Singapore is the keystone of ASEAN Food and Beverage. With ten member nations, 620+ million people, and a great thirst for growth: ASEAN is one of the world’s hot spots of economic growth. Singapore is the integral keystone to this magnificent region.
An island nation with a population roughly the same size as New Zealand, Singapore is just about small enough to fit inside Lake Taupo. It’s tiny, but it’s David against Goliath when it comes to gaining a foothold in the F&B market.
Singapore has more millionaires per capita than almost anywhere else in the world and according to one Wall Street Journal report, one in six homes has disposable private wealth of at least $1 million.
With the countries multitude of world-class restaurants, bars and gourmet supermarkets, it’s also a favorite stop-over for holidaymakers and an excellent hub for New Zealand F&B exporters working in the region.
With the plethora of FTAs New Zealand has with ASEAN markets aiding our competitiveness, combined with a reputation for quality, New Zealand F&B products are becoming increasingly popular off-shore and the ASEAN region presents excellent growth opportunities to F&B exporters with a long-term view.
Although the costs of entry into major retail in Singapore are among the highest in Asia, here is why you should be prioritising Singapore:
1. Singapore is the showcase market for Southeast Asia. Importers and distributors from across Southeast Asia frequently visit Singapore retailers, such as Cold Storage and NTUC Fairprice, when looking for new products.
2. Retailers in other markets in Southeast Asia are more likely to agree to listing a new brand if it’s already succeeding in Singapore. There is a pecking order in terms of the best retail environments and Singapore sits firmly at the top.
3. Singaporean consumers have some of the highest per capita incomes in the region and because of the countries close proximity to New Zealand and Australia, in many cases they prefer the taste profile of our products compared to American and European products.