Ready To Eat Food Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 2.85 % |
| Market Concentration | Low |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
Ready To Eat Food Market Analysis
The Singapore Ready-to-Eat Food Market size is expected to grow from USD 0.87 billion in 2023 to USD 1.00 billion by 2028, at a CAGR of 2.85% during the forecast period (2023-2028).
- Ready-to-eat products are considered the closest alternative to regular food, which can be consumed anytime during breakfast, lunch, or dinner. The initiatives taken by regulatory authorities, like the ongoing promotional efforts undertaken by the Singapore Health Promotional Board to create awareness regarding frozen ready-to-eat foods and fish products, are driving the market's growth.
- Owing to the increased exposure to multiple cultures, people are experimenting with their diets, and RTE foods are finding an opportunity to grow with the rising trend of trying new foods and cuisines in the country. A constantly organized supply chain in the country and ease of product circulation across the pertaining retail channels led to increased sales of ready-to-eat foods in the market.
- Modern customers prefer products that are healthier, more personalized, and natural without sacrificing health goals, flavors, or ingredients. Above all, such products must assist individuals in keeping up with their hectic schedules. Manufacturers and retailers must reach out to consumers who are increasingly constrained by time but have high expectations for food quality, flavors, and forms. Due to their interest in food, Millennials and Generation Z are driving demand for high-quality items, but they might not have the necessary tools, skills, or time. As a result, there is a market for upscale convenience and ready-to-eat foods targeted toward such consumers.
- People still prefer to eat at home rather than out, but over the last two decades, there have been many changes to everyone's way of life, including a rise in the number of working individuals, which has led to urbanization, an increase in per capita income, a lack of time, a change in lifestyles, and a significant rise in the middle-class population. All of these elements have an impact on working individuals' shopping preferences and lead them to prefer ready-to-eat foods. These factors are projected to continue in the upcoming years, thereby boosting the growth of the ready-to-eat food market.
Ready To Eat Food Market Trends
Demand Surge for Convenient and Healthy Food
- Ready-to-eat foods are gaining popularity among consumers in Singapore due to their convenience. The demand for convenient and instant food, particularly instant pasta, rice, snacks, and meat products, is growing rapidly due to changes in social and economic patterns and increased expenditure on food and beverages.
- The demand is also increasing due to growing awareness about healthy foods, changes in meal patterns, existing food habits, and the desire to taste new products. Instant or easy-to-prepare snacking is becoming extremely popular, especially among working-class people, teenagers, people living in hostels, and bachelors due to their hectic lifestyles. The on-the-go food concept is closely associated with the easy consumption and handling of products. Consumers are allocating less time to cooking food at home due to busier schedules. Thus, they are unable to make time for proper meals and opt for on-the-go ready-to-eat food.
- Healthy food consumption is necessary for fitness-conscious consumers, and they must consume meals frequently throughout the day. The growing demand for quick food that is fresh and nutritious is further aiding the growth of the Singaporean ready-to-eat food market.
Noodles Segment is Growing Rapidly
- In 2021, according to UN COMTRADE, Singapore was among the top five importers of noodles in Asian countries. Therefore, Singapore has the world's most favorable instant noodles trade market. It emerged as one of the major trade destinations in Asia-Pacific, and because of this, it is growing at a tremendous pace.
- The growing youth segment, increasing working population, rising incomes and purchasing power, higher brand consciousness, changing consumer preference, growing urbanization, and increasing middle-class population are the biggest drivers of the instant noodles industry in Singapore.
- Lack of time, fast-paced lifestyles, and changing food preferences are also helping the instant noodles sector in Singapore. Hence, many players are innovating their product portfolios per the changing consumption patterns. Few companies like Nissin Foods are targeting the Singaporean market for cup noodles as they see growth potential.
- Additionally, fortified instant noodles are anticipated to attract consumers who are health aware, which would benefit market expansion. Throughout the projected period, the market for instant noodles is anticipated to rise significantly. Because they contain a variety of nutrients, such as dehydrated veggies and animal-based proteins, which can sometimes substitute for meals in some areas, instant noodles are typically excellent at filling the stomach.
- Furthermore, the market growth for instant noodles is anticipated to be boosted in the upcoming years due to the variety of flavors available. Manufacturers' extensive marketing efforts using cutting-edge tactics and creative advertising are also helping the industry expand. Hence, the above-mentioned factors act as a major market driver for the noodles market segment in this region.
