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Singapore Food and Drink Report Q3 2008

Published by: Business Monitor International

Published: Jul. 22, 2008 - 63 Pages


Table of Contents


Executive Summary
Business Environment
Regional Food & Drink Business Environment Ratings
Table: Asia Pacific Food & Drink Ratings - Q308
Singapore’s Food & Drink Business Environment Rating
Table: Singapore’s Global Food & Drink Business Environment Ratings Peer Group
SWOT Analysis
Food And Drink
Singapore Food And Drink Industry SWOT
Mass Grocery Retail
Singapore Mass Grocery Retail Industry SWOT
Macroeconomic Outlook
Table: Singapore - Economic Activity
Food
Industry Forecast Scenario
Food Consumption
Table: Food Consumption Indicators - Historical Data & Forecasts
Canned Food
Confectionery
Organics
Table: Value/Volume Sales Of Selected Food Sub-Sectors - Historical Data & Forecasts
Trade
Table: Singapore Food & Drink Trade Indicators - Historical Data & Forecasts
Food Processing
Table: Food Production Indicators - Historical Data & Forecasts
Industry Developments
Market Overview
Agriculture
Food Processing
Drink
Industry Forecast Scenario
Hot Drinks
Alcoholic Drinks
Soft Drinks
Table: Singapore Beverage Sub-Sector Indicators - Value Sales - Historical Data & Forecasts
Industry Developments
Market Overview
Soft Drinks
Alcoholic Drinks
Agriculture At A Glance
Table: Singapore Agricultural Sub-Sector Production And Statistics
Agricultural Commodity Price
Retail
Industry Forecast Scenario
Table: Structure Of Singapore's Mass Grocery Retail Market By Value (US$mn) - Historical Data & Forecasts
Table: Grocery Retail Sales By Format - Historical Data & Forecasts
Industry Developments
Market Overview
Table: Structure Of Singapore's Mass Grocery Retail Market By Estimated Number Of Outlets
Table: Structure Of Singapore's Mass Grocery Retail Market By Value (US$mn)
Table: Estimated Average Sales (US$mn) Per Outlet By Format
Competitive Landscape
Key Players
Food And Drink
Key Players In Singapore's Food & Drinks Sector, 2007
Mass Grocery Retail
Table: Key Players In Singapore Mass Grocery Retail Sector, 2007
Company Analysis
Food
Petra Foods
Singapore Food Industries (SFI)
Drink
Asia Pacific Breweries (APB)
Fraser & Neave (F&N)
Mass Grocery Retail
NTUC FairPrice
Sheng Siong
Deep US Recession Scenario
Global Scenario
Table: World GDP Growth
Table: US GDP Growth, Investment Growth, and Private Consumption Growth
Table: Eurozone GDP Growth
Table: Asia, Excluding Japan, GDP Growth
Table: China GDP Growth
Table: Mexico GDP Growth
Table: Africa GDP Growth
Asia Pacific Food & Drink Scenario
Table: Impact Of Deep US Recession On Total Food Consumption (US$bn) In Selected Asia Pacific Markets - Cumulative US$ Impact Over 5-
yr Forecast Period
Appendix
Food & Drink Business Environment Ratings
Ratings Methodology
Ratings Overview
Ratings System
Indicators
Limits Of Potential Returns
Risks To Realisation Of Potential Returns
Weighting
Weighting
BMI Food & Drink Industry Glossary
Food & Drink
Mass Grocery Retail
BMI Food & Drink Forecasting & Sourcing
How We Generate Our Industry Forecasts
Sourcing

Abstract

While food price inflation might not be triggering widespread consumer protests in the comparativelyaffluent market of Singapore - after all this is an economy in which per capita food consumption stood ata healthy US$1,470 in 2007 and mere food availability is not a pressing concern - the market is far fromimmune from this global trend, as BMI explores in its newly-published Q308 Singapore Food & DrinkReport.

With regard to daily staples, Singapore’s supply is not at risk. The government has not suffered as a resultof regional export bans of key agricultural commodities, most notably rice, and has even gone so far as toallow higher imports in order to create buffer stocks to protect against future market volatility. However,if supply is certain, price stability certainly is not.

Here, Singapore has been closely affected by the activities of its neighbours, significantly a 40% fuelprice hike recently imposed in Malaysia. With Singapore importing US$6.5bn worth of food in 2007 andwith BMI expecting this to increase by 48% to 2012, the country is particularly vulnerable to such policyshifts in the economies of close trading partners. Singaporean wholesalers have reported sharp rises infood prices as a result of higher freight costs from Malaysia and while most have resisted passing thesecosts on to consumers in the short term, almost all have conceded that they may eventually have to.

Wholesalers are not the only band affected. Consumer retailers expressed concern about the impact of aglobal slowdown and rising inflation on consumer confidence in early 2008. In fact, so seriously doesmarket leader NTUC FairPrice view this concern this it is considering opening up stores specificallycatering to low income consumers. At the very least the retailer plans to devote sections of existing storesto low income groups, but should it opt for the specific store opening strategy, FairPrice would be makinga very clear statement about how prolonged it expects the current period of shaken consumer confidenceto be.5In fact, BMI believes that FairPrice is unlikely to open individual low income stores. For one, theretailer’s recent strategy has focused on higher end offerings in a bid to boost value sales in a market thatis realistically reaching maturity; its new hypermarket and Finest supermarket openings being goodexamples. Furthermore, FairPrice has actually experienced some growth on the back of this confidencedownturn; since the turn of the year, sales of the company’s private label products have increased by20%, while private label sales of daily essentials i.e. bread and milk, have increased by 50%.5Although not necessarily good news for branded food and beverage manufacturers, Singapore’s modernretailers should prove able to ride out the current pricing storm by focusing their efforts on lower-priced,but good value produce.

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