Singapore: Retail Foods
Singapore is one of the world’s most open economies and is highly dependent upon international trade. Singapore’s retail foods market is diverse, dynamic and extremely competitive. Singapore only produces 10 percent of its own food and imports 90 percent from other countries. Consumer spending on food and beverages is expected to grow 5 percent annually from 2016 through 2018 which will drive continued growth in the retail foods sector. Demand from Singapore’s retail sector is fueling growth in U.S. exports of consumer oriented food products which is valued at US$607 million in CY2014. Products include fish and seafood, dairy products, meat products, fresh produce, snack foods and processed fruit and vegetables. The United States was Singapore’s the 4th largest supplier.
