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Singapore Foodservice Market to 2025

Singapore Foodservice Market to 2025

  • December 2021
  • 97 pages
  • ID: 6246129
  • Format: PDF
  • GlobalData

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Singapore Foodservice Market to 2025

Summary
“Singapore Foodservice Market to 2025” published provides extensive insight and analysis of the Singaporean Foodservice market over the next five years (2020-2025) and acts as a vital point of reference for operators or suppliers.

The overall value of the Singaporean foodservice profit sector declined at a negative CAGR of 3.9% from 2015 to 2020 and totaled SGD8.7 billion ($6.3 billion) in 2020. The decline in the Singaporean foodservice profit sector was due to the reduction in the number of transactions in 2020, as a result of the pandemic. The prolonged closure of businesses, along with low consumer confidence, hampered out-of-home visits.

Chain operators have fared better than independent operators during the pandemic as independent operators have been less able to mitigate their significant financial losses due to the economic crisis. Meanwhile, chain operators tend to have a strong financial footing and thus registered growth during 2015-2020.

The report includes - - Overview of Singapore’s macro-economic landscape: Detailed analysis of current macro-economic factors and their impact on Singapore’s foodservice market including GDP per capita, consumer price index, population growth and annual household income distribution. - Growth dynamics: In-depth data and forecasts of key channels (QSR, FSR, Coffee & Tea Shop, and Pub, Club & Bar) within Singapore’s foodservice market, including the value of the market, number of transactions, number of outlets and average transaction price. - Customer segmentation: identify the most important demographic groups, buying habits and motivations that drive out-of-home meal occasions among segments of the Singapore population. - Key players: Overview of market leaders within the four major channels including business descriptions and number of outlets.

Scope
- In 2020, QSR made the largest contribution to the Singaporean foodservice profit sector. The channel remains a popular choice among consumers owing to its convenience and quality food at affordable prices. QSR operators quickly adopted to the new normal and changing consumer behavior amid the pandemic and boosted their presence across digital platforms.
- The coffee & tea shop channel registered the fastest value CAGR at 1.5% during 2015-2020. It was followed by the QSR channel, which registered a CAGR of 1.3% during 2015-2020, owing to its high popularity among consumers for its provision of quality food at affordable prices. Meanwhile, the accommodation channel suffered the steepest decline, falling at a negative CAGR of 20.6%, primarily due to cross-border restrictions and limitations on social gatherings.

Reasons to Buy
- Specific forecasts of the foodservice market over the next five years (2020-2025) will give readers the ability to make informed business decisions through identifying emerging/declining markets.
- Consumer segmentation detailing the desires of known consumers among all major foodservice channels (QSR, FSR, Coffee & Tea shop, and Pub, Club & Bar) will allow readers understand the wants and needs of their target demographics.

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