The Singapore food retail sector is highly developed and competitive, according to Global Agricultural Information Network (GAIN) reports released on Wednesday, October 23.
The industry is comprised of a range of large supermarkets/hypermarkets, convenience stores, “mom and pop” traditional stores and specialty retailers.
Singapore Department of Statistics assessed the country’s food retailers surpassed $6 billion USD in sales in 2018. Industry analysts report the sector is dominated by three key players: the NTUC Fair Price Cooperative, Dairy Farm Group, and Sheng Siong Supermarket Chain.
Top prospective U.S. products for the Singaporean food retail market include pork, dairy, processed vegetables, chocolate/cocoa products, wine, beer and beef.
Sigapore Food Market
Singapore’s highly import dependent, multi-billiondollar food industry is driven by robust consumer spending, high disposable incomes, and intense urbanization. The country’s trade and regulatory policies are focused on ensuring consistent foreign supply of safe, high quality food and agricultural products. Singapore’s total agricultural product imports in 2018 reached $9.9 billion USD, roughly nine percent of which was sourced from the United States.
Imports of U.S. Consumer-Oriented Products
In 2018, the United States was Singapore’s third largest supplier of consumer-oriented food and beverage products, with total sales reaching $608 million USD for the year.
Singapore’s retail foods sector is highly developed and very competitive, with total sales in 2018 reaching over $6 billion USD. The sector is dominated by three key players: NTUC Cooperative, Dairy Farm Group, and Sheng Siong Supermarket Chain.
Food Processing Ingredients
The Singapore food processing industry is relatively small. However, almost all raw materials and ingredients used in the processing industry are imported. Total industry output value roughly $8 billion USD.
Hotel, Restaurant and Institutional
Singapore has a highly developed and competitive hotel, restaurant and institutional (HRI) sector. Singaporeans are some of Asia’s top spenders on dining out. In 2018, the country’s tourist receipts topped $27.1 billion USD, of which almost $2 billion was derived from food and beverage sales.
Singapore’s Macroeconomics Population: 5.6 million people (2018) (Source: http://www.singstat.gov)
Per Capita Income: $64,030 USD (2018) (Source: CEIC data)
Real GDP Growth: 3.2 percent (2018) (Source: http://www.singstat.gov)
GDP Composition: • Industry: 25% • Services: 75% (Source: World Fact book)
Food Retailers in Singapore