Bread - Singapore | Statista Market Forecast

Bread - Singapore

Singapore

Highlights

Revenue in the Bread market amounts to US$535.90m in 2024. The market is expected to grow annually by 6.97% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$80bn in 2024).
In relation to total population figures, per person revenues of US$88.54 are generated in 2024.
In the Bread market, volume is expected to amount to 171.60m kg by 2029. The Bread market is expected to show a volume growth of 5.8% in 2025.0.
The average volume per person in the Bread market is expected to amount to 22.1kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Bread market in Singapore has been seeing minimal growth, influenced by factors like the increasing adoption of digital technologies and consumer health awareness. Online bread services offer convenience.

Customer preferences: The Bread Market within the Bread & Cereal Products Market has seen a rise in demand for artisanal and specialty breads, as consumers become more health-conscious and seek out natural and locally sourced ingredients. This trend is also influenced by the growing preference for sustainable and environmentally friendly products. Additionally, there has been an increase in demand for gluten-free and plant-based bread options, catering to the rising number of individuals following specific diets or with food allergies.

Trends in the market: In Singapore, the Bread Market of the Bread & Cereal Products Market within The Food market is experiencing a surge in demand for healthier bread options, such as whole grain and gluten-free varieties. This is driven by the growing health consciousness among consumers and the increasing prevalence of dietary restrictions. The trend is expected to continue as consumers become more informed about the benefits of a balanced diet and seek out healthier options. This presents opportunities for industry stakeholders to expand their product offerings and cater to the growing demand for healthier bread options. Additionally, there is a rise in online sales and delivery services for bread products, as consumers increasingly turn to e-commerce for convenience and safety during the pandemic. This trend is expected to continue, making it crucial for industry players to establish a strong online presence to remain competitive in the market.

Local special circumstances: In Singapore, the Bread Market is influenced by the country's multicultural society and its emphasis on healthy living. This has led to a rise in demand for artisanal, whole-grain, and gluten-free bread options. Additionally, the government's regulations on food labeling and advertising have encouraged the use of natural and organic ingredients in bread products. Furthermore, the small size of the country has prompted local bakeries to innovate and differentiate their products to cater to the diverse tastes and preferences of the population.

Underlying macroeconomic factors: The Bread Market of the Bread & Cereal Products Market within The Food market in Singapore is influenced by macroeconomic factors such as consumer spending, inflation rates, and trade policies. With a growing economy and high levels of disposable income, Singaporeans have a strong demand for high-quality and diverse bread products. However, the rising cost of ingredients, transportation, and labor have resulted in an increase in prices, leading to potential shifts in consumer behavior. Furthermore, trade policies, such as import tariffs and quotas, can impact the availability and cost of imported bread products, affecting the overall competitiveness of the market.

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.