Boston, MA -- (SBWire) -- 03/19/2013 --Our outlook for Singapore's consumer sector remains positive, as the country's economy has weathered the global economic downturn fairly well. In fact, the Singaporean consumer is one of the bright spots for the city-state's economy, in line with rising wealth levels and incomes. We forecast private consumption to grow by a solid 5.5% in 2013, following estimated 3.5% growth in 2012, and expect the sector to be an outperformer in the years to come, as the strong demand that we have seen in both housing and vehicle sales continuing to point to the underlying strength of the Singaporean consumer. Furthermore, the fundamentals within Singapore's domestic economy remain sound - in particular, the labour market has shown marked resilience to the regional slowdown. Given the ongoing external malaise and the economy's slower than expected growth in Q312, we have downgraded our full-year GDP growth estimate from 2.6% to 1.9%, although we continue to forecast for the economy to see a rebound to 3.6% in 2013.
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Headline Industry Data (local currency)
- 2013 food consumption = +7.16%; compound annual growth rate (CAGR) forecast to 2017 = +2.93%
- 2013 alcoholic drink value sales = +7.03%; CAGR forecast to 2017 = +5.68%
- 2013 soft drink value sales = +3.49%; CAGR forecast to 2017 = +2.94%
- 2013 mass grocery retail sales = +2.92%; CAGR forecast to 2017 = +2.76%
Industry Trends & Developments
Heineken Takes Full Control of APB: In October 2012, Dutch brewing giant Heineken secured full control of Asia Pacific Breweries after the shareholders of Fraser and Neave voted in favour of the firm's SGD5.6bn (US$4.5bn) bid. Heineken has been forced to pay a hefty premium for the business, at 17X earnings before interest tax and amortisation. However, the firm's CEO has stressed that it was 'worth every dollar' owing to the firm's tremendous exposure to some of Asia's most promising beer markets.
Petra Foods' Sales Take A Hit: Singapore-based cocoa ingredients and chocolate confectionery manufacturer Petra Foods' sales fell 16.5% year-on-year (y-o-y) to US$359.9mn in Q312, and its earnings before interest, tax, depreciation and amortisation decreased 7.4% y-o-y to US$28.7mn in the quarter. The decline has been attributed to weaker chocolate consumption globally, which reduced profits from the company's cocoa ingredients division by 57.8% y-o-y to US$6.7mn. Petra Foods aims to focus on higher-value custom ingredients and is expected to leave Eastern European markets in a bid to restore profitability.
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Singapore Food & Drink Report Q1 2013 - New Market Study Published
Recently published research from Business Monitor International, "Singapore Food & Drink Report Q1 2013", is now available at Fast Market Research