Market Size of Singapore Ready-to-Eat Food Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 2.85 % |
| Market Concentration | Low |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
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Ready To Eat Food Market Analysis
The Singapore Ready-to-Eat Food Market size is expected to grow from USD 0.87 billion in 2023 to USD 1.00 billion by 2028, at a CAGR of 2.85% during the forecast period (2023-2028).
- Ready-to-eat products are considered the closest alternative to regular food, which can be consumed anytime during breakfast, lunch, or dinner. The initiatives taken by regulatory authorities, like the ongoing promotional efforts undertaken by the Singapore Health Promotional Board to create awareness regarding frozen ready-to-eat foods and fish products, are driving the market's growth.
- Owing to the increased exposure to multiple cultures, people are experimenting with their diets, and RTE foods are finding an opportunity to grow with the rising trend of trying new foods and cuisines in the country. A constantly organized supply chain in the country and ease of product circulation across the pertaining retail channels led to increased sales of ready-to-eat foods in the market.
- Modern customers prefer products that are healthier, more personalized, and natural without sacrificing health goals, flavors, or ingredients. Above all, such products must assist individuals in keeping up with their hectic schedules. Manufacturers and retailers must reach out to consumers who are increasingly constrained by time but have high expectations for food quality, flavors, and forms. Due to their interest in food, Millennials and Generation Z are driving demand for high-quality items, but they might not have the necessary tools, skills, or time. As a result, there is a market for upscale convenience and ready-to-eat foods targeted toward such consumers.
- People still prefer to eat at home rather than out, but over the last two decades, there have been many changes to everyone's way of life, including a rise in the number of working individuals, which has led to urbanization, an increase in per capita income, a lack of time, a change in lifestyles, and a significant rise in the middle-class population. All of these elements have an impact on working individuals' shopping preferences and lead them to prefer ready-to-eat foods. These factors are projected to continue in the upcoming years, thereby boosting the growth of the ready-to-eat food market.
