Due to the very small size and developed nature of the local market, Singaporean companies are required to expand abroad in order to capture new market share and continue to grow, which is just what they continued to do in Q210 as discussed in BMI's recently published Singapore Food & Drink Report for Q310. While the highly-trade dependant country has been badly affected by the global economic slowdown, recent data shows that it has weathered the storm well, with locally based companies feeling confident enough to pursue further investments abroad. Asia Pacific Breweries (APB), which dominates Singapore's alcoholic drinks sector, is a Fraser & Neave and Heineken joint venture. In April, APB increased its stake in Indonesian brewer Multi Bintang to 80.6% following a series of acquisitions. First APB took over Heineken's 68.5% interest in Multi Bintag in February following the Dutch brewer's tie-up with United Breweries in India in late 2009. It then acquired depository receipts from Hollandsch Adminstratiekantoor in two waves, along with 10% of the company with 2.1mn ordinary Multi Bintang shares from public shareholders via a Mandatory Tender Offer, resulting in the 80.6% controlling stake. Such acquisitions are a part of APB's strategy of continued expansions, combining investments in more established high consumption markets with forays into regional frontier markets, such as Indonesia. Although good growth opportunities do remain in the Singaporean beer sector, which dominates the local alcoholic drinks industry, competition is fierce, further driving APB's expansions into less saturated markets. Turning to the hot drinks sector, in April, Outspan Vietnan Coffee Co. Ltd, a part of Singapore's Olam Group, announced that it had opened an instant coffee factory in the Vietnamese Mekong Delta province of Long An, representing an investment of US$50mn. With an annual capacity of 4,000 tonnes, and further expansion capabilities of 7,000 tonnes within two years, this is the first plant of its kind in Vietnam. Once again, with the local coffee market relatively saturated, investing in high-growth and lowcost regional markets such as Vietnam helps Singaporean firms maintain their low-term growth prospects. While domestic operations provide steady revenues, investments into more emerging markets take longer to yield returns, but provide far stronger long-term growth potential. Meanwhile, growth in the home market looks set for a recovery along with the economy. Singapore's large exposure to global trade means that it is well positioned to take advantage of the rebound in the world economy in 2010. Given the recent sharp pick-up in export demand and the considerable spillover effects into trade-related services industries, we have decided to raise Singapore's real GDP forecast to 7.0% in 2010, followed by a dip to 4.3% in 2011.Significantly, real GDP growth finally turned positive on a year-on-year (y-o-y) basis after three consecutive quarters in negative territory, rising by 0.6% y-o-y in Q309. This positive outlook will be reflected in the food and drink sector, which is expected to experience steady, if not spectacular growth in coming years.

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Singapore Food and Drink Report Q3 2010
Published on June 2010
Report Summary
Due to the very small size and developed nature of the local market, Singaporean companies are required to expand abroad in order
to capture new market share and continue to grow, which is just what they continued to do in Q210 as discussed in BMI's recently
published Singapore Food & Drink Report for Q310. While the highly-trade dependant country has been badly affected by the global
economic slowdown, recent data shows that it has weathered the storm well, with locally based companies feeling confident enough
to pursue further investments abroad.
Asia Pacific Breweries (APB), which dominates Singapore's alcoholic drinks sector, is a Fraser & Neave and Heineken joint venture.
In April, APB increased its stake in Indonesian brewer Multi Bintang to 80.6% following a series of acquisitions. First APB took over
Heineken's 68.5% interest in Multi Bintag in February following the Dutch brewer's tie-up with United Breweries in India in late 2009. It
then acquired depository receipts from Hollandsch Adminstratiekantoor in two waves, along with 10% of the company with 2.1mn
ordinary Multi Bintang shares from public shareholders via a Mandatory Tender Offer, resulting in the 80.6% controlling stake. Such
acquisitions are a part of APB's strategy of continued expansions, combining investments in more established high consumption
markets with forays into regional frontier markets, such as Indonesia. Although good growth opportunities do remain in the
Singaporean beer sector, which dominates the local alcoholic drinks industry, competition is fierce, further driving APB's expansions
into less saturated markets.
Turning to the hot drinks sector, in April, Outspan Vietnan Coffee Co. Ltd, a part of Singapore's Olam Group, announced that it had
opened an instant coffee factory in the Vietnamese Mekong Delta province of Long An, representing an investment of US$50mn. With
an annual capacity of 4,000 tonnes, and further expansion capabilities of 7,000 tonnes within two years, this is the first plant of its kind
in Vietnam. Once again, with the local coffee market relatively saturated, investing in high-growth and lowcost regional markets such
as Vietnam helps Singaporean firms maintain their low-term growth prospects. While domestic operations provide steady revenues,
investments into more emerging markets take longer to yield returns, but provide far stronger long-term growth potential.
