Ready to Eat Food Market

The Singapore ready to eat food market size was USD 848.141 Billion in 2022 and is likely to reach USD 1.09 Billion by 2031 , expanding at a CAGR of 2.85% during 2023–2031. Ready-to-eat (RTE) meals include a range of foods that are primarily designed for ready to eat straight away as these products do not require any further cooking preparation or ingredients. Some of the key items of RTE foods are frozen chicken, ricotta, soft-serve ice cream, picnic meats, hot dogs, and many more.

These types of foods are gaining popularity in Singapore due to their convenience and easy to consume without the need for long preparation. As the number of working families is growing rapidly across the globe, the demand for such foods rises significantly since consumption of RTE foods saves time in the kitchen.

Moreover, the rapid expansion of online platforms selling such foods allow to save expenses for consumers as these platforms are offering products at a discounted or at least fair price. The majority of money spent by young people goes toward convenient ready-to-eat items, as per some reports. Young clients are the easiest target for ready-to-eat food manufacturing behemoths.

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Market Trends, Drivers, Restraints and Opportunities

• Increasing number of working women and their growing disposable income in the country is a key factor expected to boost the market in the coming years.

• Changing lifestyle and rising demand for RTE foods from customers having hectic lifestyle presents another key driver of the market.

• Wide availability of different types of foods with different flavor and easily availability of various chilled food prepared at RTE food stores is projected to propel the market expansion during the forecast period.

• Rising number of health-conscious customers and their increasing demand for fresh and healthful meals acts as a key challenge. This is anticipated to hamper the market growth during the projected period.

• Stricter laws and regulations governing the components used in RTE food items are projected to impede the market growth in the coming years.

• Rising promising investment projects and high prospect of the market potential of the country are offering immense opportunities for the market growth in the long run.

Scope of the report:

The report on the Singapore ready to eat food market includes an assessment of the market, size, share, trends, and segments. Overview and dynamics have been included in the report.

Singapore Ready to Eat Food Market Insights

Ready meals segment to dominate the market

Based on product types, the market can be classified as instant breakfast/cereals, instant soups & snacks, ready meals, baked goods, meat products, and others. The ready meals segment is anticipated to dominate the market during the forecast period due to rising demand for the types of meals among young customers and working population worldwide.

Moreover, rising awareness of ready meals among students and youth population presents another key factor for the segment expansion. Meanwhile, the instant soups & snacks segment is projected to expand at considerable growth in the near future as these foods are easily available in the market and easy to consume at instant without taking much time for preparation.

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Hypermarket/supermarkets segment to hold a large market share

In terms of distribution channels, the Singapore ready to eat food market can be divided into hypermarkets/supermarkets, convenience stores, food specialty stores, departmental stores, online retailers, and others. The hypermarkets/supermarkets segment is expected to hold a major market share during the forecast period owing to increase consumer preference for in-store shopping as well as easy shopping facilities offered by premium hypermarkets. Moreover, consumers are increasingly inclined towards buying RTE foods from hypermarkets and supermarkets due to easy accessibility, which has assisted the segment growth.

However, the online retailers segment is projected to expand at the fast CAGR in the coming years due to the growing popularity of online shopping among customers. The growth of e-commerce is being propelled by the rising use of smartphones and the internet. Countries all across the world are promoting e-commerce purchasing platforms due to the rising consumers’ preference for online shopping and offering discounted prices of products.

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Segments

By Distribution Channels

• Hypermarkets/Supermarkets
• Convenience Stores
• Food Specialty Stores
• Departmental Stores
• Online Retailers
• Others

By Product Types

• Instant Breakfast/Cereals
• Instant Soups & Snacks
• Ready Meals
• Baked Goods
• Meat Products
• Others

By Regions

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Competitive Landscape

Key players in Singapore's ready-to-eat food market are Pepsico Inc.; Nestle; Kellogg Co.; General Mills Inc.; Prima Taste; Pondok Abang; Food Box; and Health Food Matters. Nestle Maggie and Nissin Foods are among the most popular brands in Singapore, which are constantly working towards evolving product development to meet changing consumption patterns.

Meanwhile, other market players are actively engaged in several strategies to ensure more creativity with their product portfolios, resulting in a significant shift in the competitive landscape.