Ready-To-Eat Meals In Singapore Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Ready-To-Eat Meals In Singapore Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Singapore Ready-to-Eat Food Market size is expected to grow from USD 0.87 billion in 2023 to USD 1.00 billion by 2028, at a CAGR of 2.85% during the forecast period (2023-2028).

Key Highlights

• Ready-to-eat products are considered the closest alternative to regular food, which can be consumed anytime during breakfast, lunch, or dinner. The initiatives taken by regulatory authorities, like the ongoing promotional efforts undertaken by the Singapore Health Promotional Board to create awareness regarding frozen ready-to-eat foods and fish products, are driving the market's growth.
• Owing to the increased exposure to multiple cultures, people are experimenting with their diets, and RTE foods are finding an opportunity to grow with the rising trend of trying new foods and cuisines in the country. A constantly organized supply chain in the country and ease of product circulation across the pertaining retail channels led to increased sales of ready-to-eat foods in the market.
• Modern customers prefer products that are healthier, more personalized, and natural without sacrificing health goals, flavors, or ingredients. Above all, such products must assist individuals in keeping up with their hectic schedules. Manufacturers and retailers must reach out to consumers who are increasingly constrained by time but have high expectations for food quality, flavors, and forms. Due to their interest in food, Millennials and Generation Z are driving demand for high-quality items, but they might not have the necessary tools, skills, or time. As a result, there is a market for upscale convenience and ready-to-eat foods targeted toward such consumers.
• People still prefer to eat at home rather than out, but over the last two decades, there have been many changes to everyone's way of life, including a rise in the number of working individuals, which has led to urbanization, an increase in per capita income, a lack of time, a change in lifestyles, and a significant rise in the middle-class population. All of these elements have an impact on working individuals' shopping preferences and lead them to prefer ready-to-eat foods. These factors are projected to continue in the upcoming years, thereby boosting the growth of the ready-to-eat food market.

Ready To Eat Food Market Trends

Demand Surge for Convenient and Healthy Food

• Ready-to-eat foods are gaining popularity among consumers in Singapore due to their convenience. The demand for convenient and instant food, particularly instant pasta, rice, snacks, and meat products, is growing rapidly due to changes in social and economic patterns and increased expenditure on food and beverages.
• The demand is also increasing due to growing awareness about healthy foods, changes in meal patterns, existing food habits, and the desire to taste new products. Instant or easy-to-prepare snacking is becoming extremely popular, especially among working-class people, teenagers, people living in hostels, and bachelors due to their hectic lifestyles. The on-the-go food concept is closely associated with the easy consumption and handling of products. Consumers are allocating less time to cooking food at home due to busier schedules. Thus, they are unable to make time for proper meals and opt for on-the-go ready-to-eat food.
• Healthy food consumption is necessary for fitness-conscious consumers, and they must consume meals frequently throughout the day. The growing demand for quick food that is fresh and nutritious is further aiding the growth of the Singaporean ready-to-eat food market.

Noodles Segment is Growing Rapidly

• In 2021, according to UN COMTRADE, Singapore was among the top five importers of noodles in Asian countries. Therefore, Singapore has the world's most favorable instant noodles trade market. It emerged as one of the major trade destinations in Asia-Pacific, and because of this, it is growing at a tremendous pace.
• The growing youth segment, increasing working population, rising incomes and purchasing power, higher brand consciousness, changing consumer preference, growing urbanization, and increasing middle-class population are the biggest drivers of the instant noodles industry in Singapore.
• Lack of time, fast-paced lifestyles, and changing food preferences are also helping the instant noodles sector in Singapore. Hence, many players are innovating their product portfolios per the changing consumption patterns. Few companies like Nissin Foods are targeting the Singaporean market for cup noodles as they see growth potential.
• Additionally, fortified instant noodles are anticipated to attract consumers who are health aware, which would benefit market expansion. Throughout the projected period, the market for instant noodles is anticipated to rise significantly. Because they contain a variety of nutrients, such as dehydrated veggies and animal-based proteins, which can sometimes substitute for meals in some areas, instant noodles are typically excellent at filling the stomach.
• Furthermore, the market growth for instant noodles is anticipated to be boosted in the upcoming years due to the variety of flavors available. Manufacturers' extensive marketing efforts using cutting-edge tactics and creative advertising are also helping the industry expand. Hence, the above-mentioned factors act as a major market driver for the noodles market segment in this region.

Ready To Eat Food Industry Overview

The Singaporean ready-to-eat food market is highly competitive due to the presence of many local and small players in the country, such as Food Box, Health Food Matters, Select Group, Prima Taste, and Pondok Abang. Some of the major companies in the business include Pepsico Inc., Nestle, Kellogg Co., and General Mills Inc. Strategies adopted by major companies for the development of the RTE market include new product developments, global expansions, acquisitions, and investments. Leading global players are expanding their footprints in the Singaporean RTE food market. Due to an untapped potential market in Singapore for the category, companies are coming up with new flavor variants to influence and grab a significant market share in the growing market.

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