Spreads & Sweeteners - Singapore

Singapore

Revenue in the Spreads & Sweeteners market amounts to €125.80m in 2024. The market is expected to grow annually by 4.26% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€133,700m in 2024).
In relation to total population figures, per person revenues of €20.79 are generated in 2024.
In the Spreads & Sweeteners market, volume is expected to amount to 40.96m kg by 2029. The Spreads & Sweeteners market is expected to show a volume growth of 2.2% in 2025.
The average volume per person in the Spreads & Sweeteners market is expected to amount to 6.1kg in 2024.

Key regions: Spain, Japan, China, Philippines, United Kingdom

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Analyst Opinion

The Spreads & Sweeteners Market in Singapore is experiencing slow growth due to factors such as limited consumer awareness and the availability of traditional alternatives. However, the market is expected to grow as health consciousness rises and online options become more convenient.

Customer preferences: As Singaporeans become more health-conscious, there is a growing demand for natural and low-sugar options in the Spreads & Sweeteners Market. This trend is driven by an increasing awareness of the negative effects of consuming too much sugar on overall health. As a result, there has been a rise in the popularity of natural sweeteners such as stevia and monk fruit, as well as spreads made with natural ingredients like fruits and nuts. This shift towards healthier options is also influenced by the growing interest in clean eating and sustainable living.

Trends in the market: In Singapore, there is a growing trend of using natural sweeteners and low-calorie spreads in response to increasing health consciousness among consumers. This trend is driven by the rising prevalence of chronic diseases and the government's efforts to promote healthier eating habits. As a result, there is a shift towards healthier and more sustainable alternatives to traditional spreads and sweeteners. This trend is expected to continue, with potential implications for manufacturers to innovate and offer healthier options, and for retailers to cater to the changing demands of consumers.

Local special circumstances: In Singapore, the Spreads & Sweeteners market is heavily influenced by the country's diverse cultural background. The demand for traditional Asian spreads and sweeteners, such as soy sauce and palm sugar, remains high among the local population. Additionally, the stringent regulations on food imports and quality control play a significant role in shaping the market. The popularity of local artisanal spreads and use of natural sweeteners, such as honey and agave, also reflects the growing health and wellness trend in the country.

Underlying macroeconomic factors: The Spreads & Sweeteners Market within The Food market in Singapore is significantly impacted by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. Singapore's stable economy, strong investment in infrastructure, and favorable regulatory environment have contributed to the growth of the market. Additionally, the increasing demand for healthy and natural sweeteners due to rising health consciousness is driving market growth. Moreover, the growing population and rising disposable income in Singapore are also boosting the demand for spreads and sweeteners in the country. These macroeconomic factors are expected to continue to positively influence the market 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.