Singapore frozen food market is expected to be valued at USD 141.4 Million By 2024. Singapore is the tourist hub of Asia Pacific region, the country is expected to have huge food industry with many restaurants, hotels, airline caterers, hospitals, ship handlers, and clubs. Singapore tends to be a strategic entry point for key exporters who are looking to tap into the vast regional market. Furthermore, well established judicial system, stable political structure, good corporate governance, and presence of strong domestic institutions have made Singapore the favourite destination for business setup and operations.
Growing urbanization coupled with rising disposable income is expected to be one of among the key drivers for the rise in purchasing power of frozen food products by local people. Frozen food market in Singapore is on the edge of further expansion owing to the rapid expansion of food outlets along with reduced tariff barriers on frozen food imports by the government. However, highly priced frozen food products from multinational brands are expected to hamper the overall frozen food segment in Singapore but, sophisticated health-conscious adults, as well as teenagers, are ready to pay premium prices for the superior quality provided.
Frozen meat products are the largest segment of the frozen food market in Singapore, accounting for a maximum market revenue share of more than 30% in the year 2016 and is expected to grow at a healthy CAGR owing to changing the perception of local people of Singapore towards frozen meat and seafood products on a positive scale.
Singapore is the tourist hub of the Asia Pacific region, the country is expected to have huge food industry with many restaurants, hotels, airline caterers, hospitals, ship handlers, and clubs. Singapore tends to be a strategic entry point for key exporters who are looking to tap into the vast regional market. The trend for ready meals and convenience food is further expected to drive the growth of frozen food market in Singapore.
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Hexa Research has segmented the Singapore frozen food market report based on type and distribution chanel:
Segmentation by Type
• Frozen ready meals
• Frozen Pizza
• Frozen fish/seafood
• Frozen Meat
• Frozen potato products
• Frozen bakery products
Segmentation by Distribution Channel
Key players analyzed:
• Ben Foods Pvt Ltd
• C S Tay Foods Pvt Ltd
• Charoen Pokphand Intertrade Pte Ltd
• Auric Pacific Group Limited
• Ken Ken Food Mfg. Pvt Ltd