Singapore’s food and beverage growth
A gateway to South East Asia
The tiny island country – an affluent population of 5.4 million people inhabit 723 square kilometres has a well-developed infrastructure and a competitive business environment that make it an attractive choice for added-value food producers.
As the shipping and logistics hub of Southeast Asia, Singapore is a gateway to the Association of Southeast Asian Nations (ASEAN) region. This makes it an ideal base for the South East Asia/Asia Pacific operations of many multinationals. Singapore is a highly developed market for food and beverage products, with affluent and sophisticated consumers looking for quality products and value for money.
A consumer-driven market
There is very little domestic food production in Singapore and a heavy reliance on imports with up to 90 per cent of their food sourced internationally. There is growing demand for high-quality frozen meat, seafood, and convenience foods, as well as a growing consciousness around sustainability, organic products and functional foods.
Opportunities in Singapore for the food sector are also driven by changes in consumer attitudes. Sales of packaged food and 'healthy' products have increased as a result of consumers' increasing consciousness about food safety and hygiene.
Consumers are interested in branded, premium and added-value goods – crucial ingredients for a successful product launch in the country. Wealthy, time-poor consumers are looking for new processed and convenience foods, which can be sold at the premium end of the market.
The opportunities for drinks are similarly consumer-driven with interest in branded, premium and added-value goods.
In the face of regional competition for both exports and investment, the government is encouraging economic diversification to boost competitiveness and as there is strong promotion of the tourism sector, this will in turn boost prospects for increased drink sales. High...