Singapore Ready to Eat Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Singapore Ready to Eat Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Singapore ready to eat food market is witnessed to grow at a CAGR of 2.6% during the forecast period (2021-2026).

Owing to the increased level of exposure to multiple cultures, the people are experimenting with their diets, and RTE foods are finding an opportunity to grow with the growing trend of trying new foods and cuisines in the country.

A constantly organizing supply chain in the country has led to an increase and ease of product circulation across the pertaining retail channels, ultimately leading to an increase in the sales of RTE foods across the consumers in the market.

The initiatives taken by regulatory authorities, like ongoing promotional efforts undertaken by the Singapore Health Promotional Board to create awareness regarding frozen foods and fish products, are driving the market growth.

Key Market TrendsIncreased Number and Proportion of Dual Income Families in the Country

Ready-to-Eat food is gaining popularity amid the consumers in Singapore, owing to their convenience. The busy working families prefer convenience associated with the food that is designed to save their time in the kitchen and reduce costs due to spoilage at a competitive price. Due to high incomes, consumers are able to purchase food regardless of how expensive it may be. Further, the number of families with dual income in the country is increasing with more female workforce entering the job market. As per World bank Labor force statistics, the percentage of women contributing to the total labor force in Singapore has been increased from 43.5% in 2010 to 45.13% in 2018. The demand for Ready-to-Eat food is going to increase further with more female joining the job market during the forecast period.

Noodles is the Fastest Growing Segment

Singapore has emerged as one of the major trade destination in Asia because of which it is growing at a tremendous pace. With increasingly hectic lifestyle and growing prevalence of instant food, few Singaporeans are cooking at home, owing to benefits derived from convenience products. Brands, like, Nestle Maggie have come up with the instant ready to eat noodles in recent years. Similarly, other players are innovating their product portfolio as per the changing consumption patterns of the consumers. Few companies like Nissin foods are targeting the Singapore market for the cup noodles offering as they see the growth potential in the mentioned market.

Competitive Landscape

Singapore Ready to Eat market is highly fragmented due to the prevalance of number of local and small players in the country. Some of the major companies involved in the business include Pepsico Inc, Nestle, Kellogg Co., General Mills Inc., Prima Taste, Pondok Abang, Food Box, Health Food Matters and Select Group.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Pepsico Inc
Nestle
Kellogg Co.
General Mills Inc.
Prima Taste
Pondok Abang
Food Box
Health Food Matters
Select Group

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