Singapore - The Future of Foodservice to 2027

Singapore - The Future of Foodservice to 2027

Summary

“Singapore Foodservice Market Size and Trends by Profit and Cost Sector Channels, Players and Forecast to 2027” published by GlobalData provides extensive insight and analysis of the Singapore Foodservice market over the next five years (2022–27) and acts as a vital point of reference for operators or suppliers.

The Singaporean profit sector’s revenue reached SGD13.6 billion ($9.8 billion) in 2022, recording a CAGR of 1.6% during 2017–22. The slow growth can be attributed to the country’s rising inflation, which negatively impacted profit sector sales. QSR was the top channel, contributing to 40% of total sales in the sector. The channel remains a popular choice among consumers owing to its convenience and quality food at affordable prices. The FSR channel secured the second position with a 23.7% share of sales. During 2022–27, the Singaporean profit sector will register a strong CAGR of 7.6%. The number of transactions will also register a CAGR of 3.9%, while the number of outlets will generate a CAGR of 0.6%.

The report includes -

• Overview of Singapore's macro-economic landscape: Detailed analysis of current macro-economic factors and their impact on the Singapore 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 the Singapore 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

• The Singaporean profit sector’s revenue reached SGD13.6 billion ($9.8 billion) in 2022, recording a CAGR of 1.6% during 2017–22. The disruption in out-of-home consumption was the major factor for the slow growth. According to the Singapore Ministry of Trade and Industry , inflation rose from 2.3% in 2021 to 6.1% in 2022 due to higher energy and food prices which adversly impacted consumers purchasing power. Between 2017 and 2022, the accommodation and leisure channels registered a decline in value sales at negative CAGRs of 5% and 4.4%, respectively, due to the impact of the COVID-19 pandemic on the tourism sector. The QSR channel led the profit sector in terms of number of outlets in 2022, with a count of 6,678. It was followed by the workplace and FSR channels, with outlet counts of 2,541 and 1,948, respectively. During 2022–27, the Singaporean profit sector will register a strong CAGR of 7.6%.

Reasons to Buy

• Specific forecasts of the foodservice market over the next five years (2022–27) 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.