Ready-to-Eat Meals - Singapore

Singapore

Highlights

Revenue in the Ready-to-Eat Meals market amounts to US$411.50m in 2024. The market is expected to grow annually by 2.10% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$149bn in 2024).
In relation to total population figures, per person revenues of US$67.99 are generated in 2024.
In the Ready-to-Eat Meals market, volume is expected to amount to 53.12m kg by 2029. The Ready-to-Eat Meals market is expected to show a volume growth of 0.5% in 2025.0.
The average volume per person in the Ready-to-Eat Meals market is expected to amount to 8.6kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Ready-to-Eat Meals market in Singapore has shown negligible growth due to factors such as changing consumer preferences, health concerns, and increased competition from other convenience food options. Despite this, the Convenience Food market as a whole continues to see steady growth.

Customer preferences: The Ready-to-Eat Meals Market of the Convenience Food Market within The Food market in Singapore has seen a rise in demand for healthy and convenient options, driven by busy lifestyles and changing consumer preferences. This has led to the emergence of plant-based and organic ready-to-eat meals, catering to the growing number of health-conscious individuals. Additionally, with the increasing adoption of e-commerce and food delivery services, consumers are now able to access a wider variety of ready-to-eat meals, further fueling the market growth.

Trends in the market: In Singapore, the Ready-to-Eat Meals Market within the Convenience Food Market is experiencing a shift towards healthier options, with a focus on plant-based and organic ingredients. Additionally, there is a growing demand for convenient, on-the-go meals that cater to different dietary restrictions and preferences. This trend is expected to continue as consumers become more health-conscious and prioritize convenience. For industry stakeholders, this presents an opportunity to innovate and offer a wider range of healthy and convenient options to meet the evolving needs of consumers.

Local special circumstances: In Singapore, the Ready-to-Eat Meals Market of the Convenience Food Market within The Food market is thriving due to the fast-paced lifestyle and growing demand for convenience. The country's small size and high population density have also led to a rise in online food delivery services. Additionally, the strict regulations on food safety and hygiene have resulted in a wide variety of high-quality and innovative ready-to-eat meal options for consumers. The influence of these unique local factors has created a dynamic and competitive market for ready-to-eat meals in Singapore.

Underlying macroeconomic factors: The growth of the Ready-to-Eat Meals Market in the Convenience Food Market within The Food market is also influenced by macroeconomic factors such as changing consumer lifestyles, increasing urbanization, and rising disposable incomes. As more consumers seek convenient and on-the-go meal options, the demand for ready-to-eat meals is expected to rise. Additionally, government initiatives to promote healthy eating and reduce food waste are also driving the growth of this market. On the other hand, economic downturns and fluctuations in consumer spending can have a negative impact on the demand for these meals. Therefore, it is important to closely monitor and adapt to macroeconomic trends in order to sustain growth in the Ready-to-Eat Meals 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.