MARKET ACCESS SECRETARIAT
Global Analysis Report
Market Overview
Singapore
June 2014
EXECUTIVE SUMMARY
CONTENTS
Singapore, with a total population of 5.2 million, is one of the most
developed economies within the ASEAN region, and has one of the
highest per capita incomes in Asia. Singapore is strategically
situated on the crossroads of major air and sea routes within the
Asia Pacific region, and is a major transshipment center for much of
the Southeast Asian region and the Indian subcontinent.
Executive Summary ........................ 1
Singapore’s geographic location has contributed to its position as
an important hub for regional headquarters for international food
and agricultural-related companies, in addition to being the world’s
fourth leading financial centre after New York, London and Tokyo
according to the BBC economic section.
Having very little agricultural land and limited domestic food
production, Singapore currently imports more than 90 percent of the
food it needs to feed its residents and as well as the ten million
tourists who visit every year. Consequently, it is not surprising that
the total value of imported consumer-oriented food products alone
reached US$6.8 billion in 2013, with US$1.2 billion in fish and
seafood products.
With one of the highest per capita GDP in the world (US$53,267 per
person in 2013 according to Euromonitor), Singapore’s per capita
food consumption level is the highest in the Asian region with
approximately US$1,445 in 2013 (Euromonitor). With a large,
affluent and sophisticated consumer base driven by rising
disposable incomes, Singapore’s total consumer expenditure is
estimated to grow at an average rate of 3.4% per year between
2013 and 2020, providing good opportunities for food-supplying
businesses.
Production ....................................... 2
Trade............................................... 3
Consumer Foodservice................... 5
Retail Sales ..................................... 6
Resources ....................................... 7
PRODUCTION
With arable land only accounting for a mere 1.47% of total land, and permanent crops comprising this
entire amount, the country's agricultural sector is essentially non-existent; agriculture contributes very little
to Singapore’s overall GDP and employs only 0.1% of the population.
As such, Singapore is obliged to rely heavily on imports to satisfy its agriculture and agri-food needs. The
country's limited agricultural output is made up mostly of, vegetables, poultry, and eggs.
Crop and Livestock Production in Singapore
Rank
Commodity
1 Eggs, hen, in shell
Production *(US$1000)
Production (MT)
20,017
24,135
2 Vegetables, fresh nes
3,919
20,795
3 Eggs, other bird, in shell
3,461
1,200
4 Spinach
515
2,200
5 Lettuce and chicory
235
502
6 Meat, beef
135
50
7 Mushrooms and truffles
103
57
8 Cabbages and other brassicas
91
605
9 Tomatoes
19
51
10 Coconuts
17
150
11 Meat , goat
13
5
12 Meat, chicken
3
2
13 Fruit, fresh nes
3
8
14 Roots and tubers, nes
2
14
15 Meat, pork
0
0
16 Meat, sheep
0
0
Source: FAO STATS. 2014
* Please note: International commodity prices are used to calculate the total value of each commodity produced by
each country. FAO apply this method in order to avoid the use of exchange rates for obtaining continental and world
aggregates, and also to improve and facilitate international comparative analysis of productivity at the national level.
Page | 2
TRADE
As Singapore has virtually no crop or livestock production, practically all food ingredients are imported
from a wide range of countries worldwide. As a 697 sq km island city-state with 5.2 million residents, the
country imports close to 90% of all its food requirements.
Singapore’s major agri-food and seafood trade suppliers are Malaysia, France and Indonesia. In 2013,
the total value of agri-food and seafood imports from Malaysia was C$2.2 billion, followed by C$1.4 billion
from France and close to C$1.2 billion from Indonesia. In terms of trade value, distilled alcoholic
beverages ranked as Singapore’s top commodity both for imports and exports.
