Staple foods in 2024: The big picture
Staple foods is expected to see current retail value growth in Singapore in 2024 partly as a result of slightly higher average unit prices. The high cost of living continues to have a pronounced effect on consumer confidence and household spending, resulting in consumers cutting back on dining out expenses by trading down to more affordable options or cooking at home more frequently to manage their food budgets.
Key trends in 2024
As consumers become more aware of the importance of maintaining a balanced diet, they are increasingly seeking out staple foods products that cater to their increasingly sophisticated health focused preferences. This shift in consumer behaviour has led to a growing demand for products such as baked goods that are not only lower in sugar, fat, and calories, but that also offer additional nutritional benefits such as being high in protein and dietary fibre.
Competitive Landscape
The competitive landscape within staple foods in Singapore remains fairly fragmented. With the continued inflationary pressures on wheat prices, staple foods containing this key ingredient, such as bread and noodles, have seen consumers increasingly rationalise their shopping behaviour, either through trading down to private label or buying larger pack sizes that offer greater value where possible.
Channel developments
In 2024, foodservice volume sales of staple foods have continued to improve, despite the higher cost of living affecting consumers’ discretionary spending and the unstable economic situation, which has led some consumers to dine out less frequently in full-service restaurants, trade down to more affordable meal options, and also limit their budgets on snacks and beverages, as a result of shrinking disposable incomes and inflationary pressures. One significant driver of foodservice growth is the increase in tourist arrivals.
What next for staple foods?
Staple foods is expected to continue to be shaped by consumer demand for convenience and value, driven by increasingly hectic lifestyles and economic pressures. Government regulations are also set to impact the market during the forecast period.
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Overview:
Understand the latest market trends and future growth opportunities for the Staple Foods 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 Staple Foods 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 Staple Foods 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 Staple Foods in Singapore?
- Which are the leading brands in Staple Foods in Singapore?
- How are products distributed in Staple Foods 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 Staple Foods?
- 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?
Staple Foods in Singapore
Staple foods in 2024: The big picture
Key trends in 2024
Competitive Landscape
Channel developments
What next for staple foods?
DISCLAIMER
Baked Goods in Singapore
KEY DATA FINDINGS
Uneven subcategory growth across baked goods
Gardenia continues to lead in the bread subcategory
Greater opportunity for growth for product innovations with a health focus
Packaged baked goods players attempt to keep up with foodservice trends
On-the-go format continues to drive consumer interest
Potential for initiatives in terms of sustainability
Breakfast Cereals in Singapore
KEY DATA FINDINGS
Marginal retail volume growth for breakfast cereals amid inflationary pressures
Quaker expected to continue leading the hot cereals subcategory
Nutrient claim on packaging covered up to avoid misleading consumers
Opportunity for moderate volume growth of muesli and granola through health and wellness and new product development
Consumers seek affordable indulgence amid high cost of living
Retail volume sales of children’s breakfast cereals expected to struggle over the forecast period
Processed Fruit and Vegetables in Singapore
KEY DATA FINDINGS
Moderate retail volume growth for processed fruit and vegetables as consumers prefer fresh fruit and vegetables
Declining consumer interest due to lack of product innovations
Private labels and price promotions driving the category
Convenience and affordability to continue to be key drivers in the forecast period
Shrinking target audience affecting volume sales of processed fruit and vegetables
Processed Meat, Seafood and Alternatives To Meat in Singapore
KEY DATA FINDINGS
Convenience and affordability continue to drive processed meat
Players continue to highlight health claims to drive demand within processed seafood
Opportunities for growth of chilled processed poultry through convenience channels
Retail volume growth of processed meat is expected to remain moderate over the forecast period
Meat and seafood substitutes remains niche as consumers prioritise affordability amid poor economic conditions
Tofu to continue to see rising demand with growth in consumer interest in Chinese cuisine
Rice, Pasta and Noodles in Singapore
KEY DATA FINDINGS
Rice continues to lead category growth as consumers struggle with increased cost of living
Flavour innovation continues to be key driver in instant noodles
Fun marketing tactics to appeal to consumers - especially Gen Z
Government health associations expanding focus to salt and saturated fat in instant noodles, following good response to sugar reduction through Nutri-Grade labelling
Products with a health and wellness focus expected to remain niche
Players will tap into local cuisine as key strategy to drive growth
The following categories and subcategories are included:
Staple Foods
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- Packaged Flat Bread
- Unpackaged Flat Bread
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- Packaged Leavened Bread
- Unpackaged Leavened Bread
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- Packaged Cakes
- Unpackaged Cakes
- Dessert Mixes
- Frozen Baked Goods
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- Packaged Pastries
- Unpackaged Pastries
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- Sweet Pies and Tarts
- Frozen Cakes, Sweet Pies and Tarts
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- Hot Cereals
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- Children's Breakfast Cereals
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- Flakes
- Muesli and Granola
- Other RTE Cereals
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- Shelf Stable Beans
- Shelf Stable Fruit
- Shelf Stable Tomatoes
- Shelf Stable Vegetables
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- Frozen Fruit
- Frozen Processed Potatoes
- Frozen Processed Vegetables
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- Shelf Stable Processed Red Meat
- Shelf Stable Processed Poultry
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- Chilled Processed Red Meat
- Chilled Processed Poultry
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- Frozen Processed Red Meat
- Frozen Processed Poultry
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- Shelf Stable Seafood
- Chilled Processed Seafood
- Frozen Processed Seafood
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- Chilled Meat and Seafood Substitutes
- Frozen Meat and Seafood Substitutes
- Shelf Stable Meat and Seafood Substitutes
- Tofu and Derivatives
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- Chilled Noodles
- Frozen Noodles
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- Instant Noodle Cups
- Instant Noodle Pouches
- Plain Noodles
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- Chilled Pasta
- Dried Pasta
- Rice
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Staple Foods
NOTE: Couscous, polenta and quinoa are excluded from staple foods.
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This report originates from Passport, our Staple Foods research and analysis database.
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