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Singapore Food and Drink Report Q3 2007
Business Monitor International, Oct 2007, Pages: 62
The Singapore Food Drink Report provides independent forecasts and competitive intelligence on Singapores food and drink industry.
A per capita food consumption growth forecast of 6.4% to US$1,492.10 in 2012 has done little to convince Singaporean food and beverage manufacturers that domestic growth opportunities still exist this quarter. In the past three months, leading food producer Singapore Food Industries reaffirmed its international ambitions when it announced that 66% of its H107 sales had been generated outside of Singapore, compared to just 10% in 2001. Meanwhile, leading alcoholic beverages producer Asia Pacific Breweries (APB) took a step closer to joining the elite gang of regional brewing multinationals when it announced that its H107 profits had been hit by its continued investment in the emerging markets of Mongolia, Laos and Cambodia.
With the Singaporean market having reached maturity and with growth only really now possible via innovation at the premium end of the market, it is little wonder that leading Singaporean players are looking elsewhere for growth; after all the country is ideally situated between a handful of the world’s fastest growing food and beverage markets, China, India and Vietnam to name just three. However, as the author examines in its latest Singapore Food & Drink Report for Q307, the by-product of this regional expansion has been a declining domestic industry. Giving its limiting geography, the size of Singapore’s agricultural and food processing industry surprises many.
However, the country has proved adept at maximising its limited potential and reducing import dependency wherever possible. A shift towards regional, rather than local, production threatens to undermine this. To 2011, the author expects exports of Singaporean food and beverages to decrease by 4.6%, while we are forecasting import growth of 7.3%.
This will be a product of local producers establishing a manufacturing presence in neighbouring markets, thus reducing the need for Singaporean imports; while Singapore will increasingly find itself having to import goods that were once produced locally.
While the government might want to consider steps to ensure that Singapore remains attractive to both local and international players alike - at least ensuring that marketing investments remain strong where production investments might not - it is not all doom and gloom for the local industry. While Singapore may not be able to compete with its neighbours in terms of labour or real estate prices, it does hold one
major advantage: its location. Even though producers are increasingly considering the likes of Thailand for the establishment of regional head-quarters, Singapore’s heritage as a regional trading hub is hard to ignore. The last quarter has seen global tobacco major Philip Morris International consider Singapore as a site for its US$80mn regional centre, and the country will compete with the Philippines to secure the investment.
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