Shakeups Expected in the Grocery Industry
Singapore is expected to rank as the 23rd largest grocery market in Asia.
However, employment shake ups are to be expected in this industry, which will result in movement and transformations. As part of the Industry Transformation Map, the Singapore government launched a series of initiatives helping companies “drive innovation, train workers and improve procurement practices.”
Singapore’s grocery market is expected to grow 14.5% annually from 2018 to $9.9b in 2023, led by FairPrice and Dairy Farm, according to the latest forecasts from international food and consumer goods researcher IGD Asia.
Supermarkets and convenience channels are set to grow in line with Singapore’s overall market, between 2.5% and 3.5% per year, whilst hypermarkets will have a compound annual growth rate (CAGR) of 1.1%, as retailers focus on expanding their smaller stores.
Supermarkets are estimated to remain the main grocery format in Singapore, with a value of $5.7b, and accounting for 57.4% of sales by 2023.