How big is the F&B sector in Singapore?
Singapore’s food and beverage (F&B) sector is a vibrant and diverse industry encompassing a wide range of businesses, including restaurants, cafes, bars, food manufacturers, and distributors. The sector is a significant contributor to Singapore’s GDP, raking over S$5 billion in 2022.
What is the outlook for Singapore’s F&B sector?
In 2022, a memorandum of understanding (MOU) was signed by NTUC, affiliated unions, and industry associations within the F&B sector. This MOU aimed to establish an F&B Professional Community, working together to build a robust ecosystem in the industry.
The primary focus of this collaboration is to offer career guidance and opportunities for young workers and individuals looking to switch careers. It aims to facilitate their entry into the F&B industry and support their career growth and progression within it. NTUC’s Assistant Secretary-General, Melvin Yong, said:
“We hope that in the near term, we will be able to attract more workers to join the F&B industry and in the longer term, provide more sustainable solutions to address the constant challenge of labour shortage in our F&B sectors.”
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Post-COVID-19, the sector is expected to recover and continue its growth trajectory. Digitalisation, sustainability, healthy eating, and food delivery are shaping the industry’s landscape. Here are some of the key factors driving the growth of this industry.
1. Digitalisation of operations
One of the key factors driving the growth of the F&B sector is the increasing digitalisation trend. With the rise of food delivery platforms and online ordering systems, many F&B establishments have adapted to the new normal and expanded their reach to a broader customer base.
2. Shift towards sustainability
Additionally, there is a growing preference for environmentally friendly products and sustainable practices within the F&B sector. Consumers are increasingly conscious of the environmental impact of their food choices and are seeking out businesses that prioritise sustainability.
3. Adoption of a healthier lifestyle
Another prominent trend in the F&B sector is the demand for healthy and natural foods. As Singaporeans become more health-conscious, there is rising interest in nutritious and wholesome dining options. This has led to the emergence of new food concepts and restaurants that cater to this demand.
4. Need for convenience
Furthermore, the F&B sector has seen a significant increase in takeout and food delivery services. With consumers embracing these services more than ever, revenue in the online food delivery market is projected to reach $2 billion in 2023, with a projected market volume of close to $3 billion by 2027.
5. Growth of tourism
As Singapore’s tourism sector recovers post-pandemic, the food and beverage sector is also experiencing a rebound, buoyed by tourism receipts. F&B sales volume rose 28 percent year-on-year in the third quarter of 2022.
Singapore’s F&B sector is actively hiring
The F&B sector is facing a manpower crunch, and there are plenty of job opportunities ranging from chefs and baristas to restaurant managers. So, if you’re keen on joining the sector, there’s no better time than now to hop aboard!
Here are some useful reads to help you learn more about the sector.
5 Reasons Why You Should Consider a Career in the F&B Sector
F&B Industry: Why Now is the Right Time to Make the Switch
What Digital Skills Do You Need for the F&B Sector in Singapore Today?
Thinking of a Career in Singapore’s Hospitality and F&B Industry? Here’s What Roles Are Available
Cooking Up a Winning Career: 7 Reasons Why Being a Chef Could Be the Right Fit for You
Managing Career Ups and Downs: This Singaporean Chef Lost His Sight But Hasn’t Given Up
Self-Made Success: After His Fashion Biz Folded, He Turned to Cooking
