While Singapore is known as a food paradise, its burgeoning food manufacturing industry is more of a hidden gem. In 2017, this industry contributed S$4.3 billion or 1.1% to our GDP, and employed more than 48,000 workers.
More than half of Singapore’s food manufacturing industry’s output is exported. Our food fame has spread, as food manufacturers introduce our cuisine to the world. Singapore’s brand name and consumers’ confidence in the quality and safety of Singapore products are keys to help you unlock your business potential overseas.
Expect a revamp of the industry, as the nation’s Food Manufacturing Industry Transformation Map aims to help your business upgrade and innovate to keep pace with changing consumer tastes and advancing technology. The plan’s goal is for the industry to have an average productivity growth of 4.5% and to create 2,000 new jobs by 2020, while developing Singapore into a leading food and nutrition hub in Asia by 2025.
Don’t miss out on the opportunities for your company to grow in this exciting industry – by innovating and using technology to satisfy consumers’ taste buds and nutritional needs.
More consumers are considering nutritional and environmental factors in their food choices. Today, 73% of Singaporeans are keen to learn more about the brands they purchase1 and 80% are even willing to bear additional costs for a low-carbon Singapore2.
Food companies are now innovating healthier products such as snacks with low GI and high protein, as well as building more sustainable businesses by using biodegradable packaging, incorporating “ugly produce”, adopting ethically-sourcing methods and more.
To better cater to the growing pool of health-conscious and socially responsible consumers globally, you can develop healthy and eco-friendly products, and ensure your product labels accurately convey the ingredient origins and nutritional values. Tap our support to develop more nutritious and sustainable food products today.
1: “MINTEL 2022 Global Consumer Trends: South APAC”, MINTEL, 2021
2: “Surfing the Plant-Based Wave in Singapore”, abillion, 2021
Singapore looks to be the Silicon Valley of Food in a hungry Asia – where the number of local foodtech startups providing innovative solutions has boomed in recent years. Plant-based and cell-based proteins require relatively less space and resources to produce the same amount of food compared to traditional food sources, providing sustainable and nutritious alternatives for the world. Singapore was the first country in the world to approve lab-grown meat for sale in 2020 and continues to be a global leader in bringing novel food tech solutions to consumers.
You can leverage our vibrant food tech ecosystem to adopt or develop innovative solutions and get started on your innovation journey.
People consume food not only for survival or enjoyment, but also to proactively boost their health with a key growing demographic in Asia being the elderly. In the Asia Pacific region, the silver economy market is projected to be worth US$4.6 trillion (S$6.2 trillion) by 2025, catering to 600 million seniors above 60. There are opportunities for you to create food products that address elderly needs in the areas of nutrition, texture, taste, and ease of preparation.
You can also capitalise the growing demand to supplement nutritional gaps for different demographics by creating products with tailored nutritional profiles and functional qualities. Some key trends for specialised nutrition in Asia include immunity-boosting foods, improved gut health, and demand for low-fat and low-sugar options.
The pandemic has placed a spotlight on food security with supply chains for staple commodities coming under stress and global food prices hitting an all-time-high with an increase of 20.7% in 20213. There is a need to accelerate the use of technologies such as food waste valorisation and adoption of energy efficient solutions to scale domestic food production capabilities and ensure that our food sources are sustainable.
You too, can build resilience and integrate sustainability through adopting new business models and deriving new revenue streams.
3: FAO Food Price Index, 2021
Exciting opportunities lie ahead for food companies in Singapore. If you are ready to explore these opportunities in the local and overseas food industry, Enterprise Singapore has a suite of tools and programmes to support Singapore food manufacturing companies.
Find out how you can boost capability, go global, access a network of partners, and develop talent to grow your food manufacturing business.
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