Singapore Dairy Market

Singapore Dairy Market Overview: 

The Singapore dairy market is projected to exhibit a growth rate (CAGR) of 5.50% during 2024-2032. The market is propelled by the changing dietary preferences, evolving health and wellness trends, significant innovation and product diversification, rapid retail expansion, and increasing disposable income level.

Singapore Dairy Market Trends:

Rapidly Changing Dietary Preferences

The dietary landscape of Singapore is experiencing a substantial evolution over the course of years, influenced by urbanization, globalization, and changing lifestyles. Conventionally, Asian diets include noodles, rice, and vegetables with limited dairy consumption on account of the rising number of lactose intolerant individuals across the region. Nevertheless, as Singaporeans become more aware about the Western culture and cuisine through media, travel, and international food chains, there is a major shift toward integrating dairy into their diets. Some of the major factors driving this is the perception of dairy as a symbol of modernity and affluence as part of a balanced diet. Furthermore, the increasing awareness about the nutritional benefits of dairy products specifically their rich sources of protein, calcium, and vital vitamins. According to a report published by the BRITISH DIETIC ASSOCIATION (BDA), a single glass of semi-skimmed milk offers phosphorus, protein, iodine, potassium, riboflavin, pantothenic acid, while catering to a major 72% of our daily requirements for vitamin B12. Dairy is one of the major sources of B12 in vegetarian diets.

Evolving Health and Wellness Trends

In the recent years, there is a noticeable change in the health consciousness among individuals residing in the Singapore region, on account of the rising prevalence of lifestyle-related diseases including diabetes, obesity, and cardiovascular issues. According to a report, in 2021 approximately 1 in 3 individuals succumb to death due to cardiovascular illnesses in Singapore, making it the second most common causes of death. On account of these trends, there is a rising awareness about the importance of nutrition in promoting holistic health and well-being. Furthermore, the increasing number of research reflecting the potential health benefits offered by dairy such as its role in minimizing the risk of osteoporosis and promoting weight management, is further supporting the adoption of dairy across the region.

Product Diversification and Increasing Import of Milk Products

The dairy industry across Singapore is recognized by the significant development and product diversification, propelled by changing consumer preferences, robust competitive environment, and significant technological advancements. Key players in the dairy industry are consistently exploring novel flavors, formulations, and formats so as to cater to the changing tastes and dietary requirements of the individuals. One such requirement is the increasing demand for lactose-free options. Furthermore, the increasing focus on functional dairy products integrated with additional nutrients including minerals, omega-3 fatty acids, vitamins, and probiotics are considered to provide added health benefits. Moreover, the rapid increase in the import of milk products in the region is also propelling the market growth. Singapore ranked as one of the top 15 milk importing nations globally in 2021, with the total import of milk and cream reaching 414 million USD.

Singapore Dairy Market News:

23 April, 2024: AHDB promoted British red meat and dairy at FHA-FOOD & BEVERAGE in Singapore, as one of the largest food and drink exhibitions in Asia. Five dairy exporters joined the expo convention so as to display the excellence of their dairy products.

29 November, 2023: NESTLE launched N3 milk made from cow milk. The new launch possessed all the vital nutrients found in milk including vitamins, proteins, and minerals. This was done through leveraging its strong global R&D capabilities, including in Switzerland and Singapore. Experts located at its R&D centers in Beijing, locally adapted the technology to enable the launch of nutritious milk products.
 

Singapore Dairy Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on product type.

Product Type Insights:

• Liquid Milk
• Flavored Milk
• Cream
• Butter
• Cheese
• Yoghurt
• Ice Cream
• Anhydrous Milk Fat (AMF)
• Skimmed Milk Powder (SMP)
• Whole Milk Powder (WMP)
• Whey Protein
• Lactose Powder
• Curd
• Others
   

The report has provided a detailed breakup and analysis of the market based on the logistics function. This includes liquid milk, flavored milk, cream, butter, cheese, yoghurt, ice cream, anhydrous milk fat (AMF), skimmed milk powder (SMP), whole milk powder (WMP), whey protein, lactose powder, curd, and others.

Regional Insights:

• North-East
• Central
• West
• East
• North
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North-East, Central, West, East, and North.  

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Singapore Dairy Market Report Coverage:

Key Questions Answered in This Report:

• How has the Singapore dairy market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Singapore dairy market?
• What is the breakup of the Singapore dairy market on the basis of product type?
• What are the various stages in the value chai of the Singapore dairy market? 
• What are the key driving factors and challenges in the Singapore dairy?
• What is the structure of the Singapore dairy market and who are the key players?
• What is the degree of competition in the Singapore dairy market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Singapore dairy market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Singapore dairy market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Singapore dairy industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.