BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Singapore ready-to-eat food market size to grow at a CAGR of 3.05% during the forecast period between 2023 and 2029. Growing demand for healthy and convenient food options, as well as 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, are major factors driving the growth of Singapore ready-to-eat food market. Also, international cuisines have grown in popularity, with a particular emphasis on Asian flavors and street food-inspired meals. Further, there has been an increase in the usage of novel packaging solutions, such as sustainable and eco-friendly materials, in the market. There has been a significant shift towards online platforms and food delivery services, giving consumers better 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.
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 – 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-to-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.
Singapore ready-to-eat food market is fiercely competitive. Major companies in the 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. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Singapore Ready-to-eat food market.
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