65.4% of olive oil imports in Singapore are of Spanish origin

Published Apr 9, 2023

Tridge summary

The Singapore olive oil market has seen steady growth, with sales reaching 17.5 million Singaporean dollars in 2022 and expecting to grow to over 19.9% of total oil sales by 2027. The market is dominated by the Singaporean company LAM SOON and Spanish brands Bertolli and Borges. Singapore imported 2,501 tons of virgin olive oil in 2021, primarily from Spain and Italy. The consumer is drawn to the health benefits of olive oil and prefers innovative, high-quality products. Olive oil has no import tariffs and a 7% value added tax, which is expected to increase in the coming years. Distribution is mainly through supermarkets, with leading brands such as "Naturel", "Bertolli", and "Borges" dominating the shelves. Good trade relations between Singapore and Spain, along with the free trade agreement between the European Union and Singapore, have led to the establishment of designations of origin for Spanish olive oils.

Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The Singapore olive oil market has evolved over the last few years towards growth at constant prices. It should be noted that olive oil sales reached a total value of 17.5 million Singaporean dollars in 2022 (about 12.2 million euros), and their prices have remained at 3.8% between 2017 and 2022. It must take into account that olive oil is not one of the oils that the local consumer was traditionally used to and must compete with other edible oils, mainly corn, rapeseed, soybean and sunflower oils, and now with other oils such as coconut and avocado. However, olive oil has been the second fastest growing in 2022 (+1.4%), after the increase in household consumption in the pandemic and health awareness, and representing 17.3% of sales in economic value (16.1% in 2017). By 2027, the studies that raise expectations of the olive oil market shares indicate that they will be located in economic value over 19.9% of the total sales of oils of different types. According to the study ...

Source: Oleorevista