Thanks to various government initiatives, Singapore’s food scene grew exponentially over the past 20 years, creating a powerhouse industry worth almost $500 million by the second quarter of 2020.
As Singapore’s F&B industry continues to boom, it’s also bringing up other sectors, especially food deliveries. Globally, the online food ordering business has also grown exponentially, with restaurants and even hawker centers seeing a 20% growth over the past five years thanks to advances in digital technology that have made accessing food services easier.
Singaporeans love food, and they love it even more when it’s conveniently delivered to them any time they want. Van rentals in Singapore have surged over the past couple of years, with most of these vehicles being utilized either for food deliveries or for servicing the F&B industry.
With experts expecting the Singaporean F&B industry to grow even further, online food deliveries are also poised to grow along with it. Here are a few reasons why:
Singaporeans Are Seeing an Increase in Disposable Income
Over the past decade, Singapore saw significant growth in its economy, directly contributing to an increase in Singaporean’s quality of life and increasing their disposable income by a large margin.
Add the fact that the Singapore government has strict guidelines on food preparation and quality, and one can see why more and more Singaporeans are willing to spend a little extra to have their food delivered. The food quality remains the same, whether they’re dining out or ordering in.
Online Deliveries Fit Well with the Singaporean Lifestyle
It’s no secret that living in Singapore means living on-the-go, with the island nation’s fast-paced lifestyle being key to its booming economy. Singaporeans don’t like to waste time, which is why any service that makes activities like eating and enjoying food more convenient is going to be a hit. How much of a hit? Well, over the past couple of years, Singaporeans ordered takeout food more times than in any other year prior.
It makes sense: Singaporeans are spoiled for choice when it comes to delicious, high-quality food, and choosing what to eat when you’re at a hawker center or the mall is going to take up a lot of time. By going online, many Singaporeans can economize their time and still choose their favorite cuisine, all without leaving their work desk.
We Love Convenience
The online food industry in Singapore is expected to breach the $1 billion mark sometime in the next three years, perhaps even sooner, and it’s all thanks to the convenience it offers the average Singaporean. Singaporeans work hard, so we expect to be treated well when we want comfort food, and online food deliveries make that so much easier.
With more and more people investing in online food deliveries –from cloud kitchens and delivery services to franchising international restaurants –it won’t come as a surprise if the Singaporean F&B industry breaches the billion mark within the year.