Market value of the fast food industry in Singapore 2013-2017
Singapore’s fast food industry was forecasted to have a market value of 1.16 billion U.S. dollars in 2017. Since 2017, the fast food industry in Singapore has continued to grow, bucking the trend of declining sales and patronage of such outlets in the U.S. and Europe.
Food-obsessed nation
Singapore has a reputation of being a food-obsessed nation with a strong dining out culture. Eating out and trying new restaurants was rated as one of Singaporeans’ favorite pastimes. In 2018, almost a quarter of Singaporeans claimed to eat out of home daily. With more than twelve thousand F&B outlets to choose from as of 2017, the Singaporean consumer is spoilt for choice. Fast-food outlets, offering cheap and tasty options prepared quickly, fits into the busy lifestyle of the average consumer.
State of fast food in Singapore
Since 2005, the number of fast food outlets in Singapore had increased steadily, as did the operating receipts from such outlets. As of 2019, demand for new fast-food joints continue to grow, as evidenced by long queues at the opening of two new fast-food chains, A&W and Shake Shack. Fast food had been falling out of favor with consumers in Europe and the U.S., where consumers are increasingly becoming more health conscious. Singaporean consumers, however, still seemed unfazed by the lack of nutritional value in fast food.
Food-obsessed nation
Singapore has a reputation of being a food-obsessed nation with a strong dining out culture. Eating out and trying new restaurants was rated as one of Singaporeans’ favorite pastimes. In 2018, almost a quarter of Singaporeans claimed to eat out of home daily. With more than twelve thousand F&B outlets to choose from as of 2017, the Singaporean consumer is spoilt for choice. Fast-food outlets, offering cheap and tasty options prepared quickly, fits into the busy lifestyle of the average consumer.
State of fast food in Singapore
Since 2005, the number of fast food outlets in Singapore had increased steadily, as did the operating receipts from such outlets. As of 2019, demand for new fast-food joints continue to grow, as evidenced by long queues at the opening of two new fast-food chains, A&W and Shake Shack. Fast food had been falling out of favor with consumers in Europe and the U.S., where consumers are increasingly becoming more health conscious. Singaporean consumers, however, still seemed unfazed by the lack of nutritional value in fast food.
