Global supply shortages as a result of the ongoing war in Ukraine is leading to price rises for a number of cooking ingredients such as edible oils, which is placing pressure on an import-reliant market such as Singapore. In response, local consumers are starting to reduce their purchase volumes amid growing prices across all categories, except for sauces, dips, and condiments.
Players from both retail and foodservice are developing and expanding their portfolios to attract retail consumers as they look to utilise existing resources in an effort to create complementary revenue streams to counter manufacturing costs, whilst leveraging their reputation for offering quality products through their primary business. For instance, foodservice brands such as Andes offer ready meals that enable consumers to replicate a dine-in experience at home with convenient and time-saving options.
Lam Soon Singapore Pte Ltd continues to strengthen its overall leadership of cooking ingredients and meals in 2022, due to its dominance of edible oils, with strong value growth being driven by supply-induced price increments and the lack of product substitutes, as most Asian cuisine requires edible oils to stir fry and deep fry, in addition to creating homemade sauces and dips. Lam Soon collaborated with the discount initiative on edible oils by Singapore’s leading grocery retailer, FairPrice, between 25 May and 1 June 2022, where two of the four participating brands, namely Knife (groundnut, rice bran oil) and Duck (vegetable oil), were produced by the leading player.
Demand for cooking ingredients and meals from foodservice is continuing to improve in 2022, with key exceptions including sunflower oil due to global shortages, while the opposite trend is evident in retail as a result of greater mobility and sustained dining out occasions. This is in contrast to the previous year when Singapore was still experiencing intermittent restrictions and accessibility to foodservice despite a more positive performance compared to 2020.
The government is likely to continue to encourage healthier eating in Singapore by setting a goal of reducing the nation’s sodium intake by 15% over the forecast period. This is being supported by advertisements on public transport and digital media by the Ministry of Health in the last quarter of 2022, where consumers are directed to a health and wellness website, Health Hub, which highlights the implications of high sodium intake on health, as well as solutions for reducing its consumption.
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Cooking Ingredients and Meals
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