Sales of food & beverage (F&B) services rose 0.3% in December 2023 on a year-on-year basis, extending the 1.6% growth in November 2023. On a seasonally adjusted basis, sales of F&B services declined 1.9% in December 2023 compared to the previous month.
Revenue in the Food Market is projected to reach US$620.50m in 2024. Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 12.65%, resulting in a projected market volume of US$999.40m by 2028. In the Food Market, the number of users is expected to amount to 3.2m users by 2028.
In 2021, one person in Singapore consumed an average of around 390 eggs, 100 kg of vegetables, 22 kg of seafood, 62 kg of meat (i.e. chicken, pork, beef, mutton) and 76 kg of fruits.
What is the F&B industry outlook for Singapore 2023?
In 2023, the Food and beverage industry recorded a 28.9 percent increase in sales as Singaporeans work long hours and have meals outside the home, and for many, it is a form of enjoyment. The food market in Singapore is expected to generate US$12.0 billion in 2023, with an annual growth rate of 4.56% (CAGR 2023-2028).
Over 90% of Singapore's food comes from some 170 countries and regions. This reliance on food imports leaves us exposed to external forces – from supply shocks in source countries to disruptions in global supply chains.
Singapore 2023: Where to Eat & Shop, What to do + Local Food Hotspots (by a returning Singaporean)
What percentage of Singaporeans eat out?
According to a survey by Rakuten Insight on dining out habits, 43 percent of Singaporean respondents stated that they dined out several times a week. 24 percent of respondents even stated that they dined out at least once a day.
One of Singapore's biggest food sources is Malaysia, which supplies more than 50% of its eggs, about 40% of its fruits and vegetables, and a significant amount of its meat and seafood. Meanwhile, Singapore buys more meat from Brazil than any other country. In 2021, Singapore imported 214,400 tons of chicken.
Singapore Food Service Market Analysis. The Singapore Foodservice Market size is estimated at USD 24.88 billion in 2024, and is expected to reach USD 55.93 billion by 2029, growing at a CAGR of 17.59% during the forecast period (2024-2029).
Food manufacturing is the process by which livestock and agriculture are transformed into food products for consumption. The food manufacturing industry employs more than 48,000 workers in Singapore, and amounts to around $4.3 billion in annual revenue – this is about 1.1% of Singapore's GDP.
Singapore's food and beverage (F&B) sector is a vibrant and diverse industry encompassing a wide range of businesses, including restaurants, cafes, bars, food manufacturers, and distributors. The sector is a significant contributor to Singapore's GDP, raking over S$5 billion in 2022.
In Singapore, food is viewed as crucial to its national identity and a unifying cultural thread. Singaporean literature declares eating a national pastime and food a national obsession. Food is a frequent topic of conversation among Singaporeans.
Over 90% of Singapore's food comes from some 170 countries and regions. This heavy reliance on food import leaves us exposed to external forces, from supply shocks in source countries to disruptions in global supply chains.
Singapore is widely known for its seafood. However, the major common types of dishes include; meat dishes like Har Cheong Gai, bak kut teh, and car siu. Rice dishes include chai tow kway, duck rice, and nasi goreng. Seafood comprises of drunken prawn and Assam pedas.
In 2021, there were 5,424 restaurants operating in Singapore, compared to 732 fast food outlets. Other eating places in Singapore included the iconic hawker centers, which had been given a UNESCO heritage status in 2020.
Maybe not. An online survey in May 2022 to assess Singaporeans' nutrition literacy showed that although 76 per cent of the 1,000 respondents were diet-conscious during the pandemic, only 54 per cent thought that they were eating healthily most of the time.
Overview. As a highly urbanized country with little local agricultural production, Singapore is almost entirely dependent upon imports for its food requirements. Singapore's food laws are therefore focused on ensuring consistent foreign supply of safe food and agricultural products.
Singapore is one such bustling culture that's made up of Malay, Indonesian, Chinese and Indian populations. This melding of cuisines has produced a unique food scene that has breakfast joints where you can munch on kaya toast, and late-night eateries serving dosas and idlis.
This is partly due to the fact that Singapore is a small island nation with limited agricultural land, which means that a lot of food needs to be imported. As a result, the cost of food and drink in Singapore is much higher than in most other cities.
Overall 63 % of participants reported consuming fast food within a typical month, and 20 % did so at least once per week. Frequency of consumption differed by age, gender, ethnicity, household income and education level (Table 1).
