Naperville, IL -- (SBWIRE) -- 09/21/2012 -- Product Synopsis
This report provides a top-level overview and detailed market, channel, and company-specific insights into the operating environment for foodservice companies.
Introduction and Landscape
Why was the report written?
This report is the result of Canadean's extensive market and company research covering the Singaporean foodservice industry. It provides detailed analysis of both historic and forecast foodservice industry values at channel level, analysis of the leading companies in the industry, and Singapore's business environment and landscape.
What is the current market landscape and what is changing?
The Singaporean foodservice market has witnessed steady growth despite the global economic downturn, mainly due to a steady domestic economy, rise in tourism and demographic changes.
What are the key drivers behind recent market changes?
Growth in tourism, a stable economic environment, increases in the female working population, and a low level of inflation were the main drivers behind the growth in the foodservice industry. Additionally, the growth in health awareness and food safety concerns has helped to develop healthier and more nutritious eating habits.
What makes this report unique and essential to read?
Singaporean Foodservice: The Future of Foodservice in Singapore to 2016 provides a top-level overview and detailed market, channel, and company-specific insights into the operating environment of foodservice companies. It is an essential tool for companies active across the Singaporean foodservice value chain, and for new companies considering entering the market.
Key Features and Benefits
This report provides readers with unparalleled levels of detail and insight in to the development of the foodservice sector in Singapore
This report provides readers with in-depth data on the valuation and development of both the profit and cost sectors in the Singaporean foodservice market.
This report provides details on the number of outlets, transactions, average prices, foodservice sales, sales per outlet, and transactions per outlet per week, across nearly 50 sub-channels.
This report provides highly granular future forecasts and historic market data to aid market and strategic planning.
This report will help you to assess the impact of the economic recession and recovery on foodservice market growth.
Key Market Issues
The Singapore tourism industry in 2011 witnessed growth in tourist arrivals, with a 13.1% increase in the number of tourists since 2010. Such a high growth in the tourism industry has improved the performance of the foodservice industry, which contributed to 10% of the total tourism receipt in 2011, and is also expected to grow over the forecast period.
Singapore is a highly developed market and maintains a per capita GDP higher than that of most developed countries. However, GDP contracted by 1.1% in the second quarter of 2012 compared with the previous quarter, due to the slowdown in the European economy. Singapore has a very low unemployment rate and, according to the Singapore Statistical Department, the same was 2% in June 2012.
The percentage of Singapore's ageing population increased from 7.2% in 2000 to 9.3% in 2011. In 2010, the total fertility rate in the country reached a low of 1.15 and life expectancy years at birth recorded in 2011 was 82.14.
The proportion of women joining the workforce has increased from 40.92% in 2005 to 42.26% of the total labor force in 2010. The singlehood rate has also increased over the review period, with a 43.1% single male population and a 30.65% single female population in between the age-group of 30-34 in 2010. A rise in singlehood, an increase in the number of women joining the workforce, and a busy lifestyle has led to the increased demand for fast-food in Singapore.
An increase in disposable income and a low unemployment rate in Singapore have led to the growth in the eating-out trend. The annual disposable income increased from S$134, 717 million in 2010 to S$145, 626 million in 2011, and is forecast to reach S$152, 604 million by the end of 2012.
In 2011, the proportion of the population aged 65 years and above in Singapore was recorded at 9.3%. The older population is becoming increasingly health conscious, which has led to a high demand for health food in the country. Most of the professionals in Singapore are exposed to a busy lifestyle and at the same time are concerned about their health and the quality of the food they consume, which has motivated them to change their eating habits.
Online marketing provides a platform for the foodservice operators to connect with their customers and advertise their products more effectively. Facebook and YouTube are the two most popular social media sites among the foodservice operators for advertisement.
In 2011 the internet penetration in Singapore was 70% for the year. Most of the people in Singapore prefer to dine out, and therefore booking a place in their favorite restaurants in advance becomes very important for them.
Singapore is a nation of mixed cultures and ethnic population, and there is no shortage of restaurants catering to such a variety of target consumers. Over the review period, Singapore witnessed an increase in the number of ethnic restaurants that provide Malaysian, Chinese, Indian, Japanese, and Western cuisines.
New modern-style cafés and fast-food chains such as McCafé by McDonald's and Whopper Bar by Burger King have become a new trend in Singapore. The main aim behind this trend is to serve consumers in a better manner and with the best service.
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