Singapore Food Processing Market size is anticipated to grow at a CAGR of 10.1% during 2023-2029F

In terms of types, the tertiary segment accomplished the largest revenue share in Singapore Food Processing Market – 6Wresearch

The tertiary segment has secured the largest revenue share in the Singapore food processing market, primarily attributed to the growing retail sales of packaged food products. To illustrate this, the sales of snacks have shown a notable increase, surging from $713.6 million in 2018 to $812.5 million in 2022, and the projection indicates a further rise to $990.0 million by 2026.

According to 6Wresearch, Singapore Food Processing Market size is anticipated to grow at a CAGR of 10.1% during 2023-2029F. Singapore food processing market has seen growth driven by government efforts to increase local production under the '30 by 30' program. Additionally, government initiatives such as the launch of a new food tech facility along with investments in local seafood production would enhance food security and bolster market growth in the coming years. Projected growth in retail sales of packaged snacks in Singapore would drive the expansion in tertiary food processing activities. Additionally, the government's $1.1 billion Cost-of-Living Support Package is set to boost consumer purchasing power, stimulating demand for essential packaged food items and further contributing to the growth food processing market in Singapore. The growth of the food processing market in Singapore faces challenges due to a lack of food security and stringent food safety regulations. However, the government is taking steps to address these issues through various initiatives and policies aimed at increasing local production in the future.

According to Shivankar, Research Manager, 6Wresearch, “Seafood, Eggs and meat accounted for major revenue share in the processing market of Singapore in 2022 as hen shell eggs, seafood and meat contributed around 29%, 8% and 11% of our total food consumption in the country as of 2022. Additionally, Singapore has allocated a total of USD 220 million to provide funding for farms to expand and optimize their production capabilities, which has increased the local production of eggs and seafood and catalysed the growth of this segment. This segment will continue to attain a major share of the market in the years to come.

The Singapore Food Processing Market (2023-2029) report provides an in-depth analysis with 18 figures and 3 tables, covered in 71 pages. The report comprehensively covers the market by types and application. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.