Market Profile: Singapore

Singapore Skyline

This report is designed for New Zealand Food and Drink Exporters considering launching or growing export sales to the Singapore grocery market. Singapore is the gateway market for food and beverage exporters to the Sout East Asian region.

Significant demand for imported New Zealand food and drink products

Singapore is a tiny island nation with a population of about 5.4 million people with much of the nations food and beverage products being imported. The country has more millionaires per capita than almost anywhere else in the world, with one in six homes having a disposable private wealth of at least SGD $1 million. Many Singaporean students studied in western countries like the United Kingdom, Australia or New Zealand, therefore recognise and understand western products and taste profiles and become fast brand adopters.

Sophisticated retail channels

Supermarket channels are sophisticated and store segmentation is well
defined. There are two major supermarket groups and a number of independent
retailers. Buyers from other high growth Southeast Asian markets often view Singapore as the benchmark for imported food brands and performing well in Singapore can create downstream export opportunities in the region.

COVID Impacts

Traditionally, Singaporeans enjoy eating out regularly at hawker stalls and food courts, however, due to Covid-19 social restrictions and working from home mandates, the vast majority of people are shopping at supermarkets and preparing food at home. So while the retail sector has seen consistency and growth and offers new opportunities for food and drink grocery brands, the food service sector has been heavily impacted throughout the pandemic.

Want to learn more about the market in Singapore? Find the rest of the article in the Supermarket News magazine HERE