Cooking ingredients and meals in 2024: The big picture
The retail market for cooking ingredients and meals in Singapore is expected to see positive growth in current value terms in 2024, driven partly by higher average unit prices. The high cost living continues to significantly impact consumer confidence and household spending, prompting many individuals to reduce their dining-out expenses by opting for more affordable options or choosing to cook at home more frequently to manage food budgets.
Key trends in 2024
Convenience remains a key driver of growth across several categories in Indonesia, including meals, soups, sauces, dips, and condiments, as local consumers seek ways to save time on meal preparation amidst increasingly hectic lifestyles. Recipe sauces continue to perform well, driven by the demand for convenience and product innovation catering to diverse consumer preferences.
Competitive landscape
Lam Soon Singapore Pte Ltd is set to retain its leading position in cooking ingredients and meals in retail value terms in 2024, supported by its overall dominance of edible oils with the brands Naturel and Knife. Strong value growth is being driven by the increase in at-home cooking, as such products are considered indispensable in daily cooking practices, combined with constant product availability.
Channel developments
Supermarkets remain the dominant force in the retail landscape for cooking ingredients and meals in Singapore, though e-commerce continues to experience robust growth in both sales and market share. This growth is driven by evolving consumer habits and the convenience of home delivery, particularly for bulkier products like edible oils, which are easier to manage through online platforms.
What next for cooking ingredients and meals?
Retail sales of cooking ingredients and meals in Singapore are set to continue growing over the forecast period in value terms (at constant 2024 prices). Health and wellness will be a key factor influencing consumer food choices, due to increasing awareness of diet-related health issues and a growing consumer preference for products that align with healthier lifestyles.
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Overview:
Understand the latest market trends and future growth opportunities for the Cooking Ingredients and Meals industry in Singapore with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
If you're in the Cooking Ingredients and Meals industry in Singapore, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Cooking Ingredients and Meals in Singapore report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Cooking Ingredients and Meals in Singapore?
- Which are the leading brands in Cooking Ingredients and Meals in Singapore?
- How are products distributed in Cooking Ingredients and Meals in Singapore?
- How is the rise of e-commerce and/or the expansion of modern grocery retail impacting traditional retail?
- What are the key health and wellness concerns driving, or challenging, sales in Cooking Ingredients and Meals?
- How significant are vegan and vegetarian dietary requirements in determining sales growth in Singapore?
- How has COVID-19 impacted consumer demand? To what extent have lockdown, home seclusion and stockpiling boosted sales? Will the longer term economic repercussions of the pandemic stimulate or suppress future growth?
- Where is future growth expected to be most dynamic?
- How significant will values-based claims, such as sustainability and ethical labelling, be in supporting future growth and brand equity?
Cooking Ingredients and Meals in Singapore
Cooking ingredients and meals in 2024: The big picture
Key trends in 2024
Competitive landscape
Channel developments
What next for cooking ingredients and meals?
DISCLAIMER
Edible Oils in Singapore
KEY DATA FINDINGS
Slowing volume growth in edible oils due to rising prices, global disruptions, and health trends
Continued high cost of living spurs demand for private label
Price sensitivity and health consciousness shape competitive landscape for olive oil
Health and wellness trend will continue to drive premiumisation within edible oils
Shift in Government focus to reducing saturated fat in cooking oils, following success of Nutri-Grade sugar initiative
Olive oil production expected to recover, due to improved climate conditions
Meals and Soups in Singapore
KEY DATA FINDINGS
Growing demand for quick and convenient meals and soups, as players pivot towards premiumisation
Increased focus on nutrition in ready meals
Expansion of Chinese supermarkets drives wider variety and accessibility of ready meals
Shelf stable ready meals to hinder growth of meals and soups over forecast period
Cross-category expansion will help players to access wider consumer base
Innovative local flavours will continue to resonate with consumers
Sauces, Dips and Condiments in Singapore
KEY DATA FINDINGS
Convenience and product innovation fuel growth in sauces, dips and condiments
Lee Kum Kee maintains its lead through localised innovation and strong brand loyalty
Spicy flavour innovations ignite growth in chilli sauces
Flavour innovations will continue to drive consumer interest
Nutri-Grade labelling to expand to packaged food
Foodservice volumes will continue to expand
Sweet Spreads in Singapore
KEY DATA FINDINGS
Sweet spreads see modest growth, in line with increased competition from other breakfast options as well as savoury spreads
Growth opportunities for sweet spreads with a health-focused positioning
Elevated cocoa prices drive retail value growth of chocolate spreads
Polarisation of premiumisation and affordability
Product innovation will sustain consumer interest in nut based spreads
Potential for cocoa alternatives due to volatile cocoa production
The following categories and subcategories are included:
Cooking Ingredients and Meals
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- Olive Oil
- Corn Oil
- Palm Oil
- Rapeseed Oil
- Soy Oil
- Sunflower Oil
- Other Edible Oil
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- Dried Ready Meals
- Shelf Stable Ready Meals
- Chilled Ready Meals
- Frozen Ready Meals
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- Dry Soup
- Shelf Stable Soup
- Chilled Soup
- Frozen Soup
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- Chilled Pizza
- Frozen Pizza
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- Meal Kits
- Quick Recipe Kits
- Chilled Lunch Kits
- Prepared Salads
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- Liquid Stocks and Fonds
- Stock Cubes and Powders
- Gravy Cubes, Powders and Pots
- Monosodium Glutamate
- Herbs and Spices
- Tomato Pastes and Purées
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- Liquid Recipe Sauces (excl pasta sauces)
- Dry Recipe Sauces
- Pasta Sauces
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- Barbecue Sauces
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Sauces
- Chili Sauces
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- Dips
- Yeast-based Spreads
- Pickled Products
- Other Sauces and Condiments
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- Honey
- Chocolate Spreads
- Jams and Preserves
- Nut and Seed Based Spreads
Why buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
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