Report Overview

Singapore Beer Market – Industry Trends & Forecast Report, 2030

Singapore Beer Market size by value was estimated at USD 9.1 billion in 2023. During the forecast period between 2024 and 2030, Singapore Beer Market size is projected to grow at a CAGR of 3.6% reaching a value of USD 10.9 billion by 2030. Prominent drivers of the market include increasing disposable incomes, evolving consumer preferences, growing trend towards digital retailing in the alcohol sector and the burgeoning popularity of craft and premium beers.

By volume, Singapore Beer Market size was estimated at 196.2 Billion liter in 2023. During the forecast period between 2024 and 2030, Singapore Beer Market size is projected to grow at a CAGR of 2.80% reaching the volume of 236.5 Billion liter by 2030. The Beer Market in Singapore, deeply rooted with brands like Tiger and Anchor since the 1930s, has evolved significantly, now embracing the rise of microbreweries and craft beers. Events such as Beerfest Asia and the Asia Beer Awards showcase the city's dynamic beer culture. On-trade sales channels, including bars and restaurants, dominate the market, although off-trade and online sales are gaining traction. Despite the high cost of beer in Singapore, it remains the most popular alcoholic beverage, with consumers willing to explore diverse flavors and premium options. This burgeoning interest in quality and variety positions Singapore as a pivotal hub in the global beer landscape, offering vast opportunities for both local and international players.

Beer – Overview

Beer is a fermented alcoholic beverage typically made from water, malted barley, hops, and yeast. It is brewed through a process where malted barley is soaked in water to create a sugary liquid, known as wort, which is then boiled with hops to add bitterness and aroma. Yeast is added to ferment the wort, converting sugars into alcohol and carbon dioxide. The resulting beverage ranges in flavor, color, and strength, from light lagers to dark stouts, with variations influenced by ingredients, brewing techniques, and regional traditions. Beer is enjoyed worldwide for its refreshing taste, social significance, and cultural diversity.

Singapore Beer Market

Growth Drivers

Growing Trend toward Premiumization

Premiumization is a significant driver propelling growth within Singapore Beer Market. This trend towards premium and craft beers reflects changing consumer preferences for higher-quality and more diverse beverage options. As disposable incomes rise and consumers become more sophisticated in their tastes, there is a notable shift away from traditional mass-market beers towards products that offer unique flavors, superior ingredients, and a distinct brand story. This shift has not only expanded the market but also intensified competition among brewers to innovate and differentiate their offerings. With a growing demand for premium beers among both locals and expatriates, breweries are leveraging this trend to introduce new products and elevate the overall beer drinking experience in Singapore.

Challenges

Fluctuations in Raw Material Prices

Fluctuations in raw material prices present a significant restraint to the growth of Singapore Beer Market. As key ingredients like barley and hops experience price volatility due to global supply chains and weather conditions, breweries face increased production costs. These cost pressures often lead to higher prices for consumers or reduced profit margins for producers. Moreover, the unpredictability in raw material costs complicates long-term planning and investment in brewing operations, impacting overall market stability and pricing strategies within the competitive landscape of Singapore's beer industry.

Impact of Escalating Geopolitical Tensions on Singapore Beer Market

Escalating geopolitical tensions among countries across regions could have a significant impact on the growth of Singapore Beer Market. Uncertainties stemming from geopolitical instability can disrupt supply chains, increasing import costs, and affecting consumer confidence and spending behavior. As a global trading hub, Singapore's Beer Market is vulnerable to fluctuations in international relations, which could lead to higher operational costs for breweries and distributors. Moreover, uncertainties may dampen tourism, a key driver of alcohol sales in the region. However, Singapore's strong economic fundamentals and diverse market offerings may mitigate some impacts, while proactive industry adaptation and strategic market positioning could help navigate these challenges effectively.

Singapore Beer Market

Segmental Coverage

Singapore Beer Market – By Type

On the basis of type, Singapore Beer Market is divided into Lager, Ale, Stout & Porter, and Malt segments. The lager segment holds the highest share in Singapore Beer Market by type. Lager is preferred by Singaporean consumers for its crisp taste and refreshing qualities, making it the most consumed type of beer. This preference aligns with local drinking habits, where lager holds sway over other varieties like dark beer and stout. Despite being the world's seventh most expensive country for beer, Singaporeans continue to favor lager due to its affordability compared to wine and spirits. This segment's popularity underscores its significant role in shaping consumer preferences and market dynamics within Singapore's vibrant alcohol industry.

Singapore Beer Market – By Category

Based on category, Singapore Beer Market is segmented into Popular-Priced, Premium, and Super Premium segments. The popular-priced segment holds the highest share in Singapore Beer Market by category. The segment encompasses widely consumed brands, such as Tiger Beer and Carlsberg, appealing to a broad consumer base looking for affordable yet quality beer options. In contrast, the premium and super premium segments, although expanding, currently command smaller market shares. These higher-end categories feature craft beers and imported premium brands that cater to niche markets and consumers seeking distinctive flavors and experiences. While these segments contribute to the market's diversity, they have not yet surpassed the popularity and dominance of the mass-market offerings in Singapore.

Singapore Beer Market – By Packaging

By packaging, Singapore Beer Market is bifurcated Glass and Bottle Can segments. The glass segment holds a higher share in Singapore Beer Market by packaging, due to its economical production costs. Manufacturers perceive that consumers associate drinking from glass bottles with a premium experience compared to metal cans. Glass beer bottles are valued for their reliability, sustainability, full recyclability, and reusability. Additionally, glass effectively cools beverages quickly, enhancing the overall drinking experience for customers. These inherent qualities drive sustained demand and a resurgence in popularity for glass bottles across global markets and specific industries.