Singapore-Top 10 Agrifood and Seafood Suppliers 2011-2013
Partner Country
Canada Dollars
2012
% Change
2013
2011
2012
2013
12,859,853,328
2,398,496,582
13,054,576,120
2,355,872,219
13,982,081,094
2,291,263,140
100.00
18.65
100.00
18.05
100.00
16.39
7.10
- 2.74
France
1,184,390,812
1,283,777,383
1,498,964,249
9.21
9.83
10.72
16.76
Indonesia
1,218,708,957
1,379,961,094
1,195,378,675
9.48
10.57
8.55
- 13.38
China
866,548,719
922,396,871
1,016,786,685
6.74
7.07
7.27
10.23
United States
744,189,413
835,035,737
967,748,216
5.79
6.40
6.92
15.89
United Kingdom
732,272,571
751,947,315
865,383,942
5.69
5.76
6.19
15.09
Australia
1,038,677,820
873,264,306
847,973,867
8.08
6.69
6.06
- 2.90
Thailand
697,439,968
629,483,094
675,647,015
5.42
4.82
4.83
7.33
New Zealand
504,871,891
445,919,774
554,991,838
3.93
3.42
3.97
24.46
Vietnam
289,710,744
341,879,631
453,948,564
2.25
2.62
3.25
32.78
World
Malaysia
2011
% Share
2013/2012
Source: Global Trade Atlas, 2014
Although total agricultural trade between Canada and Singapore has fluctuated over the past several
years, it increased by 3.5% in 2013, from C$94.3 million in 2012 to over C$97.6 million.
Canada currently accounts for 0.70% of Singapore's total agri-food imports and is Singapore's 22th
largest import source.
Singapore’s top agri-food and seafood imports from Canada in 2013 were dairy products (C$30.8 million),
grain and seeds (C$18.0 million), meat (C$14.5 million) fish and seafood (C$5.3 million) and food
preparations (C$5.2 million).
Singapore’s agrifood and seafood exports to Canada were valued at C$16.9 million in 2013, and the top
commodities were, baking-related products (C$7.6 million), fish and seafood (C$2.2 million) and food
preparations (C$1.9 million).
Page | 3
Singapore - Top Agri-food and Seafood Imports from the World by Sector in 2013
Commodity
Import
Value C$
Millions
Rank
Top Suppliers
C$
Millions
Share %
Canada's
Share
Import from
Canada C$
Millions
1
France
1,303
44.3%
Beverages
2,942.0
2
3
1
United Kingdom
Malaysia
New Zealand
767.3
206.7
368.20
26.1%
7.0%
26.2%
0.0%
2.2
Dairy, Eggs, Honey
1,407.0
2
3
1
Australia
233.3
16.6%
2.1%
30.9
Malaysia
Brazil
211.3
355.8
15.0%
42.3%
2
3
1
Australia
174.9
20.8%
1.7%
14.5
United States
Malaysia
97.2
193.4
11.6%
23.7%
2
3
1
United States
166.1
20.4%
0.6%
5.2
Indonesia
Indonesia
84.0
132.5
10.3%
17.2%
2
3
1
Malaysia
109.4
14.2%
0.7%
5.3
Vietnam
United States
75.5
120.0
9.8%
18.6%
China
83.5
12.9%
0.4%
2.7
Indonesia
Malaysia
60.2
170.2
9.3%
31.5%
China
156.8
29.0%
Australia
Indonesia
Malaysia
Ghana
Malaysia
Indonesia
Vietnam
Malaysia
34.6
105.1
90.5
78.7
320.3
182.5
0.1
165.3
6.4%
20.1%
17.3%
15.0%
63.7%
36.3%
0.0%
33.3%
United States
42.2
8.5%
China
Malaysia
37.4
70.6
7.5%
14.4%
Meat
Miscellaneous Food
Fish and Seafood
Edible Fruit and Nuts
Vegetables
841.7
815.0
772.8
645.8
540.6
Cocoa
524.3
Palm Oil & Its
Fractions, Not
Chemically Modified
502.8
Baking Related
496.0
2
3
1
2
3
1
2
3
1
2
3
1
2
3
3
0.0%
0.2
0.3%
1.8
0.0%
0.0
0.4%
2.1
Source: Global Trade Atlas, 2014
Page | 4
CONSUMER FOODSERVICE
Singapore has earned the distinction of being ‘one of the top 10 food cities in the world’ several years in a
row, according to the travel guide publisher “Lonely Planet.” Singapore has a thriving and constantly
evolving foodservice sector. A steady stream of international visitors and the tendency for local residents
to eat out keep the foodservice sector vibrant. Euromonitor International estimated that Singaporeans
spent about US$8.16 billion eating out in 2013.
According to a Singapore Health Promotion Board survey, the median number of times people who have
their meals outside their home each week is eight, which means half of those surveyed ate out eight or
more times a week.
