Singapore Food Processing Market (2023-2029): Market Forecast By Types, By Applications and Competitive Landscape

Singapore Food Processing Market Synopsis

Singapore food processing market has witnessed notable expansion, primarily driven by the Singapore government's initiatives to reduce the nation's heavy dependence on food imports, which currently make up 90% of the country's total food consumption along with rising demand for packed food. However, the Singapore food processing market faced significant challenges stemming from the outbreak of the COVID-19 pandemic, resulting in a decline in imports. Additionally, the pandemic caused delays in the establishment and enhancement plans for both new and existing farms, which affected their ability to achieve maximum production capacity. Nevertheless, in 2021, the market demonstrated robust growth, characterized by an upswing in local hen shell egg production, climbing from 615.9 million pieces in 2020 to 643.6 million pieces in 2021.
According to this research, Singapore Food Processing Market size is anticipated to grow at a CAGR of 10.1% during 2023-2029F. The Singapore Food Processing Market is poised for substantial growth in the coming years owing to increasing investments and government initiatives aimed at enhancing food security. Additionally, in April 2022, the inauguration of a cutting-edge food-tech facility, FoodPlant, within the JTC Food Hub Senoko, is set to support 200 Singaporean food manufacturers in creating 400 new products by 2026. Additionally, the Singapore Food Agency (SFA) announced a 60 million USD Agri-Food Cluster Transformation (ACT) Fund to develop innovative farming technologies and systems for local farms to expand their production capacities and capabilities. These factors significantly contribute to the Singapore food processing market growth.

Market by Types

Tertiary garnered the major revenue share in the Singapore food processing industry owing to increasing retail sales of packed food. For instance, retail sales of snacks increased from $713.6 million in 2018 to $812.5 million in 2022 and are further expected to reach $990.0 million by 2026. Additionally, changes in consumer lifestyles and a preference for convenience have driven heightened demand for packaged foods, thereby making a significant contribution to the growth of this segment.

Market by Application

Seafood, Eggs and meat accounted for major revenue share in the food processing market in Singapore in 2022 as hen shell eggs, seafood and meat contributed around 29%, 8% and 11% of our total food consumption in the country as of 2022. Additionally, Singapore has allocated a total of USD 220 million to provide funding for farms to expand and optimize their production capabilities, which has increased the local production of eggs and seafood and catalysed the growth of this segment.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 11 Years of Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Singapore Food Processing Market Overview
• Singapore Food Processing Market Outlook
• Singapore Food Processing Market Forecast
• Singapore Food Processing Market Value Chain Analysis
• Historical Data and Forecast of Singapore Food Processing Market Revenues, for the Period 2019-2029F
• Market Drivers and Restraints
• Historical Market Data and Forecast of Revenues, By Types, for the Period 2019-2029F
• Historical Market Data and Forecast of Revenues, By Applications, for the Period 2019-2029F
• Singapore Food Processing Market Market Trends
• Singapore Food Processing Market Opportunity Assessment
• Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

• The report provides a detailed analysis of the following market segments:

By Types

• Primary
• Secondary
• Tertiary

By Application

• Packaged Food
• Seafood, Eggs & Meat
• Fruits and Vegetables
• Dairy
• Beverages
• Edible Oils & Spices
• Others (Grains, Cereals, And Pulses)