Singapore's Food & Beverage Scene
Singapore is widely acknowledged as a food capital in Asia, and the food services industry plays a vital role in our economy. It enjoys a strong reputation in food safety and quality.
Singapore’s Food & Beverage industry is a diverse and dynamic sector that contributes significantly to the country’s economy and has undergone various changes in the last few years. In 2023, Singapore’s F&B industry is expected to witness several trends and challenges that would shape its future.
Projected revenue in the Food Market is expected to amount to USD11.9b in 2023. The market is expected to grow annually by 4.55% (CAGR 2023-2028).
Compound Annual Growth Rate 2023 - 2028
In 2023, the F&B sector in Singapore is expected to experience several trends that will shape its future. These trends reflect changing consumer preferences, new technologies and emerging business models.
While population growth is an important driver of increased food demand, its impact is amplified by changes in the types and quantities of food demanded by consumers. The strain on our world's resources has spurred companies, investors, and technology incubators to work towards providing sustainable food options and increased consumers' demand for plant-based foods. Southeast Asian consumers, much like consumers around the world, are becoming increasingly aware of the environmental impact of their food consumption. This has led to changing attitudes towards sustainability: avoiding food waste, limiting packaging, and buying locallyproduced food. Younger consumers are moving towards plant-based diets and proteins as well.
Studies have found that Gen Zs are most likely to eat plant-based food. The plant-based demographic is younger and tends to fall between the ages of 18-44 which embodies more than one generation of consumers – Gen Z and millennials. A surge in plant-based meat substitutes, dairy-free milk alternatives and vegan diets remains on the ascent for 2023, fueling the call for these options on the menu in Singapore’s F&B scene. This includes providing plant-based meat substitutes, dairy-free milk alternatives and vegan desserts. Establishments offer a diverse menu including vegan and natural options to meet the demands, and also attract a wider consumer base.
Technology & Innovation
Technology’s impact remains pivotal – from elevated customer experiences through digital menus to app-based ordering. Streamlined operations via automated inventory and predictive ordering further underscore this trend. Enterprises adopting technology do so to excel in customer satisfaction and operational prowess.
Health & Wellness
With growing emphasis on health awareness among consumers, Singapore’s F&B sector is poised to respond to the call for healthier options, from introducing nutritious menu choices, integrating superfoods, low/no-alcohol beverages, functional ingredients, and sharing nutrition details. Embracing this shift will not only draw health-conscious customers, but also establish and distinct edge.
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