Updated Oct 24, 2022 08:46

Animal Fats Market in Singapore

Market Overview
In , the Singaporean animal fats market decreased by -% to $ for the first time since 2018, thus ending a two-year rising trend. Overall, consumption continues to indicate a pronounced setback. Animal fats consumption peaked at $ in 2007; however, from 2008 to , consumption remained at a lower figure.

In value terms, animal fats production declined to $ in estimated in export price. In general, production continues to indicate a deep contraction. The most prominent rate of growth was recorded in 2014 with an increase of % against the previous year. Animal fats production peaked at $ in 2008; however, from 2009 to , production stood at a somewhat lower figure.


Consumption
In , consumption of animal fats and oils decreased by -% to tons, falling for the second consecutive year after two years of growth. Overall, consumption continues to indicate a noticeable reduction. Animal fats consumption peaked at tons in 2007; however, from 2008 to , consumption remained at a lower figure.

The value of the animal fats market in Singapore contracted to $ in , waning 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, consumption recorded a pronounced shrinkage. Animal fats consumption peaked at $ in 2007; however, from 2008 to , consumption remained at a lower figure.


Market Forecast
Depressed by shrinking demand for animal fats 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 tons 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
Over the period under review, imports of animal fats in Singapore were negligibly small compared to the production volumes. Therefore, the share of imports in the total market was practically nonexistent, both in volume and in value terms. This situation has remained constant over the period under review, which means that domestic producers entirely meet the domestic demand for animal fats. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports remained relatively constant over the period under review. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.


Trade Balance
Singapore remains a net importer of animal fats; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a trade deficit of tons, which was equal to $. Those figures reflect the fact that neither imports nor exports don’t dominate the trade balance, and the country may export not only the product manufactured domestically, but also re-export some previously imported goods.