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Singapore Food & Beverage Industry Report - 2015

Singapore Food & Beverage Industry Report - 2015

  • July 2015
  • 27 pages
  • ID: 3307124
  • Format: PDF
  • By Emerging Markets Direct Media Holdings

Summary

Table of Contents

This report profiles Singapore's food and beverage industry, discussing market trends through 2014 and outlook for 2015 and beyond. The report also highlights leading players in the sector including Fraser and Neave Limited (F&N), Olam International Limited (OLAM), Petra Foods Limited and Food Empire Holdings Limited (FEH)



Singapore is a relatively wealthy nation and has high per capita food consumption. On a per capita basis, Singapore has the highest food consumption levels in the Southeast Asia region. Singapore's food and beverage (F&B) services industry contributed approximately 5% to the country's total GDP in 2014. Due to limited domestic agricultural production and rapid urbanisation, the country imports more than 90% of its food products, particularly from other Asian countries.



Economic activity in Singapore is likely to grow at a moderate pace of 2.5-3.0% in 2015, according to the IMF. The economy has been growing at a moderate pace since 2013 due to decrease in exports growth. Nonetheless, the country's F&B industry is expected to witness growth thanks to higher population, rising incomes and soaring food consumption. Singaporeans have the highest personal income amongst all Asians, thereby making them more willing to purchase quality food at higher quantities. These goods include pre-processed meat and vegetables that are easy to prepare at home and even ready-to-eat meals.



In addition, rising visitor arrivals from the region will increase growth of tourism-related services, such as F&B services and accommodation, to satisfy leisure needs. As such, F&B consumption is set to soar and will in turn increase the industry's employment.



Key Points:



o Singapore's F&B industry contributed around 5% to the country's total GDP in 2014. The rise in the number of working women, growing middle class population and the surge in disposable income have contributed to the expanding F&B market.



o Singapore's F&B market can be divided into three broad segments on consumption basis: food and non-alcoholic beverages, alcoholic beverages and tobacco, and food servicing services. As of 2014, food and non-alcoholic beverage segment was the largest, accounting for 44% of the total.



o On a per capita basis, Singapore has the highest food consumption levels in the Southeast Asia region. Singapore's private consumption expenditure (current prices) in food and beverage sector grew at a CAGR of 5% from 2008-14.

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