Updated Nov 9, 2022 02:21

Antibiotic Market in Singapore

Market Overview
In , the Singaporean antibiotic market was finally on the rise to reach $ for the first time since 2017, thus ending a three-year declining trend. Overall, consumption showed a strong increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

In value terms, antibiotic production rose modestly to $ in estimated in export price. Overall, production saw tangible growth. The pace of growth appeared the most rapid in 2017 with an increase of %. Antibiotic production peaked at $ in 2018; however, from 2019 to , production remained at a lower figure.

In , antibiotic consumption in Singapore shrank to tons, which is down by -% on . In general, consumption, however, showed a remarkable increase. As a result, consumption reached the peak volume of tons, and then declined in the following year.

The revenue of the antibiotic market in Singapore declined 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). Overall, consumption, however, recorded a buoyant increase. As a result, consumption reached the peak level of $, and then fell in the following year.

Market Forecast
The antibiotic market is expected to start a downward consumption trend over the next eight-year period. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -% for the eight-year 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
Antibiotic market in Singapore consists almost entirely of imported products. 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 exporter of antibiotic; in physical and value terms, exports consistently exceeded imports from 2007 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.