Weakness (Internal)
Singapore has a large and highly competitive food service industry with a vast array of hotels, restaurants, airline caterers, ship handlers, hospitals, clubs and bars. In 2014, the Singapore food service market was valued at US$3.3 billion. It is expected to reach US$4 billion in value in 2013, growing at a CAGR of 2%, due to the current unclear economic trend. Restaurants and fast food outlets accounted for 38% and 12% of the total revenue in the food and beverage services industry respectively. Food caterers held 13% of the industry. Although the food service sector in Singapore is made up of many small single site establishments, the key players are dominated by large international hotels with western restaurants that …show more content…
This shows that Singapore is reliant on imports for almost all of its food and drink supplies and will remain in this way for a very long time. Singapore is one of the wealthiest markets in Southeast Asia with a very small lower income group. This virtually makes the whole population a target market. Singapore has the highest food consumption levels in Southeast Asia on a per capita basis. On top of that, Singaporeans consume a wide range of food for example, Chinese, Malay, Japanese, Indian, Western, Japanese, Thai, Korean and other various types of food. Singaporeans are also increasingly open to foreign products from developed markets that are of high quality and value-for money. With all these good opportunities, Singapore’s F&B industry is expected to continue growing in the near …show more content…
With the lack of F&B businesses, it can pose as a huge threat to Singapore’s tourism. This can be confirmed by Peter Knipp, CEO of Peter Knipps Holdings which has organised the annual World Gourmet Summit since 1997. According to Mr Knipps, he states that Singapore is not lacking the culinary excellence but the lack of a supply of dedicated, passionate front-line service staff supporting what’s coming from the kitchens. This shortfall may affect Singapore’s chances of winning international acclaim, for example, landing Michelin stars for its
Singapore has a large and highly competitive food service industry with a vast array of hotels, restaurants, airline caterers, ship handlers, hospitals, clubs and bars. In 2014, the Singapore food service market was valued at US$3.3 billion. It is expected to reach US$4 billion in value in 2013, growing at a CAGR of 2%, due to the current unclear economic trend. Restaurants and fast food outlets accounted for 38% and 12% of the total revenue in the food and beverage services industry respectively. Food caterers held 13% of the industry. Although the food service sector in Singapore is made up of many small single site establishments, the key players are dominated by large international hotels with western restaurants that …show more content…
This shows that Singapore is reliant on imports for almost all of its food and drink supplies and will remain in this way for a very long time. Singapore is one of the wealthiest markets in Southeast Asia with a very small lower income group. This virtually makes the whole population a target market. Singapore has the highest food consumption levels in Southeast Asia on a per capita basis. On top of that, Singaporeans consume a wide range of food for example, Chinese, Malay, Japanese, Indian, Western, Japanese, Thai, Korean and other various types of food. Singaporeans are also increasingly open to foreign products from developed markets that are of high quality and value-for money. With all these good opportunities, Singapore’s F&B industry is expected to continue growing in the near …show more content…
With the lack of F&B businesses, it can pose as a huge threat to Singapore’s tourism. This can be confirmed by Peter Knipp, CEO of Peter Knipps Holdings which has organised the annual World Gourmet Summit since 1997. According to Mr Knipps, he states that Singapore is not lacking the culinary excellence but the lack of a supply of dedicated, passionate front-line service staff supporting what’s coming from the kitchens. This shortfall may affect Singapore’s chances of winning international acclaim, for example, landing Michelin stars for its