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Singapore: Seafood food service and retail

Market opportunity: Seafood food service and retail

Key details

Opportunity: Seafood foodservice and retail 

Country: Singapore

Sector: Food and drink

Summary

Singaporean consumers are highly discerning and several of Singapore’s leading restaurants and hotels, including Marina Bay Sands and the Fairmont/Swissotel have recently announced that they will only source sustainably wild-caught or farmed seafood in their menus.

Given Scotland’s strong credentials in the area of sustainable seafood production, this development raises natural and potentially very rewarding opportunity for our seafood producers.

There are also opportunities in Singapore’s retail sector. Although the chilled seafood category in the premium grocery market is quite well developed in Singapore, its frozen offering is far less competitive and is less attractive to consumers. Therefore, an opportunity exists for Scottish frozen seafood producers to take the lead in renovating the category.

Scale of opportunity

According to Euromonitor, Singapore is a high seafood consumption market at 22kg per head per annum. 125,000 million tonnes were consumed in 2019.

Most seafood is consumed in the food service sector and upscale operators are looking for sustainably produced chilled products.

The volume and value of frozen seafood consumed via the premium retail category is relatively small, but Scottish producers can target a reasonable share with new-to-market and innovative products.

Eligible companies

Chilled seafood producers who can claim globally recognised standards of wild catch and farming sustainability.

Frozen seafood producers with export-ready product ranges suited to modern grocery.

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Register your interest

Register your interest

Get in touch with our in-market specialists to find out more about this export opportunity.