Processed Meat - Singapore

Singapore

Revenue in the Processed Meat market amounts to US$298.20m in 2024. The market is expected to grow annually by 3.39% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$42bn in 2024).
In relation to total population figures, per person revenues of US$51.13 are generated in 2024.
In the Processed Meat market, volume is expected to amount to 29.35m kg by 2029. The Processed Meat market is expected to show a volume growth of 2.0% in 2025.
The average volume per person in the Processed Meat market is expected to amount to 4.6kg in 2024.

Key regions: India, China, United Kingdom, Spain, South Korea

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Analyst Opinion

The processed meat market in Singapore is currently experiencing negligible growth. This can be attributed to factors such as the increasing popularity of plant-based alternatives, health concerns related to processed meat, and the rise of ethical and sustainable food consumption. These factors have led to a shift in consumer preferences and purchasing behavior, resulting in a slowdown in the market's growth rate. Additionally, the sub-markets of Ham & Bacon, Sausages, and Cold & Roast Meat Products are also facing challenges, with consumers opting for healthier and more sustainable options. These factors are expected to continue impacting the growth of the processed meat market in Singapore in the foreseeable future.

Customer preferences: With the growing awareness of environmental sustainability and ethical consumption, there has been a rise in demand for plant-based and alternative meat products in Singapore's Processed Meat Market. This is driven by consumers' desire to reduce their carbon footprint and adopt healthier dietary choices. Additionally, the rise in flexitarianism and veganism has led to a shift towards more plant-based diets, especially among younger demographics. This trend is expected to continue as consumers prioritize sustainability and health in their purchasing decisions.

Trends in the market: In Singapore, the Processed Meat market within the Meat Market of The Food market is seeing a shift towards healthier options, with a growing demand for organic, non-GMO, and plant-based alternatives. This trend is driven by rising health concerns and a growing awareness of the environmental impact of traditional meat production. As a result, companies are investing in new product development and marketing strategies to cater to this demand. However, this shift also presents potential challenges for industry stakeholders, such as increased competition and the need to adapt to changing consumer preferences.

Local special circumstances: In Singapore, the Processed Meat Market of the Meat Market within The Food market is heavily influenced by the country's small land area and high population density. This has led to strict regulations on food safety and quality, resulting in a high demand for processed meats that meet these standards. Additionally, Singapore's diverse cultural influences have led to a unique demand for halal-certified processed meats, catering to the Muslim population. The country's affluent and health-conscious consumer base has also driven the demand for premium, healthier processed meat options, such as plant-based alternatives.

Underlying macroeconomic factors: The Processed Meat Market within The Food market in Singapore is heavily influenced by macroeconomic factors such as consumer spending patterns, economic stability, and government policies. With a strong economy and high consumer purchasing power, Singaporeans have a growing demand for convenience foods, including processed meats. However, government efforts to promote healthier eating habits and reduce the consumption of processed foods may hinder market growth. Additionally, global economic trends and trade policies may impact the availability and prices of imported processed meat products in Singapore.

Methodology

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.