Report Overview

Singapore Ready-to-Eat Food Market – Industry Trends & Forecast Report, 2029

Singapore ready-to-eat food market size is projected to grow at a CAGR of 3.05% during the forecast period between 2023 and 2029. Major factors driving the growth of Singapore ready-to-eat food market include growing demand for healthy and convenient food options, leading to an increase in the availability of ready-to-eat meals that are low in calories and cater to specific dietary preferences such as vegan, gluten-free, and organic. Also, there has been a surge in the popularity of international cuisines, with a particular focus on Asian flavors and street food-inspired dishes. Further, the market has seen a rise in the use of innovative packaging solutions, such as sustainable and eco-friendly materials. There has been a notable shift towards online platforms and food delivery services, providing consumers with greater accessibility and convenience when purchasing ready-to-eat meals.

Singapore Ready-to-Eat Food Market - Overview

Singapore ready-to-eat food market is a thriving segment in the food industry. It refers to a range of pre-packaged, fully cooked, and conveniently consumable food products that cater to the fast-paced lifestyle of Singaporeans. This market offers a diverse selection of ready-to-eat options, including meals, snacks, and desserts, available through various channels such as supermarkets, convenience stores, and online platforms. The market is driven by factors like busy lifestyles, increasing urbanization, and the demand for quick and convenient meal solutions. With a focus on quality, taste, and innovation, the Singapore ready-to-eat food market continues to experience steady growth and presents opportunities for both local and international food brands.

Growth Drivers

Convenience and Diverse Culinary Options

Singapore's ready-to-eat food market is experiencing a significant surge, driven by a compelling growth driver - the perfect combination of convenience and diverse culinary options. With busy lifestyles and a rising number of working professionals, consumers are seeking quick and hassle-free meal solutions. Ready-to-eat foods offer a convenient solution, eliminating the need for meal preparation and saving valuable time. Further, Singapore's vibrant food culture and diverse population contribute to a wide range of ready-to-eat options, catering to various tastes and dietary preferences. This culinary variety, coupled with ease of access, affordability, and consistent quality, makes the ready-to-eat food market thrive, captivating the hearts and palates of Singaporeans.

Restraints

Growing Health Consciousness

Singapore's ready-to-eat food market faces growing constraints due to the rising health consciousness among consumers. As individuals increasingly prioritize healthier lifestyles and dietary choices, they are becoming more cautious about the ingredients, nutritional value, and processing methods of their food. This trend poses challenges for the ready-to-eat food sector, which traditionally relied on convenience and speed. To meet the demands of health-conscious consumers, market players must invest in research and development to offer healthier, low-fat, low-sodium, and organic alternatives. Also, transparent labeling and clear nutritional information will be crucial to gaining consumer trust. Adapting to these restraints will be vital for the continued success and growth of Singapore's ready-to-eat food market.

Impact of COVID-19 on Singapore Ready-to-Eat Food Market

The COVID-19 pandemic significantly impacted the Singapore ready-to-eat food market. With the implementation of social distancing measures and work-from-home policies, there has been a shift in consumer behavior and dining preferences. As people are spending more time at home, there has been an increased demand for convenient and ready-to-eat meals. This has led to a surge in online food delivery services and the adoption of contactless delivery options. However, the closure of dine-in establishments and reduced foot traffic in commercial areas have negatively affected the sales of ready-to-eat food vendors. To adapt to the changing landscape, businesses have been innovating by introducing new product offerings and enhancing their online presence to cater to evolving consumer needs.

Singapore Ready-to-Eat Food Market

Segmental Coverage

Singapore Ready-to-Eat Food Market – By Product Type

On the basis of product type, Singapore ready-to-eat food market is divided into Instant Breakfast/Cereals, Instant Soups and Snacks, Ready Meals, Baked Goods, and Meat Products segments. Among the product types in the Singapore ready-to-eat food market, the ready meals segment is the largest segment. Ready meals are pre-packaged and convenient food options that require minimal preparation before consumption. They cater to the busy lifestyles of consumers who seek quick and easy meal solutions. The popularity of ready meals can be attributed to factors such as convenience, variety, and time-saving benefits. With a wide range of options available, including both local and international cuisines, the ready meals segment has gained significant traction in the Singaporean market, making it the largest segment in the ready-to-eat food industry.

Singapore Ready-to-Eat Food Market – By Distribution Channel

On the basis of distribution channel, Singapore ready-to-eat food market is divided into Hypermarkets/Supermarkets, Convenience Stores, Food Specialty Stores, Departmental Stores, Online Retailers, and Other Distribution Channels segments. Among the various segments in the Singapore Ready Eat Food Market, the largest segment is the Hypermarkets/Supermarkets category. Hypermarkets and supermarkets are major retail outlets that cater to a wide range of consumer needs, including ready-to-eat food items. These establishments offer a diverse selection of food products and enjoy high customer footfall due to their convenience and accessibility. With their extensive product offerings, attractive pricing, and established distribution networks, hypermarkets and supermarkets have emerged as the dominant distribution channel for ready-to-eat food in Singapore. The availability of a wide range of options and the convenience of one-stop shopping contributes to the popularity and success of this segment in the market.

