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Singapore Beer Market Insights 2013 by Canadean is now available at
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Beer sales
in Singapore grew by 5% over the previous year. The Singaporean economy has
been growing rapidly since 1963 and due to the continued growth; the country
has one of the highest per capita in the world. The economy depends heavily on
foreign trade - port activities, exports of electronic components and refined
oil. Beer will continue to dominate the Singaporean alcoholic drinks sector and
is expected to increase by a CAGR of approximately 4% in volume terms between
the years 2012 to 2017. The key drivers in this market remain unchanged. Beer
sales will be heavily reliant on the tourism industry and influx of foreign
workers. Rising expatriate levels and a robust tourism scene spells optimism
for this sector.
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Beer continues to dominate the Singaporean alcoholic drinks sector
Beer continues to dominate the Singaporean alcoholic drinks sector
Beer
volume sales are forecast to grow at a CAGR of just over 4% between 2012 and
2017. Beer will continue to dominate the Singaporean alcoholic drinks sector.
Additionally, beer has a strong correlation with economic growth, as is
reflected in the greater demand for more expensive beers. Foreign beer
importers are confident that foreign and low quantity, expensive beer will
perform well, providing a taste of something different. The category is
benefiting from, and should continue to do so, the adventurous Singaporean
palate. In 2013 beer importers expect to see generally slower growth, in line
with economic growth. Externally-oriented sectors like manufacturing and the
wholesale trade saw a decline in quarter on quarter growth in 2012.
Wine and Spirits are also set to see
growth
The wine
category in Singapore grew by 8% in 2012, boosted by the wealthy population in
Singapore which has a keen interest in wine as well as beer. Wine volume sales
are expected to grow at a CAGR of nearly 4% between 2012 and 2017. As
Singaporean drinkers become more sophisticated, demand for wine has increased
considerably over the past few years; with wine cellars and wine boutiques
sprouting across the country to cater to this growing demand. Domestic
retailers like NTUC Fairprice and Cold Storage have also jumped on the
bandwagon by stocking wines in their stores. The improved distribution of wines
is supportive of the increasing demand and sophistication of Singaporeans. In
2012, spirits saw almost 5% growth. Consumers have generally become more sophisticated
in their drinking habits and this market has benefited. Spirits volume sales
are expected to grow at a CAGR of nearly 3% between 2012 and 2017.
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Market outlook
Alcoholic
drinks value sales are expected to grow at a CAGR of 8% between 2012 to 2017 to
reach SG$1.69 bn in 2017. Beer will continue to dominate the alcoholic drinks
sector and is expected to grow at a CAGR of just over 4% between 2012 and 2017.
This sector will continue to be heavily reliant on the tourism industry and
influx of foreign and expatriate workers.
Asia
Pacific Breweries remains the market leader in Singapore amidst the growing
demand for hand crafted beers, which in turn has led to the establishment of
more microbreweries.
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