Singapore Foodservice Market Size and Trends by Profit and Cost Sector Channels, Players and Forecast to 2027
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Singapore Foodservice Market Report Overview
The Singapore foodservice profit sector recorded sales of SGD13.6 billion ($9.8 billion) in 2022 and is forecast to record a strong CAGR of over 7% during 2022-2027. An increase in takeout transactions owing to a strong rebound in tourism activities post the COVID-19 pandemic is responsible for the sector’s growth during the forecast period.
Singapore Foodservice Profit Sector Outlook 2022-2027, (SGD Billion)
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The Singapore foodservice market research report provides an in-depth evaluation of the foodservice market in the country, including an analysis of the key issues impacting the market, and the opportunities this presents for the sector participants. The report includes data and forecast of key channels (QSR, FSR, coffee & tea shop, and pub, club & bar) within the Singapore foodservice market and gives an overview of market leaders within the four major channels.
Market Size (2022) | SGD13.6 billion ($9.8 billion) |
CAGR (2022-2027) | >7% |
Historical Period | 2017-2022 |
Forecast Period | 2023-2027 |
Key Profit Sector Channels | · Full-service Restaurant (FSR)
· Quick-service Restaurant (QSR) · Workplace · Accommodation · Pub, Club & Bar |
Key Outlet Type | · Dine-in
· Takeout |
Key Owner Type | · Independent Operators
· Chain Operators |
Key Cost Sector Channels | · Education
· Healthcare · Military & Civil Defense · Welfare & Services · Complimentary Services |
Key Companies | · Yum! Brands
· Chang Cheng Group · Restaurant Brands International · Starbucks · McDonald’s · Harry’s International · Georges |
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Singapore Foodservice Market Trends
- Health and wellness: Due to growing health awareness, Singaporeans are increasingly demanding food and drink items to improve their health and wellbeing.
- Time scarcity: Time and money constraints are important parameters that influence food purchases among Singaporeans. Operators need to appeal to these consumers and offer readily available and convenient on-the-go items.
- Enjoyability and uniqueness: With rising exposure to global cuisines and cultures, consumers in Singapore will prioritize unique products and services that offer them an enjoyable experience.
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Singapore Foodservice Market Segmentation by Profit Sector Channels
The QSR was the largest profit sector channel in 2022 by value sales
The key profit sector channels in the Singapore foodservice market are FSR, QSR, accommodation, leisure, pub, club & bar, and retail. The QSR was the leading profit sector channel, accounting for a 40% revenue share in 2022. The channel remains a popular choice among consumers because it is convenient and offers quality food at affordable prices. The FSR channel was the second largest in the Singaporean foodservice profit sector, followed by the pub, club & bar channel.
Singapore Foodservice Market Analysis by Profit Sector Channels, 2022 (%)
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Singapore Foodservice Market Segmentation by Cost Sector Channels
The key cost sector channels in the Singapore foodservice market are military & civil defense, healthcare, education, welfare & services, and complimentary services. In 2022, military & civil defense was the largest cost sector, followed by education, and welfare & services. However, the education channel is anticipated to have the highest CAGR growth during the forecast period.
Singapore Foodservice Market Analysis by Cost Sector Channels, 2022 (%)
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Singapore Foodservice Market – Competitive Landscape
McDonald’s was the largest QSR operator in the country in 2022
The key foodservice companies in Singapore are:
- Yum! Brands
- Chang Cheng Group
- Restaurant Brands International
- Starbucks
- McDonald’s
- Harry’s International
- Georges
In 2022, McDonald’s was the largest QSR operator in Singapore, accounting for more than 11% of the channel’s overall sales. The fast-food chain operated 143 outlets in Singapore in 2022. In addition to this, many of its outlets provide a drive-thru service and dessert kiosks, and most are open 24 hours a day, every week. The operator consistently upgrades its menu items and invests in promotional activities to market them.
Singapore Foodservice Market Analysis by Competitors
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Singapore Foodservice Market – Latest Developments
- In November 2022, McDonald’s launched its new Hawaiian and Smoky BBQ chicken burgers in November 2022. The new launch was coupled with free FIFA World Cup screenings to attract sports fans.
Segments Covered in the Report
Singapore Foodservice Market Outlook by Profit Sector Channel (Value SGD Billion, 2017-2027)
- Full-service Restaurants (FSR)
- Quick-service Restaurants (QSR)
- Pub, Club & Bar
- Retail
- Accommodation
Singapore Foodservice Market Outlook by Cost Sector Channels (Value, SGD Billion, 2017-2027)
- Military & Civil Defense
- Healthcare
- Education
- Welfare & Services
- Complimentary Services
Scope
The report includes:
- Overview of Singapore’s macroeconomic landscape: Detailed analysis of current macroeconomic factors and their impact on the Singapore foodservice market, including GDP per capita, consumer price index, population growth, and annual household income distribution.
- Growth dynamics: In-depth data and forecasts of key channels (QSR, FSR, coffee & tea shop, and pub, club & bar) within the Singapore foodservice market, including the value of the market, number of transactions, number of outlets and average transaction price.
- Customer segmentation: Identify the most important demographic groups, buying habits, and motivating factors that drive out-of-home meal occasions among segments of the Singapore population.
- Key players: Overview of market leaders within the four major channels, including business descriptions and number of outlets.
Reasons to Buy
- Identify emerging/declining markets and understand specific forecasts of the foodservice market over the next five years to make informed business decisions.
- Understand the target audience and changing consumer behavior through a detailed analysis of the consumer segmentation, which elaborates on the desires of known consumers among all major foodservice channels (QSR, FSR, coffee & tea shop, and pub, club & bar).
Chang Cheng Group
Restaurant Brands International
Yum! Brands
Doctor's Associates
Starbucks
Royal T Group
BreadTalk Group
International Coffee & Tea
KOI Thé
Table of Contents
Frequently asked questions
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What was the Singapore profit sector market size in 2022?
The Singapore profit sector market size was SGD13.6 billion ($9.8 billion) in 2022.
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What will the Singapore profit sector growth rate be during the forecast period?
The profit sector in Singapore will grow at a CAGR of over 7% during 2022-2027.
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Which was the leading profit sector channel in the Singapore foodservice market in 2022?
QSR was the leading profit sector channel in the Singapore foodservice market in 2022.
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What cost sector channel had the highest share in the Singapore foodservice market in 2022?
The military & civil defense sector had the highest share in the Singapore foodservice market in 2022.
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