Singapore’s food and beverage (F&B) services industry contributed approximately SGD 11.98bn or 3.5% to the country’s total GDP in 2012. On a per capita basis, Singapore has the highest food consumption levels in Southeast Asia, accounting for 3% of GDP. Due to limited domestic agricultural production and rapid urbanisation, the country imports more than 90% of its food products, particularly from other Asian countries. Imports of F&B account for over 8% of GDP in 2012.

Expenditure on F&B has grown steadily in Singapore, with market value expanding from around SGD 9bn in 2007 to SGD 12bn in 2012. The rise in the number of working women, growing middle class population and the surge in disposable income were the main drivers of this growth.

Going forward, the country’s F&B industry is expected to witness robust growth thanks to highly promising per capita consumption growth. Food retail, which currently represents 40% of the total retail spending in Singapore, is expected to increase due to higher incomes and rising visitor arrivals.

Key Points:

• Singapore’s F&B industry contributed around SGD 12bn or 3.5% to the country’s total GDP in 2012. The rise in the number of working women, growing middle class population and the surge in disposable income have contributed to the expanding F&B market.

• On a per capita basis, Singapore has the highest food consumption levels in the Southeast Asia region. The country’s food consumption was estimated to reach USD 7.7bn in 2012, accounting for 3% of GDP.

• Restaurants contributed a significant 36% of the total 6,500 establishments in the F&B industry in 2010. They were the largest employer, employing some 37,500 workers or an average of 16 workers per establishment.