CRI-report: The country's food consumption was estimated to reach USD 7.4 bn in 2011, accounting for 3% of GDP, according to "Singapore Food and Beverage Industry 2H11" on cri-report.com. Due to its limited land for agriculture and rapid urbanization, Singapore imports more than 90% of its food products, particularly from other Asian countries.
Like other countries, Singapore's F&B industry is competitive, hence calling for continuous innovation to cater to consumer demands which is growing more complex over time. Some of the key industry trends are highlighted below:
Product demand and offering
As consumers become more aware of their health, unprocessed and functional food for health has begun to gain increasing popularity. Functional food nowadays is more likely to be for specific illnesses and thus can overcome limitations of conventional food. Besides, many consumers have shifted to cooking fresh food at home due to greater concern of nutritional facts for health reasons. This has, in turn, driven growth in the number of culinary schools for those people who seek to improve their skills.
Going green and sustaining it
With the impending climate change, consumers are also wiser nowadays in choosing products which are eco-friendly. Often times, buyers would consider products made from good farming practices and ethically treated livestock meat. F&B providers that are generous in their corporate social responsibility efforts also take a notch as compared to those who are not.
More emphasis on innovation
Due to higher consumer demand for healthy F&B products, businesses are integrating nutrition in their products while ensuring value-for-money and quality taste. Since this industry is highly competitive, businesses are into innovating. Common in the scene are those who provide breakfast not only in the morning, but for the whole day, concept dining for the middle to higher class, and international cuisine.
Varying pricing strategies
To make their products more accessible, most F&B outlets are engaging in low cost pricing, making gourmet cuisines like Italian, French and American dishes and selling them in an affordable price available even in food courts, coffee shops and hawker cnetres. Some F&B establishments still opt to maintain their niche, while some try to cater to all classes for a larger market share.
To view more details, please go to http://www.cri-report.com/food/1120-singapore-food-and-beverage-industry-2h11-.html