Fast Market Research recommends "Singapore Food & Drink Report Q4 2013" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 10/23/2013 -- The Singaporean consumer outlook remains steady given low unemployment and stable private consumption. That said, following years of impressive growth, with real GDP growth averaging 6% over the last five years, 2012's near-recessionary 1.3% growth indicates the pressure being placed on the country. Despite these challenges, the Singapore consumer remains confident, with positive spill-over effects on the food and drink industry.
Headline Industry Data (local currency)
- 2013 food consumption = +4.5%; compound annual growth rate (CAGR) forecast to 2017 = +2.4%
- 2013 alcoholic drink value sales = +6.0%; CAGR forecast to 2017 = +5.6%
- 2013 soft drink value sales = +3.5%; CAGR forecast to 2017 = +2.9%
- 2013 mass grocery retail sales = +2.9%; CAGR forecast to 2017 = +2.8%
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Industry Trends & Developments
Haribo Targets Sweetening Confectionery Market: German confectionery giant Haribo has increased its presence in Singapore as it looks to capitalise on growing confectionery demand. Having confirmed a deal with expansion services provider DKSH, the announcement not only signals continuing confidence in the Singaporean confectionery segment but the strategic benefit of being in close proximity to new markets such as Malaysia, Indonesia and Myanmar, which continue to offer dynamic potential to both domestic and international confectionery producers. As Haribo is already present in the market, we expect it to perform well; however, the geographically strategic value of an increased presence in Singapore is a clear highlight of the proposed new deal.
Petra Foods Looking For Brand Growth In Asian Markets: Singapore-based confectioner Petra Foods is aiming for brand growth in markets across Asia following the sale of its loss-making cocoa ingredients unit to Swiss chocolate-maker Barry Callebaut, reports Just-Food. The company offloaded the business division for US$950mn in June 2013, with its weak performance having led Petra to post a US$10.1mn loss during H113. CEO John Chuang said that the company will now look to capitalise on 'vibrant economies and fast-growing middle income classes' in the Asian region to develop brand growth.
Nestle Extends R&D Facilities In Singapore: Swiss food group Nestle has extended its research and development (R&D) facilities in Singapore by investing CHF4mn (US$4.1mn) in the centre. The extension, which will create 20 new jobs in 2013, comes at a time when Asian markets are growing at a rapid pace.
The expansion in the R&D centre will allow greater focus on the company's fastest-growing markets in the Asia Pacific region. The centre employs about 100 experts from 17 countries specialised in fields of mechanical engineering, analytical chemistry, microbiology and sensory science. The centre will take the global lead for the company's innovations in Nescafe coffee mixes and Milo powdered beverages.
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