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Singapore Foodservice Market

Singapore Foodservice Market

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Singapore Foodservice Market, By Type (Full Service Restaurants, Cafés & Coffee Shops, Bars & Pubs, Catering & Event Services, Food Trucks & Street Food); By Cuisine (Regional/Traditional Cuisine, Ethnic Cuisine, Health-focused Cuisine, Fusion Cuisine); By Price Point (Budget, Mid-Range, Premium); By Location (Urban, Suburban, Rural), Trend Analysis, Competitive Landscape & Forecast, 2019–2030

  • Published Date: July 2024
  • Report ID: BWC24508
  • Available Format: PDF
  • Page: 300

Report Overview

The country’s thriving tourism and hospitality sector, growing dining-out culture, changing consumer lifestyles, and increasing disposable incomes driving the demand for diverse cuisines are expected to drive Singapore Foodservice Market during the forecast period between 2024 and 2030.

Singapore Foodservice Market – Industry Trends & Forecast Report, 2030

Singapore Foodservice Market size was estimated at USD 9.9 billion in 2023. During the forecast period between 2024 and 2030, Singapore Foodservice Market size is expected to expand at a CAGR of 11.50% reaching a value of USD 21.1 billion by 2030. Singapore Foodservice Market is driven by several factors including high urbanization, changing consumer lifestyles favoring convenience and dining out. A diverse culinary landscape attracts both locals and tourists, and government initiatives promoting tourism and hospitality sectors boost the market further. In addition, economic growth, rising disposable incomes, and a growing preference for international cuisines contribute to the market's expansion. Notably, innovations in food delivery services, health-conscious eating trends, and the integration of technology for enhanced customer experiences further propel growth in this dynamic sector.

Singapore Foodservice Market

Foodservice Market – Overview

Foodservice refers to the industry encompassing the preparation and service of food and beverages outside the home, covering restaurants, cafeterias, catering operations, and other eating establishments. It plays a crucial role in providing convenient dining options for consumers, ranging from quick-service outlets to fine dining experiences. The sector is influenced by consumer preferences, culinary trends, health regulations, and economic factors. Foodservice operations vary widely in scale and style, catering to diverse demographics and occasions, from casual meals to large events. This dynamic industry contributes significantly to the economy and continuously adapts to evolving tastes and market demands.

Singapore Foodservice Market

Growth Drivers

Evolving Consumer Preferences

Evolving consumer preferences are a significant growth driver for Singapore Foodservice Market, reflecting changing tastes and dietary habits among consumers. Increasing demand for healthier options, sustainable practices, and diverse culinary experiences drives innovation among foodservice providers. This trend encourages establishments to adapt their menus and operational strategies to cater to evolving preferences, such as plant-based alternatives and ethnic cuisines. Emphasizing quality, authenticity, and nutritional transparency further enhances customer satisfaction and loyalty, fostering a dynamic and competitive market landscape in Singapore's vibrant Foodservice Market.

Challenges

Rising Food and Labor Costs

Singapore Foodservice Market is grappling with escalating food and labor costs, significantly affecting profitability and operations. Supply chain disruptions, driven by global events and local challenges, have led to higher ingredient prices. Concurrently, a labor shortage and increased wages due to tighter labor regulations are straining the industry. These rising expenses compel foodservice providers to reconsider pricing strategies, menu offerings, and operational efficiencies. To remain competitive, businesses are increasingly adopting technology solutions and seeking innovative ways to optimize costs while maintaining service quality in this dynamic economic landscape.

Impact of Escalating Geopolitical Tensions on Singapore Foodservice Market

Escalating geopolitical tensions between countries and conflicts spreading across the regions could impact Singapore Foodservice Market by disrupting supply chains, leading to increased costs for imported food and ingredients. Geopolitical tensions can cause delays and shortages, pushing businesses to source alternatives or localize supply chains. Additionally, heightened uncertainty may reduce consumer confidence and spending in the foodservice sector. International travel restrictions and strained diplomatic relations can also decrease tourism, further affecting restaurant and hospitality revenues. Overall, the market faces increased operational costs, potential menu changes, and a need for strategic adaptations to maintain service quality and profitability amidst global instability.

