New Food market report from Business Monitor International: "Singapore Food & Drink Report Q2 2014"
Boston, MA -- (SBWIRE) -- 04/10/2014 -- The Singaporean consumer outlook remains steady as the city-state continues to push for economic momentum. With unemployment low and private consumption stable, the Singapore consumer sector continues to look strong. The Singaporean economy has shown some nascent signs of life lately, with a strong services sector powering real GDP growth to a surprise 5.1% year-on-year performance in Q313. As a result of the economy's better than expected performance, as well as material revisions to H113 figures, we have upgraded our full-year real GDP 2013 forecast to 3.6% from 3.1% previously. That said, we believe that a somewhat middling external demand picture will likely effect a modest slowdown from the current pace of growth in 2014, and therefore retain our 3.2% forecast for the year.
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Headline Industry Data (local currency)
- 2014 food consumption = +1.9%; compound annual growth rate (CAGR) forecast 2014 to 2018 = +1.7%
- 2014 alcoholic drink value sales = +7.1%; CAGR forecast 2014 to 2018 = +5.4%
- 2014 soft drink value sales = +3.2%; CAGR forecast 2014 to 2018 = +1.9%
- 2014 mass grocery retail sales = +2.7%; CAGR forecast 2014 to 2018 = +2.3%
Industry Trends & Developments
Cool Mountain Targets Singapore: Cool Mountain Beverages (a niche US soda producer) announced in September 2013 that it was entering the soft drinks markets of Singapore and Malaysia, after partnering with Singapore's FGX International. The company was founded in 1997 and markets premium soda that is caffeine and high-fructose corn syrup (HFCS) free. The venture's success, in a relatively stagnant market, is dependent upon the effects of increasing premiumisation and nutritional awareness of Asian consumers. Cool Mountain Beverages is a small player in the soft drinks sector, with steady sales and annual revenue estimated to be in the region of between US$1mn and US$2mn. It has built a reputation as an environmentally conscious, premium product manufacturer with sales predominantly in the USA and Canada. The range includes eight different flavours, marketed in glass bottles under franchise and licensing agreements.
Heineken To Enter Singapore Soft Drinks Market: Global brewer Heineken will begin to market soft drinks in Singapore following Fraser & Neave's decision not to act on a non-compete clause signed between the two companies in January. In late 2012, Heineken bought Fraser & Neave's stake in Malaysia-based Asia Pacific Breweries for US$4.1bn. As part of the deal, Heineken signed an agreement not to manufacture, distribute or sell soft drinks in Singapore for two years from the completion of the acquisition. Fraser & Neave has since stepped aside and allowed Heineken to enter into the market, which is currently dominated by the Singaporean company.
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