Singaporeans are set to become increasingly affluent and their willingness to indulge will increase as a result. Nonetheless, manufacturers will experience difficulty in tapping into this increase in affluence – consumers are primed by social media and the internet, resulting in their increasing awareness of novel flavours on the one hand, and health consciousness on the other.
Lifestyle trends such as healthy living and veganism have become increasingly prevalent globally over the review period. In response to the possibility of these trends being mainstay changes as opposed to merely fads, manufacturers have adapted their products to suit the change in demand by their customer base – for example, Ben & Jerry’s launched its Non-Dairy range in Singapore, with flavours such as Peanut Butter & Cookies and Caramel Almond Brittle, and is certified to be vegan ice cream.
Unilever Singapore Pte Ltd and General Mills Asia Pte Ltd led overall ice cream and frozen desserts in 2018, and performed well historically on the back of brand positioning, consumer loyalty, and quality of product. Magnum, Ben & Jerry’s and Häagen-Dazs are brands that frequently offer new product launches that support the growth of ice cream, and their associated foodservice outlets help to maintain a top-of-mind awareness amongst consumers.
Over the forecast period, Unilever Singapore Pte Ltd and General Mills Asia Pte Ltd are expected to maintain their leadership, alongside increased shelf space facings, product launches, and promotions to secure their positions. Although premiumisation is on the rise, players must be aware of the proportion of consumers who are alienated as a result of higher prices, even if these products have price promotions.
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Discover the latest market trends and uncover sources of future market growth for the Ice Cream and Frozen Desserts industry in Singapore with research from Euromonitor's team of in-country analysts.
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This industry report originates from Passport.