For the forecast period of 2019-24, it is estimated that Singapore’s ready-to-eat food (RTE) market will achieve a CAGR (Compound Annual Growth Rate) of 2.6%. Due to the increased exposure to numerous cultures, Singapore’s citizens are experimenting with new and different foods. This has given RTE foods an opportunity for growth in conjunction with this recent culinary trend of experimenting with people’s diets.
Consequently, the country’s food supply chain is undergoing continual organization and has witnessed an increase in product circulation across applicable retail channels. As a result, this has led to increased Ready-To-Eat food sales throughout the consumer marketplace. Furthermore, regulatory authorities have introduced initiatives that are driving the food market where this is concerned which includes checks on quality and safety standards. This includes efforts on behalf of the Singapore Health Promotional Board to increase awareness of fish products and frozen foods.
Industry Analysis
One of the major Asian trade destinations, Singapore is seeing the growing prevalence with an increase in the use of instant foods. Recent analytical statistics show the RTE foods are gaining increased popularity based on convenience among Singapore’s dual income families. This means that these busy families prefer the convenience of RTE foods due to the constraints of their daily lives and schedules. RTE foods were developed to save people time in the kitchen while reducing the costs related to spoilage. Due to increased family incomes, individuals are now purchasing prepared foods regardless of the price.
Additionally, as the number of dual income families continues to increase in Singapore, more females are entering what used to be a male-dominated workforce. According to statistics presented by the World Bank labor force, the percentage of women in the job market has increased from 43.5% to 45.13% during the period of 2010 to 2018. As more females enter the workforce, they will be spending less time in their kitchens. So, RTE food sales should continue to increase during the forecast period of 2019-24. During the pandemic, interest in self-sufficient soared and the impetus on quick instant foods has seen a spike. There has been an increase in the RTE sale across the consumers along with the ease of product circulation in retail channels.
Fastest Growth Segment
Singapore has emerged as one of Asia’s major trade destinations and continues at an exponential pace. As people’s lifestyles have become increasingly hectic in recent years, the prevalence of instant foods has grown in similar fashion. Since RTE foods are so convenient, fewer Singaporeans are using their kitchens. This has not only led to an increase in the number of brands that are producing RTE noodles, it is the fastest growing food sector in the marketplace. Some of the leading brands include Nestle Maggie and Nissin foods that are targeting the Singapore market that is evolving with changing consumption patterns. Other market members are now being more innovative with their product portfolios as a result, thereby causing a significant shift in the competitive landscape.
