Market Report, "Processed Meat and Seafood in Singapore", published

From: Fast Market Research, Inc.
Published: Tue Jan 19 2016

Growth in processed meat and seafood in current retail value and retail volume terms in 2015 was in line with the respective CAGRs for the entire review period. There are opposing factors behind the demand for processed meat and seafood. Firstly, economic improvement as well as the growing need for convenience are increasing demand for processed meat and seafood. However, the health and wellness trend is exerting downward pressure on demand for processed food. With consumers becoming increasingly aware of the side effects of nitrates and other kinds of artificial preservatives, they are seeking to limit their consumption of such foods. On the other hand, processed meat and seafood can be seen as a form of indulgence, where consumers consume these foods occasionally for its convenience and taste rather than as an everyday occurrence. As a result, this increases retail volume growth, but to a limited extent for the category as a whole. The resulting effects on retail value sales for processed meat are different from processed seafood. In 2015, the average unit price in shelf stable processed poultry and chilled processed red meat declined in current terms as brands competed through price discounting. Several categories in processed meat also faced price competition from private label products. Conversely, the average unit price in shelf stable seafood, chilled processed seafood and frozen processed seafood increased in current terms in 2015 mainly due to rising seafood ingredients costs. Therefore, processed meat registered slower current retail value growth than processed seafood in 2015.

Full Report Details at

Competitive Landscape

Thong Siek Food Industry Pte Ltd remained the leader in processed meat and seafood in 2015 and accounted for 9% of retail value sales followed closely by Clouet Trading Pte Ltd and then Goh Joo Hin Pte Ltd. Thong Siek offers a wide selection of seafood products under its Dodo brand, including fish balls, dumplings, fish fingers, otah fishcakes and other convenient product types that are popular and prevalent in the preparation of traditional Singaporean dishes. Clouet Trading Pte Ltd offers several different product types and flavour variants under its Ayam brand which has a longstanding reputation for offering quality food products at competitive prices. Its strong performance in this category is attributable to its shelf stable seafood products. Goh Joo Hin maintains a strong and broad portfolio that includes well-known brands such as Mili, New Moon and Maling. Mili and Maling performed strongly in shelf stable processed red meat and poultry while New Moon also held a large retail value share in shelf stable seafood.

Industry Prospects

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