Meat - Singapore

Singapore

Revenue in the Meat market amounts to €3,747.00m in 2024. The market is expected to grow annually by 5.13% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€251bn in 2024).
In relation to total population figures, per person revenues of €642.50 are generated in 2024.
In the Meat market, volume is expected to amount to 483.00m kg by 2029. The Meat market is expected to show a volume growth of 4.4% in 2025.
The average volume per person in the Meat market is expected to amount to 68.7kg in 2024.

Key regions: Russia, China, Spain, Canada, United Kingdom

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Meat Market in Singapore is experiencing minimal growth due to factors such as increasing health awareness among consumers and the convenience of online meat services. However, this growth is hindered by the challenges faced by sub-markets such as Fresh Meat, Processed Meat, and Meat Substitutes in adapting to digital technologies and consumer demands.

Customer preferences: As health and wellness continue to be top priorities for consumers, there has been a growing demand for alternative protein sources in the Meat Market within The Food market. This is largely driven by a rise in plant-based diets and a growing awareness of the environmental impact of meat consumption. Additionally, there has been a shift towards premium and ethically-sourced meat options, driven by consumers' desire for healthier and more sustainable food choices. This trend is expected to continue as consumers become more conscious of their dietary choices and the impact on the environment.

Trends in the market: In Singapore, the Meat Market within The Food market is seeing a shift towards plant-based options as consumers become more health-conscious and environmentally aware. This trend is expected to continue, with more companies investing in alternative protein sources and creating innovative plant-based products. Additionally, there is a growing demand for ethically-sourced and sustainable meat products, leading to the rise of certifications and labeling in the industry. These trends highlight the importance of meeting the changing demands of consumers and the potential for industry players to tap into new markets and stay competitive.

Local special circumstances: In Singapore, the Meat Market within The Food market is heavily influenced by the country's diverse cultural landscape. With a mix of Chinese, Malay, and Indian influences, the food preferences and dietary habits vary widely in the country. This has led to a wide range of meat products being available in the market, catering to different ethnic groups. Additionally, the strict regulations on food safety and hygiene in Singapore have also shaped the market dynamics, ensuring high-quality meat products are available to consumers.

Underlying macroeconomic factors: The Meat Market within The Food market in Singapore is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. The country's strong economic growth and stable political climate make it an attractive market for meat producers. Additionally, Singapore's strategic location and well-developed infrastructure make it a popular hub for trade and distribution of meat products. Furthermore, the increasing affluence and changing dietary preferences of consumers in Singapore are driving the demand for high-quality and diverse meat offerings. However, the market is also affected by global economic uncertainties and trade tensions, which can impact consumer spending and trade flows. As a result, companies operating in the Meat Market within The Food market in Singapore must closely monitor and adapt to these macroeconomic factors to maintain a competitive edge.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.