Consumer Foodservice Sales in Singapore
Historic in US$ Millions, Fixed 2013 Exchange Rate
Category
Consumer Foodservice by Type
Street Stalls/Kiosks
Full-Service Restaurants
Cafés/Bars
Fast Food
Pizza Consumer Foodservice*
100% Home Delivery/Takeaway
Self-Service Cafeterias
2008
2009
2010
2011
2012
6,769.2
3,594.5
1,563.7
860.7
705.7
84.8
36.5
8.1
6,882.8
3,745.6
1,485.6
849.7
751.9
85.2
41.8
8.1
7,294.3
3,901.6
1,625.0
894.3
820.3
91.1
41.8
11.4
7,521.4
3,965.4
1,690.4
934.8
871.2
100.2
47.7
11.9
7,672.2
4,012.1
1,742.7
962.6
893.4
103.1
48.7
12.7
2008-12
CAGR %
3.2
2.8
2.7
2.8
6.1
5.0
7.5
11.9
Consumer Foodservice Sales in Singapore
Forecast in US$ Millions, Fixed 2013 Exchange Rate
Category
Consumer Foodservice by Type
Street Stalls/Kiosks
Full-Service Restaurants
Cafés/Bars
Fast Food
Pizza Consumer Foodservice*
100% Home Delivery/Takeaway
Self-Service Cafeterias
2013*
2014
2015
2016
2017
7857.6
4090.5
1801.1
985.4
917.2
106
50.3
13
8033.2
4162.3
1858.9
1006.6
940.4
108.6
51.8
13.3
8198.9
4227
1915.8
1026.3
963
110.9
53.1
13.6
8353.7
4284.2
1971.8
1044.6
985
112.8
54.3
13.8
8497.1
4333.7
2026.7
1061.2
1006.2
114.3
55.3
14.1
2013-17
CAGR %
2.0
1.5
3.0
1.9
2.3
1.9
2.4
2.0
Source for both: Euromonitor, 2014, *Data for 2013 are estimates
Note*: Pizza consumer foodservice is the aggregate of three sub-sectors, Pizza fast food, Pizza full-service restaurants and Pizza
100% home delivery/takeaway. These three pizza sub-sectors are also included within the Fast food, Full-service restaurants and
100% home delivery takeaway sectors.
Page | 5
RETAIL SALES
Euromonitor has estimated the retail sales value of packaged foods in Singapore at US$2.3 billion in
2013. This represents a compound annual growth rate (CAGR) increase of 3.8% or US$397.2.6 million
since 2008. They have also forecast that packaged food retail sales would reach US$2.8 billion by 2018,
following a CAGR nearing 4.0%, or an increase of US$496.8 million. High-growth products in the forecast
period include baby food, snack bars, confectionery, noodles, ice cream and dried processed food.
Packaged Food Retail Sales in Singapore
Historic in US$ Millions, Fixed 2013 Exchange Rate
Category
Packaged Food
Bakery
Dairy
Dried processed food
Confectionery
Baby food
Ice cream
Sweet and savoury snacks
Canned/preserved food
Noodles
Frozen processed food
Oils and fats
Sauces, dressings and condiments
Chilled processed food
Ready meals
Spreads
Soup
Meal replacement
Snack bars
Pasta
2008
2009
2010
2011
2012
2013
1,926.0 1,992.3 2,070.9 2,151.6 2,238.9 2,323.2
420.1
430.1
443.2
458.9
475.2
492.6
310.7
321.5
336.1
350.5
368.5
384.5
299.6
310.1
322.7
332.0
341.0
350.7
185.7
193.9
202.7
212.5
222.6
231.4
114.2
127.2
139.0
150.3
164.3
177.4
85.1
87.9
91.7
95.5
99.9
104.0
89.7
91.3
93.7
98.3
102.4
106.9
95.3
98.2
101.5
104.6
107.1
109.2
48.8
55.5
63.0
67.5
72.2
77.8
74.2
75.5
77.2
78.9
80.6
82.4
70.4
71.4
72.7
74.2
76.0
77.9
64.3
65.8
67.6
69.6
71.4
73.0
59.0
60.0
61.3
62.2
63.0
63.7
36.8
37.8
38.8
39.9
40.8
41.7
33.3
34.1
35.2
36.5
37.9
39.3
21.4
22.8
23.7
24.9
25.7
26.3
14.3
14.3
14.7
15.4
16.0
16.4
7.6
7.9
8.4
8.9
9.4
10.0
8.3
8.6
8.9
9.2
9.5
9.8
CAGR %
2008-13
3.8%
3.2%
4.4%
3.2%
4.5%
9.2%
4.1%
3.6%
2.8%
9.8%
2.1%
2.0%
2.6%
1.5%
2.5%
3.4%
4.2%
2.8%
5.6%
3.4%
Source: Euromonitor, 2014
The Singapore government has introduced the “Healthier Choice” symbol on packaged food products in
order to indicate healthier product options to consumers. Since the symbol has penetrated Singapore,
Euromonitor notes that about 70% of Singaporeans use this symbol to assist them in making healthier
food choices, and that food manufacturers are also taking this opportunity to improve their profits by
introducing healthier packaged food variants.
