 2012; however, from 2013 to , production remained at a lower figure.The average yield of safflower seed in Singapore was estimated at less than
kg per ha in , remaining stable against . In general, the yield saw 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
, the safflower seed harvested area in Singapore was estimated at less than ha, flattening at the previous year. Over the period under review, the harvested area continues to indicate a relatively flat trend pattern.Consumption
In , after three years of decline, there was significant growth in consumption of safflower seed, when its volume increased by % to kg. Over the period under review, consumption, however, saw a significant decline. Safflower seed consumption peaked at tons in 2012; however, from 2013 to , consumption stood at a somewhat lower figure.
The value of the safflower seed market in Singapore declined slightly to $ in , which is down 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). In general, consumption, however, showed a dramatic descent. Safflower seed consumption peaked at $ in 2012; however, from 2013 to , consumption remained at a lower figure.
, after three years of decline, there was significant growth in consumption of safflower seed, when its volume increased by % to kg. Over the period under review, consumption, however, saw a significant decline. Safflower seed consumption peaked at tons in 2012; however, from 2013 to , consumption stood at a somewhat lower figure.The value of the safflower seed market in Singapore declined slightly to $
in , which is down 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). In general, consumption, however, showed a dramatic descent. Safflower seed consumption peaked at $ in 2012; however, from 2013 to , consumption remained at a lower figure.Market Forecast
Depressed by shrinking demand for safflower seed in Singapore, the market is expected to continue its downward consumption trend over the next eight-year period. The performance of the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to depress the market volume to kg by the end of .
In value terms, the market is forecast to contract 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 .
% for the period from to , which is projected to depress the market volume to kg by the end of .In value terms, the market is forecast to contract 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
Driven by a growing demand, the share of imports in total supply in Singapore increased significantly over the last decade (from % to %).
% to %).Trade Balance
Singapore remains a net exporter of safflower seed; in physical and value terms, exports consistently exceeded imports from 2012 to . In , there was a significant trade surplus of tons, which was equal to $. This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.
. In , there was a significant trade surplus of tons, which was equal to $. This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.
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