Meanwhile, growth in the home market looks set for a recovery along with the economy. Singapore's large exposure to global trade
means that it is well positioned to take advantage of the rebound in the world economy in 2010. Given the recent sharp pick-up in
export demand and the considerable spillover effects into trade-related services industries, we have decided to raise Singapore's real
GDP forecast to 7.0% in 2010, followed by a dip to 4.3% in 2011.Significantly, real GDP growth finally turned positive on a
year-on-year (y-o-y) basis after three consecutive quarters in negative territory, rising by 0.6% y-o-y in Q309. This positive outlook will
be reflected in the food and drink sector, which is expected to experience steady, if not spectacular growth in coming years.
Table of Content
Executive Summary ...... 7
SWOT Analysis . 8
Singapore Food Industry SWOT .. 8
Singapore Drink Industry SWOT . 9
Singapore Mass Grocery Retail Industry SWOT .. 10
BMI Business Environment Ratings .... 11
BMI's Core Global Industry Views . 11
Table: BMI's Core Views For The Food & Drink Industry ........... 12
Asia Pacific Business Environment Ratings . 13
Singapore Food and Drink Report Q3 2010 Page 1/5

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Table: Asia Pacific Food & Drink Business Environment Ratings . 17
Singapore's Food & Drink Business Environment Rating ..... 18
Macroeconomic Outlook .......... 19
Table: Singapore ' Economic Activity .... 21
Food .... 22
Industry Forecast Scenario 22
Food Consumption ........ 22
Table: Food Consumption Indicators ' Historical Data & Forecasts ......... 23
Table: Per Capita Consumption of Selected Food Subsectors ' Historical Data & Foercasts ........... 23
Canned Food ... 24
Table: Canned Food Value/Volume Sales ' Historical Data & Forecasts .. 24
Confectionery... 25
Table: Confectionery Value/Volume Sales ' Historical Data & Forecasts .. 25
Organics .......... 26
Table: Organic Food Value Sales ' Historical Data & Forecasts .. 26
Trade .. 27
Singapore Food & Drink Trade Indicators (US$mn) - Historical Data & Forecasts ............ 28
Food Processing ........... 28
Table: Food Production Indicators - Historical Data & Forecasts 28
Industry Developments . 29
Market Overview .. 31
Agriculture ....... 31
Food Processing ........... 31
Drink ... 33
Industry Forecast Scenario 33
Hot Drinks ....... 33
Table: Hot Drink Value Sales ' Historical Data & Forecasts ........ 34
Alcoholic Drinks ........... 34
Table: Alcoholic Drinks Sales ' Historical Data & Forecasts ....... 35
Soft Drinks ....... 35
Table: Soft Drink Sales ' Historical Data & Forecasts .... 36
Industry Developments....... 36
Market Overview .. 38
Soft Drinks ....... 38
Alcoholic Drinks ........... 39
Hot Drinks ....... 39
Mass Grocery Retail .... 40
Industry Forecast Scenario 40
Table: Mass Grocery Retail Indicators (US$bn) ' Historical Data & Forecasts By Format. 41
Industry Developments....... 42
Market Overview .. 44
Structure of Singapore's Mass Grocery Retail Market by Estimated Number of Outlets ....... 46
Structure of Singapore's Mass Grocery Retail Market by Value (US$bn) .... 46
Structure of Singapore's Mass Grocery Retail Market by Value (SGDbn) ... 46
Estimated Average Sales per Outlet by Format, 2008....... 47
Competitive Landscape ........... 48
Key Players in Singapore Mass Grocery Retail Sector, 2009 ......... 48
Key Players in Singapore's Food & Drinks Sector, 2009 . 49
Company Analysis ...... 50
Food......... 50
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Petra Foods ..... 50
Singapore Food Industries (SFI) ............ 51
Drink ........ 53
Asia Pacific Breweries (APB) .... 53
Fraser & Neave (F&N) . 54
Mass Grocery Retail .......... 56
NTUC FairPrice ........... 56
Sheng Siong ..... 57
Appendix ......... 58
Country Snapshot: Singapore Demographic Data .... 58
Section 1: Population .... 58
Table: Demographic Indicators, 2005-2030 ........ 58
Table: Rural/Urban Breakdown, 2000-2030 ....... 59
Section 2: Education And Healthcare ..... 59
Table: Education, 2000-2004 .... 59
Table: Vital Statistics, 2005-2030 ........... 59
Section 3: Labour Market And Spending Power .. 60
Table: Employment Indicators, 2001-2006 .......... 60
Table: Consumer Expenditure, 2000-2012 (US$) 61
BMI Methodology ........ 62
Food & Drink Business Environment Ratings .......... 62
Ratings Methodology .... 62
Ratings Overview .. 62
Ratings System . 62
Indicators ......... 62
Limits Of Potential Returns........ 63
Risks To Realisation Of Potential Returns ........... 64
Weighting ......... 65
Table: Weighting .......... 65
BMI Food & Drink Industry Glossary ... 66
Food & Drink ....... 66
Mass Grocery Retail .......... 66
BMI Food & Drink Forecasting & Sourcing ...... 68
How We Generate Our Industry Forecasts .. 68
Sourcing ... 69
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