Factors affecting the F&B industry in Singapore

There are plenty of wholesale food supplier, wholesale food trading, local food distributor, local food supplier in a small city-state such as Singapore.

Being conveniently located along major shipping routes for the world trade, this is one small city that offers plenty of food varieties from all over the world.

However, for a population of just 6 million, food supplier Singapore & food distributor Singapore in the small city-state need to take note of current consumers’ behavioural trends and to be of relevance in their food variety and food origins.

The following factors should be taken into considerations:

Intangibles;

• Singaporeans are leading hectic lifestyles and have no time to prepare their meals so they would rather eat out.
• Western influence has had households opt for foods common to the west, and are gradually more receptive of these instead of the usual traditional food.
• Due to high household incomes, Singaporeans are able to purchase food and beverages to the basis of a want rather than a need.

Tangibles;

• High operating costs such as labour, rental, compliance fees and many other miscellaneous overheads.
• Raw materials purchase. This is a tricky factor where it depends much on your source and negotiation skills with your suppliers.

Being in a small local market, it is always a challenge to stay competitive in order to retain existing clientele and to capture new market share. Here are some findings for future strategy and marketing implementations;

- Value-added services such as more diverse offerings of food products to required specifications

- More assurance was given on food safety and security issues

- Supply chain strategy such as integration & traceability to be better communicated and documented

- Assurance on secure/safe supply chain & food prices due to market volatility

- Assurance on the high quality of food products

With the current affluent population and the attraction of migrants from all over the world, together with stable years of economic growth, the food industry is set for a positive outlook in the coming years.

Placing good attention on constant changes in consumers’ consumption behavioural trends and a diverse food product offering is one of the keys to staying ahead of competitors.

Established seafood supplier Singapore, spices supplier Singapore, cheese supplier Singapore, wholesale meat Singapore, wholesale food Singapore, ship provisions supply Singapore and food trading company in Singapore such as Oregano Trading & SSKim will do well should they be constantly updated with the latest food trends.

Emphasis has to be placed on new food trends, new demands & expectations of consumers to ensure market share is maintained and increased progressively.