Fresh Vegetables - Singapore

Singapore

Highlights

Revenue in the Fresh Vegetables market amounts to US$901.40m in 2024. The market is expected to grow annually by 3.95% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$101bn in 2024).
In relation to total population figures, per person revenues of US$148.90 are generated in 2024.
In the Fresh Vegetables market, volume is expected to amount to 449.70m kg by 2029. The Fresh Vegetables market is expected to show a volume growth of 2.8% in 2025.0.
The average volume per person in the Fresh Vegetables market is expected to amount to 66.0kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Vegetables Market in Singapore has shown negligible growth, influenced by factors such as limited agricultural land, high import reliance, and fluctuating consumer preferences towards convenience and health, affecting overall market dynamics and expansion.

Customer preferences: Consumers in Singapore are increasingly prioritizing health and sustainability, driving a notable shift towards organic and locally sourced fresh vegetables. This trend is influenced by heightened awareness of food safety and environmental concerns, with younger demographics actively seeking out eco-friendly options and supporting local farmers. Additionally, the rise of meal-prepping and plant-based diets reflects changing lifestyles, as busy professionals and health-conscious individuals favor convenient yet nutritious choices. This evolving landscape emphasizes the importance of transparency and quality in the fresh vegetables market.

Trends in the market: In Singapore, the fresh vegetables market is experiencing a significant shift towards organic and locally sourced produce, driven by consumer demand for health and sustainability. This trend is particularly pronounced among younger consumers who prioritize eco-friendly options and are increasingly conscious of food safety. Additionally, the popularity of meal-prepping and plant-based diets is reshaping purchasing habits, as busy professionals seek nutritious and convenient alternatives. These developments underscore the need for transparency and quality, compelling industry stakeholders to adapt their sourcing and marketing strategies to align with evolving consumer preferences.

Local special circumstances: In Singapore, the fresh vegetables market is shaped by a unique blend of geographical constraints and cultural preferences. The city-state's limited arable land drives a strong emphasis on urban farming and vertical agriculture, fostering innovation in local produce. Additionally, Singapore's multicultural society influences dietary habits, with diverse culinary traditions promoting a variety of vegetable consumption. Stringent food safety regulations further enhance market dynamics, as consumers demand high-quality, pesticide-free options. This regulatory environment encourages sustainable practices and drives the growth of organic farming initiatives, responding to the public's increasing health consciousness.

Underlying macroeconomic factors: The Fresh Vegetables market in Singapore is influenced by macroeconomic factors such as urbanization trends, global supply chain dynamics, and local economic stability. The city-state’s focus on food security drives investment in agricultural technology and innovation, enhancing productivity in limited arable land. Additionally, fluctuations in global vegetable prices, influenced by climate change and trade policies, impact local market prices and availability. Singapore’s robust economic health and high disposable income levels promote consumer demand for premium, sustainable produce, while government incentives for organic farming support the growth of eco-friendly practices, aligning with public health trends.

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.