Singaporeans have always had a soft spot for the country’s food business. Dining out has long been a pastime for many, and even COVID-19 couldn’t dampen Singaporeans’ appetites. According to a report from Statista, the food services business is critical to Singapore’s economy, generating around US$5.26 billion in GDP in 2022 and is predicted to earn US$11.96 billion in food market revenue in 2023. The market is predicted to expand by 4.56% per year (CAGR 2023–2028).
This growth reflects the growing popularity of putting up a food business as an alternate form of income in recent years. Whether it’s a simple food joint, trendy food truck, or full-fledged restaurant, the food business has provided exciting opportunities for potential entrepreneurs.
At the same time, the market has become competitive. So, is a food business a worthwhile investment in 2023? Should you go to one of those quick money lenders and kickstart a gastronomic entrepreneurial adventure? Read up and decide for yourself.
Singaporean food business landscape in 2023
Being familiar with Singapore’s culinary world is non-negotiable if you want to have a business in it. Here’s how the country’s food scene has been shaping up:
Mixing modernity and heritage
Singapore is known for its rich and diverse culinary scene. The city-state’s populace, which includes both residents and expats, is receptive to new culinary experiences. Singapore is already known for its diverse culinary scene, which includes hawker centres, fine dining restaurants, food courts, and street food, and they’re all trying their hand at reinvention.
According to The Peak Magazine, chefs are increasingly producing hybrid cuisines that are sophisticated and internationally influenced while remaining quite local. A new generation of local cooks is maturing and truly coming into their own, and they’re further expanding the already-diverse Singaporean cuisine.
Healthy foods are on the increase
Many people were kept inside due to the lockdowns, which altered their outlook. Health and wellness has become more important to people. They changed their relationship with various aspects of life, especially food, which is an inextricable part of healthy living.
As consumers become more health-conscious, the Singapore F&B business is projected to place a greater emphasis on health and wellness. This involves giving healthy cuisine alternatives, superfoods and functional ingredients, and nutritional information.
For example, plant-based and vegan diets are expected to continue to rise in 2023, driving demand for plant-based and vegan options in the F&B industry in Singapore. This includes offering plant-based meat alternatives, dairy-free milk options, and vegan desserts.
Also, natural foods and plant-based options no longer just appeal to the health-conscious, but also to a broader customer base. It’s why food service venues began offering them as well. Consumers have also been concerned about eco-friendly and recyclable packaging materials, and food businesses have followed suit by switching to them.
Food businesses following tech trends
Singapore’s food business has been eager to embrace technology. This tendency, which began during the COVID-19 pandemic, continues in 2023 and will continue to do so in the succeeding years.
Online bookings, digital media, digital payments, and even ordering via apps are all expected to remain a big part of the dining experience, as they lessen the hassles of embracing these technologies and will make businesses better positioned to meet client demands and improve their efficiency. It could even be argued that making these technologies a part of one’s food business has become a must.
Food delivery has become huge
Among those technologies, food delivery is perhaps the biggest game-changer. Singapore’s F&B industry moved towards delivery faster than expected due to the COVID-19 pandemic, and it’s unlikely to reverse course. Aside from the pandemic, many Singaporeans still work long hours, making them favour takeout or delivery. In fact, the two have become a part of daily life in the country.
Meal delivery services, frequently assisted by platforms such as GrabFood, Foodpanda, and Deliveroo, have been experiencing an increase in demand. This trend is projected to continue in 2023, creating potential for restaurants as well as cloud kitchens.
How money lenders can help your food business idea
A food business has the potential to be profitable, especially if you follow the trends while coming up with your own unique taste and style. However, buying kitchen equipment, hiring staff, and paying rent for space, which increases over time in Singapore, often require large initial capital. Initial investment can be very difficult. This is where quick money lenders in Singapore come into play.
Thankfully, money lenders offer fast and flexible financing solutions for entrepreneurs who need capital for their food-related businesses. But before applying for one, you have to first weigh whether your food business idea is likely to succeed or fail. If it is the latter and you’re and you’ve decided on applying for a loan with one, evaluate the terms and costs before signing.
Start cooking up that food business success
Although the food business can be a promising venture in 2023, and if you don’t have the capital to start one, you can go to a money lender.
However, money isn’t the only consideration here. Creativity, passion, and financial acumen to ensure that your food business not only survives but also thrives in the dynamic landscape of Singapore in 2023.