Fresh Meat - Singapore

Singapore

Revenue in the Fresh Meat market amounts to €3.50bn in 2024. The market is expected to grow annually by 5.62% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€242bn in 2024).
In relation to total population figures, per person revenues of €577.60 are generated in 2024.
In the Fresh Meat market, volume is expected to amount to 452.20m kg by 2029. The Fresh Meat market is expected to show a volume growth of 4.6% in 2025.
The average volume per person in the Fresh Meat market is expected to amount to 61.5kg in 2024.

Key regions: South Korea, Russia, Canada, Philippines, China

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Fresh Meat market in Singapore is experiencing minimal growth, influenced by factors such as local consumer preferences, government regulations, and competition from alternative protein sources. However, the market is expected to see slight growth due to increasing health consciousness and convenience of online meat purchases.

Customer preferences: As Singapore's population becomes more health-conscious, there has been a noticeable increase in demand for organic and sustainably sourced fresh meat products. This trend is driven by a growing awareness of the environmental impact of conventional meat production and a desire for healthier, more ethically produced food. As a result, retailers in the Fresh Meat Market are expanding their offerings to cater to these preferences, with a focus on locally sourced and free-range options. Additionally, there has been a rise in popularity of alternative meats, such as plant-based proteins, catering to the increasing number of flexitarians and vegetarians in the country.

Trends in the market: In Singapore, the Fresh Meat Market within the Meat Market of The Food market is experiencing a shift towards sustainable and ethical practices. Consumers are increasingly demanding transparency in the supply chain and are opting for locally sourced, organic and free-range meats. This trend is expected to continue as education and awareness about the environmental and health impacts of factory farming increase. For industry stakeholders, this trend presents an opportunity to cater to the growing demand for ethical and sustainable meat options, while also mitigating potential risks of consumer backlash. Additionally, with the rise of e-commerce and online grocery shopping, there is a growing trend of purchasing fresh meat online, creating opportunities for digitalization and innovation within the market.

Local special circumstances: In Singapore, the Fresh Meat Market of the Meat Market within The Food market is heavily influenced by the country's strict regulations on food safety and hygiene. This has led to a high level of trust in the quality of locally sourced meat products, with consumers willing to pay a premium for them. Additionally, the city-state's small size and urbanization have led to a rise in demand for convenience, driving the popularity of online meat delivery services. The unique combination of these factors has created a competitive market with a strong emphasis on food safety and convenience.

Underlying macroeconomic factors: The Fresh Meat Market within the Meat Market of The Food market in Singapore is affected by macroeconomic factors such as economic growth, consumer spending, and government policies. As Singapore's economy continues to grow, there is an increase in disposable income and consumer spending, leading to a higher demand for high-quality fresh meat products. The government's support for the local meat industry through policies and investments also plays a crucial role in driving market growth. Furthermore, the rising health consciousness and demand for sustainable and ethically sourced meat products are expected to contribute to the market's growth in the coming years.

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.