Singapore Foodservice Market Size

Singapore Foodservice Market Analysis

The Singapore Foodservice Market size is estimated at 24.88 billion USD in 2024, and is expected to reach 55.93 billion USD by 2029, growing at a CAGR of 17.58% during the forecast period (2024-2029).

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24.88 Billion

Market Size in 2024 (USD)

55.93 Billion

Market Size in 2029 (USD)

11.07 %

CAGR (2017-2023)

17.58 %

CAGR (2024-2029)

Largest Segment by Foodservice Type

67.42 %

value share, Quick Service Restaurants, 2023

Fast-paced lifestyles and high demand for efficient service are gaining traction. The rise of delivery services is making it an attractive market for operators.

Largest Segment by Outlet Type

67.48 %

value share, Independent Outlets, 2023

Local expertise, personalized service, and unique menu offerings contribute to ongoing success as consumers are seeking authentic and high-quality dining experience.

Fastest-growing segment by Foodservice Type

19.96 %

Projected CAGR, Cloud Kitchen, 2024-2029

Increasing demand from consumers for a diverse range of beverage options, from light bites to artisanal cocktails uniquely positioned by cafes and bars, is driving the demand.

Fastest-growing segment by Outlet Type

18 %

Projected CAGR, Chained Outlets, 2024-2029

Factors, such as economies of scale, standardized offerings, and efficient operations and support and resources of established parent companies, are poised for continued growth.

Leading Market Player

0.72 %

market share, Hanbaobao Pte Ltd, 2022

As a market leader in the country, the company serves more than 70 million customers annually across more than 136 McDonald's restaurants. It popularly offers beef patties and hamburgers.

Quick service restaurants accounted for the major share of the market attributed to the increased preference for fast-food among consumers

Singapore Foodservice Industry Segmentation

Cafes & Bars, Cloud Kitchen, Full Service Restaurants, Quick Service Restaurants are covered as segments by Foodservice Type. Chained Outlets, Independent Outlets are covered as segments by Outlet. Leisure, Lodging, Retail, Standalone, Travel are covered as segments by Location.

• Quick-service restaurants accounted for the highest market share in 2022, witnessing a hike of 25.2% in sales value from 2019 to 2022. As the number of visitors increased to over 5 million in 2022, fast-food consumption by domestic people was also high. For instance, around 40% of the population consumes fast food at least once per week. Dishes like pizza, burgers, and meat-based cuisines are gaining popularity in the country.
• Cafes & bars are projected to witness a high CAGR value of 13.45% during the forecast period. The segment is majorly driven by the nation's young population. Young consumers prefer to visit bars to explore upscale cocktails and alcoholic beverages, along with various culinary styles. For instance, as of 2021, there were more than 2.5 million immigrant workers from different regions, Singaporeans consumed, on average, 2 liters of alcohol per person in 2022, which positively fueled the market.
• Full-service restaurant establishments also increased by 16.4% from 2019 to 2022. The frequency of dine-out by the people in the country increased, which reached 43% of Singaporean respondents who stated they dined out several times a week in 2021. People are looking for unique dining experiences, and different cuisines, like Latin American, Middle Eastern, and European, have gained popularity in the past years.
• Cloud kitchens are projected to witness a CAGR of 20.07% by value during the forecast period. The number of online delivery app users has increased over the past years. For instance, in 2021, around 2.8 million people used online food delivery in Singapore. People prefer ghost kitchens due to their lower prices and instant delivery with the improved packaging and acceptance of digital payments.