Singaporeans gorge the most in Southeast Asia

KUALA LUMPUR, Malaysia - May 27, 2013 - PRLog -- Singapore’s food and beverage (F&B) services industry contributed approximately SGD 11.98bn or 3.5% to the country’s total GDP in 2012. On a per capita basis, Singapore has the highest food consumption levels in Southeast Asia, accounting for 3% of GDP. Due to limited domestic agricultural production and rapid urbanisation, the country imports more than 90% of its food products, particularly from other Asian countries. Imports of F&B account for over 8% of GDP in 2012.

Expenditure on F&B has grown steadily in Singapore, with market value expanding from around SGD 9bn in 2007 to SGD 12bn in 2012. The rise in the number of working women, growing middle class population and the surge in disposable income were the main drivers of this growth.

Going forward, the country’s F&B industry is expected to witness robust growth thanks to highly promising per capita consumption growth. Food retail, which currently represents 40% of the total retail spending in Singapore, is expected to increase due to higher incomes and rising visitor arrivals.

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