65.4% of olive oil imports in Singapore are of Spanish origin
Olive Oil
Singapore
Spain
Published Apr 9, 2023
Tridge summary
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.
Original content
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 prepared by the Economic and Commercial Office of the Spanish Embassy in Singapore. Brands The olive oil market is dominated by the Singaporean company LAM SOON, whose brand of olive oil of Spanish origin "Naturel" accounted for 25.4% of total sales of edible oils in 2022. It is followed by two Spanish ...
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