Ready To Eat Food Industry Overview
The Singaporean ready-to-eat food market is highly competitive due to the presence of many local and small players in the country, such as Food Box, Health Food Matters, Select Group, Prima Taste, and Pondok Abang. Some of the major companies in the business include Pepsico Inc., Nestle, Kellogg Co., and General Mills Inc. Strategies adopted by major companies for the development of the RTE market include new product developments, global expansions, acquisitions, and investments. Leading global players are expanding their footprints in the Singaporean RTE food market. Due to an untapped potential market in Singapore for the category, companies are coming up with new flavor variants to influence and grab a significant market share in the growing market.
Ready To Eat Food Market Leaders
-
Nestle SA
-
Kellogg Co.
-
Prima Food Pte Ltd (Prima Taste)
-
General Mills Inc.
-
PepsiCo, Inc.
*Disclaimer: Major Players sorted in no particular order
Ready To Eat Food Market News
- June 2022: OTS Holdings Limited, a brand builder and food manufacturing group, launched a plant-based, ready-to-eat food brand ANEW that aims to deliver quality, nutrition, and convenience to consumers with a taste of heritage.
- September 2021: Nissin Foods Singapore launched the new Nissin X IRVINS Salted Egg Instant Noodle Bowl in collaboration with the salted egg snack expert IRVINS. The instant noodle features classic mee pork noodles with salted egg seasoning, spring onion, and egg crumbs.
- May 2021: Impossible Foods launched its first ready-to-eat Impossible Burger across more than 300 7-Eleven stores in Singapore, becoming the first plant-based meat manufacturer to offer a ready-to-eat product in the country.
Ready To Eat Food Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Instant Breakfast/Cereals
5.1.2 Instant Soups and Snacks
5.1.3 Ready Meals
5.1.4 Baked Goods
5.1.5 Meat Products
5.1.6 Other Product Types
5.2 Distribution Channel
5.2.1 Hypermarkets/Supermarkets
5.2.2 Convenience/Grocery Stores
5.2.3 Specialty Stores
5.2.4 Online Retail Stores
5.2.5 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 PepsiCo, Inc.
6.3.2 Nestle SA
6.3.3 Kellogg Co.
6.3.4 General Mills Inc.
6.3.5 Prima Food Pte Ltd (Prima Taste)
6.3.6 Pondok Abang
6.3.7 Food Box
6.3.8 Health Food Matters
6.3.9 Slect Group Pte Ltd
6.3.10 McCain Foods
6.3.11 Impossible Foods
6.3.12 Nissin Foods Holdings Co., Ltd.
6.3.13 OTS Holdings
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. ABOUT US
Ready To Eat Food Industry Segmentation
Ready-to-eat (RTE) foods are a group of food products that are pre-cleaned, pre-cooked, mostly packaged, and ready for consumption without prior preparation or cooking.
The Singaporean ready-to-eat food market is segmented by product type and distribution channel. Based on product type, the market is segmented into instant breakfast/cereals, instant soups and snacks, ready meals, baked goods, meat products, and other product types. Based on the distribution channel, the market is segmented into hypermarkets/supermarkets, convenience/grocery stores, specialty stores, online retail stores, and other distribution channels.
The market sizing has been done in value terms in USD for all the abovementioned segments.
| Product Type | |
| Instant Breakfast/Cereals | |
| Instant Soups and Snacks | |
| Ready Meals | |
| Baked Goods | |
| Meat Products | |
| Other Product Types |
| Distribution Channel | |
| Hypermarkets/Supermarkets | |
| Convenience/Grocery Stores | |
| Specialty Stores | |
| Online Retail Stores | |
| Other Distribution Channels |
Ready To Eat Food Market Research FAQs
What is the current Singapore Ready-to-Eat Food Market size?
The Singapore Ready-to-Eat Food Market is projected to register a CAGR of 2.85% during the forecast period (2024-2029)
Who are the key players in Singapore Ready-to-Eat Food Market?
Nestle SA, Kellogg Co., Prima Food Pte Ltd (Prima Taste), General Mills Inc. and PepsiCo, Inc. are the major companies operating in the Singapore Ready-to-Eat Food Market.
What years does this Singapore Ready-to-Eat Food Market cover?
The report covers the Singapore Ready-to-Eat Food Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Singapore Ready-to-Eat Food Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Ready To Eat Food Industry Report
Statistics for the 2024 Singapore Ready-to-Eat Food market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Singapore Ready-to-Eat Food analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Singapore Ready-to-Eat Food Market Report Snapshots
