According to the report analysis, ‘Food & Grocery Retailing In Singapore, Market Shares, Summary And Forecasts To 2022’states that some of the major companies which are currently functioning in this sector in a more auspicious manner for acquiring effective share in this sector which includes FairPrice, Giant, Sheng Siong, Cold Storage, 7-Eleven, DFS, Prime, Cheers, Shell, qoo10 and several others. Whereas, the fair price, with its value proposition, commanded lion’s share of the sector sales in the recent past year and qoo10 reported the highest growth during 2016-2017. The report also consists the details of major retailers in the food & grocery category group with their product premises analysis and market situation in 2017 along with the present key upgradations and developments. The market apprehensions based on consumer trends, changing demographics and economic factors, latest technological developments and other macroeconomic factors. Moreover, the Singapore retail market is anticipated to develop at a CAGR of 3.0% during 2017-2022 where the retailers rely on imports as local produce is scarce. Furthermore, the key players are investigating the current and forecast behavior trends in food and grocery category for identifying the newest opportunities and for gaining the highest share in the market.
Growing urbanization has made people more health conscious and the largely want only assured and good quality food. The retail market of Singapore solved this problem of residents by offering them good quality food. Whereas, the report offers the retail sales and the fastest rising sector categories in the food & grocery sector with the qualitative and quantitative insights of changing retail driving in the food and grocery sector. Moreover, the significant increase in disposable income and present landscape represent the noteworthy growth in the Singapore retail market of food and grocery in the near future. Due to the effective development in the e-commerce sector, the sales of food and grocery is growing more increasingly as online sales still in the nascent stage in food & grocery. The busy schedule of the present citizenry is also a growth driver of this market as the e-commerce platform is providing the good quality food and grocery which are assured and rated by the consumer.
The key players analyze which results from actions to align the market strategies with the pivotal trends influencing the consumer behavior. Moreover, the key players are expanding the novel opportunities that will enable to arrange the product offering and policies with the effective strategies to meet the demand by analyzing the wide economic and citizenry trends, key customers and technological development influencing the food and grocery retailing in Singapore. The hypermarkets registered the lion’s share of overall sector sales in the recent past years. Whereas, the newly developed supermarkets and convenience stores are more in favor compared to the primarily chaotic settings of wet industry, which is referred a challenge to the traditional wet industry. In addition, as there is the wide variety of products customers prefer the comfortably air-conditioned environments of supermarket and hypermarkets. Furthermore, with the changing lifestyle and for enhancing the status the people prefer branded grocery products and good quality food which results in the growth of this market in Singapore over the decades in the near future more significantly.
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Ankur Gupta, Head Marketing & Communications