                                                    Competitive Landscape

Major players in the Singapore ready-to-eat food market include PepsiCo Inc., Nestle, Kellogg Co., General Mills Inc., Prima Taste, Pondok Abang, Food Box, Health Food Matters, Select Group Pte Ltd, and McCain Foods. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Recent Developments

• In August 2022: OTS Holdings Limited, a brand builder and food manufacturing group, launched a plant-based, ready-to-eat food brand ANEW that aims to deliver quality, nutrition, and convenience to consumers with a taste of heritage.

• In September 2021: Nissin Foods Singapore launched the new Nissin X IRVINS Salted Egg Instant Noodle Bowl in collaboration with the salted egg snack expert IRVINS. The instant noodle features classic mee pork noodles with salted egg seasoning, spring onion, and egg crumbs.

• In May 2021: Impossible Foods launched its first ready-to-eat Impossible Burger across more than 300 7-Eleven stores in Singapore, becoming the first plant-based meat manufacturer to offer a ready-to-eat product in the country.

Scope of the Report

By Product Type

• Instant Breakfast/Cereals

• Instant Soups and Snacks

• Ready Meals

• Baked Goods

• Meat Products

• Other Product Types

By Distribution Channel

• Hypermarkets/Supermarkets

• Convenience Stores

• Food Specialty Stores

• Departmental Stores

• Online Retailers

• Other Distribution Channels

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3.  Singapore Ready to Eat Food Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Demand Surge for Convenient and Healthy Food
         2. Increasing Number of Working Professionals
         3. Growing Tourism Industry
      2. Restraints
         1. Competition from Traditional Food Outlets
         2. Perceptions of Freshness and Quality
      3. Opportunities
         1. Rising Demand for Ethnic and International Cuisines
         2. Product Innovation and Differentiation
         3. Healthier and Organic Ready-to-Eat Options
      4. Challenges
         1. Food Safety and Hygiene Regulations
         2. Short Shelf Life and Preservation Techniques
   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
   6. Price Point Analysis: Global Automotive Memory, 2019–2022
4.  Singapore Ready to Eat Food Market Overview
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product Type
         1. Instant Breakfast/Cereals
         2. Instant Soups and Snacks
         3. Ready Meals
         4. Baked Goods
         5. Meat Products
         6. Other Product Types
      2. By Distribution Channel
         1. Hypermarkets/Supermarkets
         2. Convenience Stores
         3. Food Specialty Stores
         4. Departmental Stores
         5. Online Retailers
         6. Other Distribution Channels
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Singapore Ready to Eat Food Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid-19 on Singapore Ready to Eat Food Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook and SWOT Analysis)
   1. PepsiCo Inc.
   2. Nestle
   3. Kellogg Co.
   4. General Mills Inc.
   5. Prima Taste
   6. Pondok Abang
   7. Food Box
   8. Health Food Matters
   9. Select Group Pte Ltd
   10. McCain Foods
   11. Other prominent players
8. Key Strategic Recommendations
9. 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 Region
   5. Assumption & Limitation

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

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

List of Figure

Figure 1 Singapore Ready to Eat Food Market Segmentation

Figure 2 Singapore Ready to Eat Food Market Value Chain Analysis

Figure 3 Company Market Share Analysis, 2022

Figure 4 Singapore Ready to Eat Food Market Size, By Value (USD Billion), 2019–2029

Figure 5 Singapore Ready to Eat Food Market Share, By Product Type, By Value, 2019–2029

Figure 6 Singapore Ready to Eat Food Market Share, By Distribution Channel, By Value, 2019–2029

List of Tables

Table 1        Singapore Ready to Eat Food Market Size, By Product Type, By Value, 2019–2029

Table 2        Singapore Ready to Eat Food Market Size, By Distribution Channel, By Value, 2019–2029

Table 3        PepsiCo Inc. Company Overview

Table 4        PepsiCo Inc. Financial Overview

Table 5        Nestle Company Overview

Table 6        Nestle Financial Overview

Table 7        Kellogg Co. Company Overview

Table 8        Kellogg Co. Financial Overview

Table 9        General Mills Inc. Company Overview

Table 10      General Mills Inc. Financial Overview

Table 11      Prima Taste Company Overview

Table 12      Prima Taste Financial Overview

Table 13      Pondok Abang Company Overview

Table 14      Pondok Abang Financial Overview

Table 15      Food Box Company Overview

Table 16      Food Box Financial Overview

Table 17      Health Food Matters Company Overview

Table 18      Health Food Matters Financial Overview

Table 19      Select Group Pte Ltd Company Overview

Table 20      Select Group Pte Ltd Financial Overview

Table 21      McCain Foods Company Overview

Table 22      McCain Foods Financial Overview