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The Singapore Ready-To-Eat Food Market size is projected to increase by USD 121.1 million, at a CAGR of 2.52% between 2023 and 2028. In today's fast-paced world, consumers are increasingly seeking convenience and efficiency in their daily lives. The growth of the organized retail sector has been a significant factor in catering to this demand, with supermarkets and online platforms offering a wide range of products under one roof. Moreover, the significant rise in new product launches across various industries reflects the competitive business landscape. Consumers can now choose from an array of options, ensuring they meet their evolving needs. This trend is particularly noticeable in sectors such as food and beverage, technology, and healthcare, where innovation and consumer-centricity are key drivers of growth. Overall, the organized retail sector's expansion and new product launches are transforming the way consumers live, work, and shop.
The Market shows an accelerated CAGR during the forecast period.
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The market is witnessing significant growth due to changing consumer lifestyles and urbanization. With the increasing number of dual-income households, meal preparation has become a time-consuming task, leading to a high demand for convenience food solutions. The younger generation and working population, with their fast-paced lifestyles, prefer RTE food products that offer diversity in taste and are easy to consume. Health-conscious consumers are also driving the market for RTE food products with diverse options catering to various dietary habits like acids, flavors, and sweeteners. Meat products, shelf-stable foods, powder mixes, baked goods, desserts, and cheese are some of the popular RTE food categories. The market for RTE food is also influenced by Western culture and the millennial population's preference for processed and packaged foods. RTE food packaging plays a crucial role in extending the product's shelf life and ensuring food safety. The market is expected to continue its growth trajectory, offering numerous opportunities for manufacturers and suppliers in the coming years. Overall, the RTE food market is a dynamic and evolving industry that caters to the diverse needs and preferences of consumers.
Busy lifestyles of consumers are notably driving the market growth. Singapore is highly urbanized, witnesses a significant portion of its population residing in compact apartments with limited kitchen facilities. This has fueled the demand for Ready-to-Eat foods, which offer easy preparation or consumption without the need for cooking. The demand for RTE foods, arising from the demands of busy lifestyles, is a universal trend, and it is expected to persist and flourish as people's schedules continue to become more hectic.
Consequently, food companies are likely to persist in their innovation efforts to cater to the needs of time-pressed consumers with novel and convenient RTE options, which is expected to have a positive influence on the growth of the RTE food market in Singapore during the forecast period.
Growing e-commerce boosting RTE food is an emerging trend shaping the market growth. The substantial growth of the e-commerce sector has been a significant driver for the Singapore-RTE food market. Over the past decade, e-commerce has played a pivotal role in driving the Singapore - ready-to-eat (RTE) food market. E-commerce platforms offer consumers an exceptional level of convenience, enabling them to effortlessly browse a diverse array of RTE food options, place orders, and have their meals delivered directly to their homes or workplaces, resulting in substantial time and effort savings. These platforms also provide access to both regional and global RTE food brands, broadening consumer choices. The increasing global prevalence of smartphones is fueling the proliferation of e-commerce providers worldwide.
Moreover, within e-commerce, various websites offer RTE food products, including brand-owned online formats and pure-play e-retailers. With the surging popularity of online shopping, particularly in emerging economies, the sales of RTE food products through this channel are expected to experience significant growth. Therefore, such factors are expected to drive the expansion of the RTE food market in Singapore during the forecast period.
Stringent regulations on food and beverages are a significant challenge hindering the market growth. Singapore enforces stringent regulations aimed at safeguarding the safety and quality of Ready-to-Eat foods. These regulations are primarily under the oversight of the Agri-Food and Veterinary Authority of Singapore (AVA), which was subsequently incorporated into the Singapore Food Agency (SFA) in April 2019. The SFA holds the responsibility for ensuring food safety, hygiene, and quality within Singapore, which encompasses the regulation of RTE foods. Singapore - ready-to-eat (RTE) food market must adhere to exacting food safety standards, which encompass guidelines for proper food handling, storage, and transportation to prevent contamination and maintain the food's safety for consumption.
Further, the use of food additives and ingredients in RTE foods is rigorously regulated to guarantee their safety for consumption, with the SFA responsible for determining the approval and acceptable levels of food additives. Thus, due to the stringent regulations, the RTE food market in Singapore is expected to hinder market growth during the forecast period.
The market share growth by the offline segment will be significant during the forecast period. Offline distribution channels hold a significant share of the Singapore - ready-to-eat food market. Traditional brick-and-mortar establishments, including supermarkets, convenience stores, and various physical retail outlets, serve as pivotal contributors to the expansion of the Singapore - RTE food market.
The offline segment was valued at USD 602.10 million in 2018.
Offline distribution channels offer accessibility to a diverse range of consumers, including those who may lack reliable internet access or have limited tech proficiency. This accessibility guarantees that RTE foods remain readily available to a broad demographic. While e-commerce has experienced notable growth and is projected to sustain this momentum, offline distribution channels, such as supermarkets, convenience stores, and specialized food retailers, retain a significant share of the Singapore - ready-to-eat food market and are expected to continue this trend during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The Singapore ready-to-eat food market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research and growth report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
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The market is witnessing significant growth due to changing consumer lifestyles and urbanization. Dual-income households and the younger generation's fast-paced lifestyle have led to a surge in demand for time-saving food solutions. Consumer health concerns, such as obesity and diabetes-related health problems, have driven health-conscious consumers towards vegetable-based and plant-based diets. Packaging innovation plays a crucial role in the RTE food market, with companies like Nomad Foods leading the way with their frozen or chilled food offerings. Meat/poultry, canned, retort, and cereal-based RTE foods continue to dominate the market. Urbanization and the rising purchasing power of consumers have led to an increase in the availability of diverse food options.
Further, convenience stores, online stores, departmental stores, and specialty stores are all contributing to the growth of the processed food business. Indian working couples, nuclear families, and the millennial population are key consumers of RTE foods. Western culture and food packaging trends have also influenced the market. Cold chain logistics have become essential for maintaining food quality and ensuring the freshness of RTE foods. Indian food producers are also entering the RTE food market to cater to the growing demand. The convenience food market is expected to continue its growth trajectory, driven by the working population's increasing disposable income and the need for quick and healthy meal options.
Industry Scope |
|
Report Coverage |
Details |
Page number |
143 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.52% |
Market growth 2024-2028 |
USD 121.1 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.32 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
7 Eleven Inc., CS Foods Pte Ltd., First Gourmet Pte Ltd., General Mills Inc., Gozen Pte. Ltd., Impossible Foods Inc., JR Foods Pte. Ltd, Kellogg Co., McCain Foods Ltd., Nestle SA, Nissin Foods Holdings Co. Ltd., Orkla ASA, OTS Holdings Ltd., PepsiCo Inc., Pondok Abang, Prima Food Pte Ltd., Shake Salad, Slect Group, The Soup Spoon Pte Ltd., and WATER TIGER TRADING PTE. LTD. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
If our market forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Market Segmentation by Product Type
9 Customer Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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