Singapore Foodservice Market

Singapore Foodservice Market – By Type

By type, Singapore Foodservice Market is divided into Full-Service Restaurants, Cafés & Coffee Shops, Bars & Pubs, Catering & Event Services, and Food Trucks & Street Food segments. The full-service restaurants segment is the largest type in Singapore Foodservice Market. The segment dominates due to Singapore's diverse culinary landscape, a strong dining-out culture, and the presence of numerous high-end and casual dining establishments. Full-service restaurants offer a wide range of cuisines, attracting both locals and tourists, which significantly contributes to their leading position in the market.

Singapore Foodservice Market Growth

Singapore Foodservice Market – By Cuisine

On the basis of cuisine, Singapore Foodservice Market is divided into Regional/Traditional Cuisine, Ethnic Cuisine, Health-focused Cuisine, and Fusion Cuisine segments. The regional/traditional cuisine is the largest segment in Singapore Foodservice Market. The segment holds the highest market share due to the strong cultural preference for traditional local dishes and the popularity of Singaporean cuisine among both residents and tourists. The diverse range of traditional foods, such as Hainanese chicken rice, laksa, and chili crab, drives the demand in this segment, making it the most significant contributor to Singapore Foodservice Market.

Singapore Foodservice Market Size

Singapore Foodservice Market – By Location

Based on location, Singapore Foodservice Market is divided into Urban, Suburban, and Rural segments. The urban location holds a major share in Singapore Foodservice Market, This is due to the high population density, the concentration of commercial activities, and the diverse dining preferences of urban residents. Urban areas have a higher number of restaurants, cafes, and food outlets catering to a wide range of tastes and budgets. The vibrant urban lifestyle and the constant influx of tourists also contribute to the growth and dominance of the urban foodservice segment.

Competitive Landscape

Key players in the highly competitive Singapore Foodservice Market include McDonald's, KFC, Starbucks, Din Tai Fung, 7-Eleven, Crystal Jade Culinary Concepts Holding, Paradise Group Holdings, and Tung Lok Restaurants. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

Attributes

Details

Years Considered

Historical Data – 2019–2023

Base Year – 2023

Estimated Year – 2024

Forecast Period – 2024–2030

Facts Covered

Revenue in USD Billion 

Market Coverage

North America, Europe, Asia Pacific (APAC), Latin America (LATAM), Middle East and Africa (MEA)

Product/Service Segmentation

Deployment, Technology, Functionality, End User Industry, Region

Key Players

McDonald's, KFC, Starbucks, Din Tai Fung, 7-Eleven, Crystal Jade Culinary Concepts Holding, Paradise Group Holdings, Tung Lok Restaurants

 

