Food and Beverage Industry in Singapore’s economy Essay Sample

Students studying management in Singaporean universities are expected to write assignments and essays related to management topics. Professors judge their comprehension skills and understanding of the topic. To assist students in management subjects hereby we are providing an essay sample on one such important topic.

The food and beverage industry- A key contributor to the Singapore economy

If you want to sell food products in Asia then Singapore is a perfect choice. Food can be seen as a national obsession here.

Singapore is a Melting Pot of people coming from different cultures and open to new flavors.

The total impact/ Role of Singapore’s food and beverage industry

1. The employment and the total GDP impact

• The food and beverage (F&B) Industries operating in Singapore has a major contribution to GDP estimated to be S$14.4 billion.

2. The F&B industry of Singapore employs around 3 lakh people.

3. The CPF and the total tax contribution

• The Singapore food industry generated tax revenues for the government estimated to be S$560 million.
• The food industry contributed S$930 million to the social security system of Singapore through employee CPF contributions.

4. Provided Singapore a status of center of advanced manufacturing– Singapore has become a leading location for many companies in terms of political stability, connectivity, geographical location, and availability of skills. The Singapore Economic Development Board supports companies in research and development (R&D) and higher-value manufacturing.

It is easy to test consumer preferences and market research development of new products in Singapore. From this many benefits are generated such as safer and healthier products, reduction in water and energy use, and less resource-intensive packaging.

5. Training and education– the food industry contributes to economic growth and national productivity by providing training and education to the workforce. These companies provide accelerated development programs such as supply chain, sales, Finance, and marketing functions. The F&B companies offer internships and tie-up with Singapore management University and run an ‘Emerging Leaders Program’. This program trains around 50 upcoming students and invests S$450000 approximately every year

6. Sustainable development– Singapore ensures that the economic development of the country occurs sustainably. It emphasizes the risk of climate change by reducing carbon emissions. The food and beverage industry has played a significant role by adopting an environmental policy:

•  Reduction in water usage
•  Green energy
•  Reduction of waste

7. Promoting healthy lifestyles– The food and beverage industry is helping individuals in Singapore to improve their General Health and have better Lifestyle choices. These companies have taken employee engagement initiatives to provide nutrition information organizing sports events, dietetics, and nutrition dietetics information, and promoting active lifestyles.

• An initiative such as ‘National Breakfast Day’ and ‘Olympic Run Day’ that offer low levels of fat and sugar products
• Association with Singapore Health Promotion board to encourage a balanced diet and healthy lifestyles.
• The collaboration of the food and beverage industry with the Singapore Heart Foundation in promoting heart health

Fields of the F&B industry

The food and beverage industry includes food transportation services, catering, business, food manufacturing operations, fast food joints, cafes, pubs, cafeterias, and restaurants.

The work can range from serving, transporting, preparing, and packaging beverages and food.

Major companies of Singapore in the F&B industry

The three groups that operate retail channels such as Hypermarket and supermarket chains in Singapore are

•  Sheng Siong
•  FairPrice group
• The Dairy Farm Group
• Royal FrieslandCampina – it launched its development center in Singapore for the development of daily based beverages and nutrition products for infants and toddlers.
• The Coca-Cola Company- The TCCC has set up its bottling and manufacturing operations in Singapore and has invested around S$150 million.
•  Nestle- the companies R&D center in Singapore supports innovation work for the brands Nescafe and Milo.
•  Mondelez international- it has set up three R&D centers across Singapore for its indulgent candy Choclairs.
• Mead Johnson- this has developed Paediatric Nutrition Institute (PNI) and a manufacturing plant of around US$325 million in Singapore.
• The golden village Cinemas and McDonald’s opened self-service terminals in Singapore

Conclusion

From the above discussion, we have seen how the food and beverage (F&B) industry has played a significant factor in the economic growth of Singapore. In late 2020 it is projected that the revenue through the food and beverage segment would reach S$260 million.

Major trends that are driving the F & B industry in the hospitality business environment in Singapore includes going cashless, Indian flavors, healthy food alternative, and self-service kiosks.

The Singapore F&B industry is extremely dynamic and expanding at a fast scale.

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