Singapore Beer Market – By Production

Based on production, Singapore Beer Market is divided into Macrobrewery, Microbrewery, and Craft Brewery segments. The macrobrewery segment holds the highest share in Singapore Beer Market by production, known for its efficient production to meet consumer demands. The increasing number of alcohol consumers drives the push for new flavored drinks, appealing to a broader audience. With millennials comprising a significant demographic globally, their interest in experimenting with new products has prompted breweries to innovate with diverse flavors and ingredients in their portfolios. Also, The craft brewery segment holds the second highest share in Singapore Beer Market by production. Craft brewers are challenging traditional giants like Tiger Beer with inventive flavors, sustainable practices, and modern packaging. These breweries, such as Niang Brewery and Alive Brewery, innovate by drawing inspiration from local flavors and cultural experiences, creating beers like Confection Cure and Berry Smoothie that appeal to diverse tastes, including non-beer drinkers. This surge in craft beer popularity is driven by a blend of storytelling, flavor innovation, and strategic market positioning, making it a vibrant and competitive segment within Singapore's dynamic beer market.

Competitive Landscape

Major players operating in Singapore Beer Market include Heineken, Carlsberg Group, Asahi Group Holdings, ThaiBev Pte Ltd, Malaysia Brewery Limited, Little Island Brewery, Red Dot Brewery, The Guild, and Singapore Brewery. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In March 2024 - Lion Brewery Co launched Nitro Stout in cans, a first in Singapore. This pioneering move includes cutting-edge nitro technology, foregoing traditional CO2 for liquid nitrogen infusion, ensuring a smooth, creamy pour. The stout, initially crafted for Earth Day, is now a core offering due to its popular demand.

Scope of the Report

By Type

• Lager

• Ale

• Stout & Porter

• Malt

By Category

• Popular-Priced

• Premium

• Super Premium

By Packaging

• Glass

• Bottle Can

By Production

• Macrobrewery

• Microbrewery

• Craft Brewery

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Singapore Beer Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rising Disposable Income and Urbanization
         2. Premiumization
         3. Strategic Marketing and Events
      2. Restraints
         1. Health Concerns and Changing Consumer Preferences
         2. Fluctuations in Raw Material Prices
      3. Opportunities
         1. Product Innovation and Diversification
         2. Increasing E-commerce
      4. Challenges
         1. Environmental Concerns
         2. Social and Cultural Factors
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Singapore Beer Market: Marketing Strategies
5. Singapore Beer Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Type
         1. Lager
         2. Ale
         3. Stout & Porter
         4. Malt
         5. Others
      2. By Category
         1. Popular-Priced
         2. Premium
         3. Super Premium
      3. By Packaging
         1. Glass
         2. Bottle Can
         3. Others
      4. By Production
         1. Macrobrewery
         2. Microbrewery
         3. Craft Brewery
         4. Others
6. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Singapore Beer Company Market Share Analysis, 2023
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
7. Impact of Escalating Geopolitical Tensions on Singapore Beer Market
8. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
   1. Heineken
   2. Carlsberg Group
   3. Asahi Group Holdings
   4. ThaiBev Pte Ltd
   5. Malaysia Brewery Limited
   6. Little Island Brewery
   7. Red Dot Brewery
   8. The Guild
   9. Singapore Brewery
   10. Other Prominent Players
9. Key Strategic Recommendations
10. Research Methodology
    1. Qualitative Research
       1.  Primary & Secondary Research
    2.  Quantitative Research
    3.  Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4. Breakdown of Primary Research Respondents, By Country
    5.  Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       Singapore Beer Segmentation

Figure 2       Singapore Beer Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       Singapore Beer Market Size, By Value (USD Billion), 2019–2030

Figure 5       Singapore Beer Market Share, By Type, By Value, 2019–2030

Figure 6       Singapore Beer Market Share, By Category, By Value, 2019–2030

Figure 7       Singapore Beer Market Share, By Packaging, By Value, 2019–2030

Figure 8       Singapore Beer Market Share, By Production, By Value, 2019–2030

List of Tables

Table 1        Singapore Beer Market Size, By Value (USD Billion), 2019–2030

Table 2        Singapore Beer Market Size, By Type, By Value, 2019–2030

Table 3        Singapore Beer Market Size, By Category, By Value, 2019–2030

Table 4        Singapore Beer Market Size, By Packaging, By Value, 2019–2030

Table 5        Singapore Beer Market Size, By Production, By Value, 2019–2030

Table 6        Heineken Company Overview

Table 7        Heineken Financial Overview

Table 8        Carlsberg Group Company Overview

Table 9        Carlsberg Group Financial Overview

Table 10      Asahi Group Holdings Company Overview

Table 11      Asahi Group Holdings Financial Overview

Table 12      ThaiBev Pte Ltd Company Overview

Table 13      ThaiBev Pte Ltd Financial Overview

Table 14      Malaysia Brewery Limited Company Overview

Table 15      Malaysia Brewery Limited Financial Overview

Table 16      Little Island Brewery Company Overview

Table 17      Little Island Brewery Financial Overview

Table 18      Red Dot Brewery Company Overview

Table 19      Red Dot Brewery Financial Overview

Table 20      The Guild Company Overview

Table 21      The Guild Financial Overview

Table 22      Singapore Brewery Company Overview

Table 23      Singapore Brewery Financial Overview