Singapore offers a lucrative market for Finnish food
Singapore is the world's richest country per capita and is expected to remain so in the near future. This, together with an estimated increase of the number of consumers with high purchasing power, results in a wave of consuming habits favouring premium products.
Growing demand for artisanal alcoholic drinks
Even though the overall industry for alcoholic drinks has experienced a slowdown in growth, the situation is quite the opposite in some specific categories. Here, Finnish high quality artisanal alcoholic drinks, made from pure water and arctic ingredients, have a competitive advantage.
Thanks to strong marketing efforts, and new bars opening up, ciders and spirits have experienced a dynamic growth on the Singaporean market. At the same time, craft beers as well as artisanal craft spirits are expected to continue growing as consumers become more knowledgeable and willing to experiment with new flavours.
Now, the growing sophistication and more affluent lifestyles of consumers is also leading to faster growth among some emerging categories of spirits, such as whiskey, gin and craft beer.
On one hand, consumers are willing to try out new product variants while; on the other hand, more bars are opening up to the cocktail culture and increasing the offerings of artisanal alcoholic drinks. In addition, there is a rising trend of cafés offering especially beer and cider.
The alcoholic products are also becoming more readily accessible to consumers as the number of wine retailers is increasing and craft beer is made available in convenience stores. This expansion into retail channels strengthens the consumers' awareness for craft beer and contributes to the growing popularity. At the same time, bartenders are more likely to import spirits from overseas as they look to generate new and innovative ways to prepare their cocktails.
According to Euromonitor the industry's sales numbers in 2016 were:
- Beer: 1.6 billion euros (2.6 billion SGD)
- Cider: 40.7 million euros (65 million SGD)
- Spirits: 877.9 million euros (1.4 billion SGD)
- Wine: 435.8 million euros (695 million SGD)
Healthier meat products win ground
Singapore is also experiencing a growing demand for healthier meat products and according to Euromonitor (2016), processed meat and seafood experience a retail value and volume growth of almost 2% to reach 128.5 million euros (205 million SGD) and 16 600 tonnes in 2017.
Currently, the industry is dominated by domestic players due to their long established presence and a greater understanding of local preferences.
The processed meat and seafood products answers a demand created by hectic lifestyle. Busy consumers are attracted by the offered convenience as well as the constantly emerging innovations.
At the moment, there is an increase of health and wellness variants as well as new flavours that attract new customers. These alternatives also help to improve the category's unhealthy image of containing high amounts of salt.
Food from Finland's first steps in Singapore
The Food from Finland program starts promotion activities in Singapore with a delegation visit of Minister Leppä and Permanent Secretary Husu-Kallio on 10.-12.1.2018. Together with the Embassy of Finland in Singapore, Food from Finland also arranges a b2b networking event to match-make Singaporean meat and alcohol importers, distributers and agents with Finnish companies.
If you are interested in this opportunity, please contact Esa Wrang to learn more about how to seize it.