According to Statista, the manufacturing output value of food, beverages, and tobacco in Singapore amounted to S$10.48 billion in 2019. This is a slight increase compared to the previous year. The manufacturing value of food, beverages, and tobacco has steadily increased over the years.
Major Companies in this Industry
Wilmar International is the largest company in this industry with revenues in excess of S$40B. The company is involved in the entire value chain of the agricultural commodity business, from cultivation and milling of palm oil and sugarcane, to processing, branding and distribution of a wide range of edible food products in consumer, medium and bulk packaging, animal feeds and industrial agri-products. The company has 90,000 workers worldwide.
Singapore is also home to the Olam Group which has revenues of S$24B and a workforce of 84,000. The company is involved in the sourcing and growing of raw materials and transforming them to deliver food, feed and fiber.
Other major players making the top 10 include Golden Agri-Resources, Japfa, Mewah Group, Del Monte Pacific, SATS, Fraser & Neave, Indofood Agri-Resources, and QAF.
The Department of Statistics lists the following in the Food, Beverages & Tobacco Sector:
- SSIC 46301 Fruits and vegetables
- SSIC 46302 Livestock, meat, poultry, eggs and seafood
- SSIC 46303 Cereals, sugar, oils, sauces and dairy products
- SSIC 46304 Confectionery and bakery products
- SSIC 46305 Ice-cream
- SSIC 46306 Health supplements
- SSIC 46307 Liquor and soft drinks
- SSIC 46308 Tobacco products
- SSIC 46309 Food, beverages and tobacco nec
Market for Imported Food and Beverages
The market for imported food and beverage products in Singapore is huge as the lack of arable land in Singapore puts a strain on what the country is able to produce and creates a dependency on imports to maintain food security. Singapore, being so heavily urbanised, is abundant with retailers and grocers selling food and beverage products; and western and local fast food chains are quite common in the country, though the food sold at these various outlets are most likely entirely brought in from abroad.
Across all of the food and beverage chain there exists the need to import products to meet demands of the Singaporean consumer, who has a higher level of disposable income than neighbouring countries. Furthermore, Singapore’s diverse population creates demand for a range of imported products. In view of these various factors, Singapore is a very attractive target market for a range of foreign food and beverage companies.
Asia Pacific Situation
According to Euromonitor, with production of USD3.0 trillion, Asia Pacific remains the world’s largest food, beverages and tobacco producer. The industry is expected to post a 4.5% CAGR over 2016-2025, driven by growing population and rising urbanisation.
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