Singapore Ready to Eat Food Market -Growth, Trends and Forecasts (2018 - 2023)
Singapore Ready to Eat Food Market
The ready to eat food market in Singapore was valued USD 111.6 million in 2017. Consumers in Singapore today are savvy, knowledgeable and increasingly concerned with what goes into their meal. Owing to the increased level of exposure to multiple cultures, the people are experimenting with their diets and RTE foods are finding an opportunity to grow with the growing trend of trying new foods and cuisines in the country. Singaporeans are well travelled and adventurous, when it comes to trying out new and exotic food varieties, majorly seafood dishes. Attributing to such factors the RTE foods in Singapore is expected to grow with a value CAGR of 2.5% over the forecast period.
Singapore Ready to Eat Food Market Dynamics
Owing to the constantly improving standards of living (due to the rising income levels among the population in the country), influence of western culture, more global trade, and travelling, people are changing their taste preferences to ready-to-eat foods more compared to old and traditionally prepared foods.
RTE food is gaining popularity amid the consumers in Singapore, owing to their convenience. The busy working families prefer convenience associated with the food that are designed to save their time in the kitchen and reduce costs due to spoilage at a competitive price.
With broadening palates and expectations of ‘food paths’ setting onto food capital, Singaporeans are increasingly looking to satisfy their insatiable desire for new flavors and food experiences. As much as innovations and global experiences enter the island, essence of travelling through taste buds is scattering to the country’s market.
Owing to these experimentations with taste preferences, RTE food is finding a space in the personal life of consumers across the country, leading to an increase in growth of RTE food market in Singapore in near future.
Demand for natural and organic products in all Asian countries including Singapore is increasing exponentially. Growing awareness about health is making Asian consumers more wary about what they eat. Health and wellness is becoming a key priority, which influences their purchasing decisions. This factor is expected to hamper the growth of the RTE food market in Singapore over the forecast period.
Singapore Ready to Eat Food Market Segmentation
The market of ready to eat food in Singapore is segmented on the basis of product type, storage and distribution channel. On the basis of product type the market is segmented into soups and noodles, meat and fish, cereals and pulses, ready meals and others. The soup and noodles is expected to be the second highest performing segment in the RTE market. With increasingly hectic lifestyles and the growing prevalence of instant food and RTE food, fewer Singaporeans are cooking at home, owing to benefits derived from convenience products.
Brands, like Nestle Maggie, have come up with the instant ready to eat noodles in the recent years. Similarly, other players are innovating their product portfolio as per the changing consumption patterns of the consumers. Owing to their busy lifestyles, demand for ready-to-eat (RTE) meals has been rising due to changing consumer behavior toward convenience foods. Ready meal has been the most preferred product in the market as consumers opt for convenient and nutrient-driven meal options.
Key Developments of Singapore Ready to Eat Food Market
February 2016- Prima Taste launched a new series of ready meals and instant noodles that not only taste great, but are also healthy. It was a strategic move by the company to attract more consumers to its brand and provide more comfort to the consumers in their hectic life schedules.
Singapore Ready to Eat Food Market Major Players
General Mills Inc.
Health Food Matters.
Reasons to Purchase Singapore Ready to Eat Food Market Report
Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
Market dynamics which essentially consider the factors which are impelling the present market scenario along with growth opportunities of the market in the years to come
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
Competitive landscape involving the market share of major players along with the key strategies adopted for development in the past five years
Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis and strategies employed by the major market players
3 months analyst support along with the Market Estimate sheet in excel.
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