In 2025, snacks in Singapore is expected to experience modest retail current value growth, primarily driven by cautious consumer sentiment and several regulatory changes. The increase in the Goods and Services Tax (GST) rate from SGD8 to SGD9 in January 2024 has had a lingering impact on the price of dining out, leading some consumers to cut back on their discretionary spending. The rising prices of essential goods have also constrained consumers’ spending power, contributing to a more frugal approach to purchasing snacks. Despite these challenges, snacks is set to maintain a positive trajectory in 2025, albeit at a slower pace compared to recent years. Although the rate of inflation is expected to slow down further in 2025, other headwinds persist. The Ministry of Trade and Industry (MTI) has revised Singapore’s GDP growth forecast downwards for 2025, reflecting ongoing uncertainties stemming from the China-US trade wars, which have particularly affected a highly import-dependent country like Singapore.
In 2025, intentional indulgence has been a key trend in snacks in Singapore, with players launching products to meet this consumer demand. For instance, the leading player in ice cream, Unilever, exemplifies this approach with an aggressive innovation strategy, with the launch of Magnum Honeycomb Crunch and Cornetto Apple Crumble. Magnum Honeycomb Crunch offers a unique crunch experience, while Cornetto Apple Crumble, inspired by a classic baked dessert, taps into the growing consumer demand for hybrid treats that blend familiar flavours with novel formats. Unilever has further solidified its premium positioning with limited-edition Magnum flavours such as double hazelnut and strawberry panna, available in both single sticks and multipacks, catering to individual indulgence and at-home sharing occasions.
Kraft Foods (S) Pte Ltd, a subsidiary of Mondelez International Inc, is set to maintain its lead in snacks in Singapore in value terms in 2025. The company has successfully increased its share in key categories such as sweet biscuits, and sugar confectionery. This growth can be attributed to its extensive distribution networks across various retail channels, and strong brand recognition among consumers. Its commitment to innovation has played a crucial role in maintaining the company’s dynamism, ensuring a steady flow of new and appealing products that meet evolving consumer preferences.
Supermarkets is expected to continue to dominate value sales of snacks in Singapore in 2025, owing to the strategic location of such outlets in neighbourhood central areas. This convenience allows locals to easily pick up snacks while shopping for their daily essentials. FairPrice Group, the leading supermarket chain in Singapore, consistently diversifies its snacking products to attract and retain its customer base. A key development in this strategy is its 2024 partnership with Thailand's Central Food Retail Group, which is anticipated to introduce a broader range of private label and branded Thai snack products to both FairPrice supermarkets and its convenience stores.
In the forecast period, snacks in Singapore is expected to experience low retail current value growth. If global economic conditions remain volatile, consumers are likely to adopt a more cautious approach to discretionary spending. This fiscal prudence may be exacerbated by the full resumption of international travel, which could lead to a shift in budget allocation towards overseas experiences rather than local retail purchases. During peak travel seasons, this trend is expected to have a notable impact on domestic value sales of snacks, whereby consumer expenditure may decline as a consequence of diverted budgets.
Delivery:
Files are delivered directly into your account soon after payment is received and any tax certification is verified (where applicable).
This report comes in PDF with additional info in Excel included.
Understand the latest market trends and future growth opportunities for the Snacks 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 Snacks 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.
Snacks
This report originates from Passport, our Snacks research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!