COUNTRY PROFILE
Discover more about the Singapore market including overviews about the retail, foodservice, and food-processing sectors. Events, resources, and more are linked throughout the profile.
7%
of Singapore’s agricultural imports were sourced from the U.S.
$18.4 billion
total agricultural and related product import in 2023
6 million
total population in 2024
USDA’s Office of Agricultural Affairs (OAA) in Singapore, hereinafter referred to as “FAS Post Singapore,” reports that Singapore’s highly import-dependent, multi-billion-dollar food industry is driven by robust consumer spending, high disposable incomes, and intense urbanization. The country’s trade and regulatory policies are focused on ensuring a consistent foreign supply of safe, high-quality food and agricultural products. Singapore’s total agricultural and related product imports in 2023 reached US$18.4 billion, roughly 7% of which was sourced from the U.S.
In 2024, U.S. processed food exports to Singapore declined another 31%, to US$382.5 million. The decline in value since 2021 is 56%.
Top U.S. exports of processed foods to Singapore in 2024 included:
$3.5 billion
estimated total value of retail sales of packaged foods in 2024
50%
Three of Singapore’s largest food retailers hold over 50% of the market.
$4.4 billion
expected reach value of packaged food retail sales by 2029
Euromonitor has estimated the retail sales value of packaged foods in Singapore at nearly US$3.5 billion in 2024. They have also forecasted the packaged food retail sales to reach US$4.4 billion by 2029. FAS Post Singapore reports that the retail food sector is highly competitive in Singapore, with no single country holding over 16% of the consumer-oriented products market share. The retail food industry accumulated sales of over US$11 billion in 2023, with a current market share of 6% for the U.S.
Convenience is a key consideration in Singapore, especially for time-strapped working consumers. The preference is towards modern grocery retailers that offer a one-stop shopping experience. There are an increasing number of independent specialty retail stores selling premium gourmet and/or organic and wholesome/natural food products. Singapore is experiencing high saturation in convenience stores.
FAS Post Singapore reports that top prospective U.S. products for the sector include food preparations, cooking oils, dairy products, bakery goods, cereals, pasta, fresh fruit and vegetables (citrus, apples, grapes, cherries, and stone fruits or temperate fruits), poultry meat and products, and distilled spirit
$9.4 Billion
Singapore’s foodservice sector was valued at US$9.4 billion in 2023.
FAS Post Singapore reports that Singapore’s hotel, restaurant, and institutional (HRI) sector is vibrant, dynamic, and highly competitive, with sales totaling US$9.4 billion in 2023. Consumption patterns are mainly driven by convenience, technology, changing demographics, health, and international food trends, with a focus on sustainability and influences by social media.
The limited-service restaurants, cafés/bars, and street stalls, otherwise known as the mass market segment, comprise 75% of the foodservice market and are valued at US$6.3 billion in 2023. This segment is among the fastest-growing food and beverage (F&B) categories in Singapore as it offers inexpensive and convenient options.
FAS Post Singapore reports that the top U.S. product prospects for the Singaporean HRI industry include bakery goods and pasta, beef and beef products, condiments and sauces, cooking oils, dairy products, and fresh/frozen fruit and vegetables. Also included are non-alcoholic beverages, poultry meat and products, pork and pork products, processed vegetables, tree nuts, and seafood
FAS Post Singapore reports that Singapore’s food processing sector is modest and is comprised of mainly small- and medium-sized enterprises. Its main products include flavorings, sauces, ready-to-eat meals, noodles, deli meat, sausage, confectionary, chocolates, snacks, and beverages (including beer). Almost all raw materials for the Singaporean food processing industry are imported, as local agricultural production is minimal.
FAS Post Singapore reports that top prospective U.S. food processing ingredient products for the Singapore market include animal fats, dairy, vegetable oils, processed vegetables, tree nuts, and beef products.