This trend for healthy eating is becoming mainstream in Singapore, and as consumers are becoming
increasingly health-conscious, they are requesting healthier food products. Singaporeans are more
knowledgeable about food and have developed more sophisticated tastes; they are more willing to spend
on premium and artisanal products which they perceive to be of higher quality. They also spend more on
impulse and indulgence items, such as snacks and confectionery products, which they regard as an
affordable luxury according to Euromonitor International. Consumers are also willing to spend more on
premium packaged food which they perceive to be healthier than regular items.
Page | 6
Packaged Food Retail Sales in Singapore
Forecast in US$ Millions, Fixed 2013 Exchange Rate
Category
Packaged Food
Bakery
Dairy
Dried processed food
Confectionery
Baby food
Ice cream
Sweet and savoury snacks
Canned/preserved food
Noodles
Frozen processed food
Oils and fats
Sauces, dressings and condiments
Chilled processed food
Ready meals
Spreads
Soup
Meal replacement
Snack bars
Pasta
2014
2015
2016
2017
2018
2,432.7
519.0
404.6
359.6
243.8
191.5
109.6
111.8
112.6
83.2
85.2
81.1
75.9
65.4
43.0
41.0
27.4
17.1
10.4
10.2
2,525.0
542.8
421.4
366.7
254.2
202.9
114.7
115.5
115.4
88.2
87.6
83.6
78.2
67.0
44.0
42.4
28.2
17.7
11.0
10.4
2,617.8
566.2
438.9
374.4
264.7
213.4
119.7
118.9
118.3
93.0
90.3
86.1
80.4
68.7
45.0
43.8
29.1
18.2
11.6
10.7
2,715.8
590.9
457.5
383.2
275.5
223.9
125.1
122.4
121.6
98.0
93.3
88.7
82.7
70.5
46.2
45.3
30.0
18.7
12.2
11.0
2,820.0
617.1
477.0
393.5
286.8
234.3
130.9
126.2
125.1
103.4
96.5
91.5
85.2
72.5
47.4
47.0
31.0
19.2
12.9
11.3
CAGR %
2014-18
3.8%
4.4%
4.2%
2.3%
4.1%
5.2%
4.5%
3.1%
2.7%
5.6%
3.2%
3.1%
2.9%
2.6%
2.5%
3.5%
3.1%
2.9%
5.5%
2.6%
Source: Euromonitor, 2014
Singaporeans have a busy lifestyle, and convenience will remain the key growth factor. Consumers are
likely to seek easy meal preparation and packaging innovations in order to save time. Euromonitor also
notes that the packaged food segment is anticipated to see positive steady growth into 2018. Although
some categories such as nutrition/staples are reaching maturity, the overall growth of packaged food is
likely to result from Singaporeans opting for more expensive and healthier products in categories such as
impulse and indulgence products.
Finally, according to Planet Retail, Singapore’s modern retailers now control up to 60% of the retail sales
of retail packaged food and drinks. Such retailers control most shares of sales for indulgence products
such as confectionery, ice cream and soft drinks, which need broader-based distribution channels. The
remaining 40% is comprised in large number by small family-owned shops, which range from
neighborhood grocery to high-end speciality stores. This category also includes traditional wet and dry
markets, but these only carry limited products.
RESOURCES
British Broadcasting Corporation (BBC) – Country profile- Singapore
- Euromonitor International – 2013- Consumer Foodservice in Singapore
- Euromonitor International – 2013- Consumer Lifestyles in Singapore
- Euromonitor International – 2013- Packaged Food in Singapore
- FAOSTAT- 2014- Agricultural Production- Singapore
- Global Trade Atlas- Singapore- 2014 Import and export statistics
Page | 7
Market Overview: Singapore
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Page | 8