By Type

  • Full Service Restaurants

  • Cafés & Coffee Shops

  • Bars & Pubs

  • Catering & Event Services

  • Food Trucks & Street Food

By Cuisine

  • Regional/Traditional Cuisine

  • Ethnic Cuisine

  • Health-focused Cuisine Fusion Cuisine

By Price Point

  • Budget

  • Mid-Range

  • Premium

By Location

  • Urban

  • Suburban

  • Rural

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. Singapore Foodservice Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Rising Disposable Income
        2. Increasing Urbanization
        3. Evolving Consumer Preferences
      2. Restraints
        1. Rising Food and Labor Costs
        2. Economic Downturns
      3. Opportunities
        1. Growing Popularity of Food Tourism
        2. Advancement in Technology
      4. Challenges
        1. Regulations
        2. Public Health Concerns
    3. Technological Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. Singapore Foodservice Market: Marketing Strategies
  5. Singapore Foodservice Market Overview
    1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
        1. Full-Service Restaurants
        2. Full-Service Restaurants
        3. Cafés and Coffee Shops
        4. Bars and Pubs
        5. Catering and Event Services
        6. Food Trucks and Street Food
      2. By Cuisine
        1. Regional/Traditional Cuisine
        2. Ethnic Cuisine
        3. Health-focused Cuisine
        4. Fusion Cuisine
      3. By Price Point
        1. Budget
        2. Mid Range
        3. Premium
      4. By Location
        1. Urban
        2. Suburban
        3. Rural
  6. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Singapore Foodservice Company Market Share Analysis, 2023
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
  7. Impact of Escalating Geopolitical Tensions on Singapore Foodservice Market
  8. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
    1. McDonald's
    2. KFC
    3. Starbucks
    4. Din Tai Fung
    5. 7-Eleven
    6. Crystal Jade Culinary Concepts Holding
    7. Paradise Group Holdings
    8. Tung Lok Restaurants
    9. Other Prominent Players
  9. Key Strategic Recommendations
  10. Research Methodology
    1. Qualitative Research
      1.  Primary & Secondary Research
    2.  Quantitative Research
    3.  Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5.  Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

 

List of Figures

 

Figure 1       Singapore Foodservice Segmentation

Figure 2       Singapore Foodservice Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       Singapore Foodservice Market Size, By Value (USD Million), 2019–2029

Figure 5       Singapore Foodservice Market Share, By Type, By Value, 2019–2029

Figure 6       Singapore Foodservice Market Share, By Cuisines, By Value, 2019–2029

Figure 7       Singapore Foodservice Market Share, By Price Point, By Value, 2019–2029

Figure 8       Singapore Foodservice Market Share, By Location, By Value, 2019–2029

 

List of Tables

 

Table 1        Singapore Foodservice Market Size, By Value (USD Million), 2019–2029

Table 2        Singapore Foodservice Market Size, By Type, By Value, 2019–2029

Table 3        Singapore Foodservice Market Size, By Cuisines, By Value, 2019–2029

Table 4        Singapore Foodservice Market Size, By Price Point, By Value, 2019–2029

Table 5        Singapore Foodservice Market Size, By Location, By Value, 2019–2029

Table 6        McDonald's Company Overview

Table 7        McDonald's Financial Overview

Table 8        KFC Company Overview

Table 9        KFC Financial Overview

Table 10      Starbucks Company Overview

Table 11      Starbucks Financial Overview

Table 12      Din Tai Fung Company Overview

Table 13      Din Tai Fung Financial Overview

Table 14      7-Eleven Company Overview

Table 15      7-Eleven Financial Overview

Table 16      Crystal Jade Culinary Concepts Holding Company Overview

Table 17      Crystal Jade Culinary Concepts Holding Financial Overview

Table 18      Paradise Group Holdings Company Overview

Table 19      Paradise Group Holdings Financial Overview

Table 20      Tung Lok Restaurants Company Overview

Table 21      Tung Lok Restaurants Financial Overview

Market Segmentation

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No data available

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Frequently Asked Questions (FAQs):

Ans: Singapore Foodservice Market size was estimated at USD 9.9 billion in 2023.
Ans: Singapore Foodservice Market by value is expected to grow at a CAGR of 11.50% during the forecast period between 2024 and 2030.
Ans: Singapore Foodservice Market size is forecast to reach a value of USD 21.1 billion by 2030.
Ans: The growth of Singapore Foodservice Market is primarily driven by rising cancer prevalence, demand for quick diagnostic procedures, advancements in MRI machines, and the growing geriatric population.
Ans: Key players in Singapore Foodservice Market include McDonald's, KFC, Starbucks, Din Tai Fung, 7-Eleven, Crystal Jade Culinary Concepts Holding, Paradise Group Holdings, and Tung Lok Restaurants.
Ans: The regional/traditional cuisine segment accounts for the highest market share in Singapore Foodservice Market.