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The F&B industry is involved in processing raw food material, packaging and distributing them, which includes fresh, prepared foods, packaged food and beverages (Alcoholic and non-Alcoholic). Products that are meant for human consumption are under this industry category, aside from pharmaceuticals. In the food industry, the dairy sector is the largest, followed by baked and cereal items, and chilled foods. The beverage segment is composed of alcoholic and non-alcoholic beverages.
The food and beverages industry is considered a mature industry; it is very competitive and relies strongly on advertising to promote brand names. The major players of this industry are like McDonalds, Swenson’s, BreadTalk, F&N.
Singapore has a growing F&B sector which includes food caterers, restaurants, bars, canteen, coffee shops, fast food restaurants, cafes, creameries, snack bars, cocktail lounges and pubs.
The F&B sector has a total of 5,200 establishments and workforce of 150,000 workers in 2009. The turnover for the sector is estimated to be about S$5.6 billion annually.
This sector, though small, forms an integral part of Singapore’s economy. Although it contributes about 0.7% or $1.7billion (2007) to Singapore’s Gross Domestic Product, it is a vital component of the tourism industry. In addition, for Singapore to be regional financial and business hub, having a F&B sector is crucial in attracting business visitors as well as enhancing the quality of the many foreign talents who have chosen to work and live in Singapore.
The F&B sector is characterised by low entry barrier, high risk, high business cost primarily in rental, labour and materials and high churn of concepts.
