|Singapore Pavilion at FoodAsia 2014 sees record participation, indicating strong interest and market potential|
SINGAPORE, Apr 2, 2014 - (ACN Newswire) - Singapore's food and beverage (F&B) industry is set to tap into growth opportunities in Asia, with the Singapore Pavilion at FoodAsia2014 seeing its strongest participation since its inception. FoodAsia is one of six specialty shows within Food&HotelAsia2014 (FHA), Asia's largest and most comprehensive food and hospitality industry tradeshow, slated to take place next week from 8-11 April 2014.
|Singapore F&B Companies Target Expansion in Asia through FoodAsia2014|
Featuring a record 75 Singapore F&B companies, the Singapore Pavilion at FoodAsia2014 has seen a 17 per cent increase in participation compared to the previous edition in 2012. Out of these, a third consists of first-time exhibitors bringing innovative, new products to Asian markets, such as XO Kaya and halal-certified ice cream.
Said Mr Lee Yee Fung, Group Director for Lifestyle Business at International Enterprise (IE) Singapore, "Consumerism in Asia is on the rise, driven by large domestic markets and a growing middle income group. Singapore's F&B industry is particularly well-placed to tap into this trend, as more Asian consumers seek quality food, innovative products and healthier choices."
Within ASEAN itself, there are over 615 million consumers, with a combined consumer expenditure estimated to exceed US$1.5 trillion in 2015. Singapore's F&B exports to the Asia-Pacific region are also on the rise, growing at a compound annual rate (CAGR) of 7.8% over the past five years to reach S$7.1 billion in 2013.
Key growth markets in Asia that Singapore companies are focusing on are China and Indonesia. China is the second largest market for Singapore after Malaysia, with F&B exports reaching some S$983.2 million in 2013. Indonesia is one of the fastest-growing, charting 14.1% annual growth rate over the past five years.
This growth is reflected in the strong onsite performance that Singapore companies are expecting at the upcoming FHA. In 2012, F&B companies at FoodAsia's Singapore Pavilion confirmed S$1.79 million in sales onsite, with over S$40 million in sales under negotiation.
Said Mr Sunny Koh, Chairman of the Membership & Industry Groups Function Committee at Singapore Manufacturing Federation, "To leverage on the growth potential of the Asian consumer markets, Singapore companies need to build strong networks of distribution channels. At the Singapore Pavilion, our Buyers Programme offers companies an opportunity to network with the regional and global buyers at FHA2014. This complements other initiatives by SMF such as our 'Working In Partnership' programme, which helps local food manufacturers enjoy economies of scale when participating in regional promotional activities."
This year, FHA expects to attract more than 45,000 international trade visitors from more than 90 countries/regions. In collaboration with IE Singapore, SMF will be inviting 139 buyers from 75 companies from across 24 countries to the Singapore Pavilion.
New products at the Singapore Pavilion this year include uniquely local products such as Chye Choon Foods's Singaporean-Peranakan flavoured rice vermicelli, healthier options such as as Kong Guan Dumplings' whole grain pau and Unifood International's non-GMO black soy milk power, as well as easy-to-prepare products such as Asli Halal satay by Jumain Sataysfaction.
"Jumain Sataysfaction has been participating in FHA since 2006. As this is one of the most recognised trade shows in the food industry, it provides a good platform for our company to build up our branding and increase awareness of our products among both local and international visitors. Participating at every FHA helps us to build new partnerships and to foster greater relationships with our current clients," said Ms. Samsiah Suliman, Managing Director, Jumain Sataysfaction.
Mr. Stephen Tan, Chief Executive of Singapore Exhibition Services, organiser of FHA says, "We are heartened to witness the biggest Singapore pavilion with such strong participation from local companies at FHA. Being the premiere trade event for the food and hospitality industries in Asia, we want to create a platform where local food and hospitality businesses can reach out to, and benefit from the global market place. The opportunity for Singapore companies to meet and network with potential business partners and international buyers at the show is tremendous."
The 2014 edition of Food&HotelAsia (FHA), together with Wine&SpiritsAsia will occupy 102,000 square metres of exhibition space across all 10 exhibition halls and Max Atria at Singapore Expo. Visitors can look forward to offerings spanning across all aspects of the food and beverage (F&B) and hotel industry such as food products, bar and kitchen equipment and supplies, food processing equipment, hotel amenities, table ware and hospitality technology, among many others.
Jointly issued by Food&HotelAsia2014, IE Singapore and the Singapore Manufacturing Federation.
Food&HotelAsia is Asia's largest and most comprehensive food and hospitality trade exhibition and conference event. Since its debut in 1978, FHA has had a proud track record of international companies making up over 80 per cent of its exhibitors, reinforcing the internationality of the event.
FHA meets the demands of Asia's food and hospitality industry with a wide range of innovative products, technologies and solutions available in the global marketplace, and is a quality platform for trade buyers and sellers to converge, network and do business. FHA encompasses FoodAsia, Bakery&Pastry, HotelAsia, HospitalityTechnology, HospitalityAsia, SpecialtyCoffee&Tea, and is co-located with Wine&SpiritsAsia.
Food&HotelAsia2014 At A Glance
Date: 8 - 11 April 2014 (Tuesday - Friday)
Venue: Singapore Expo
Opening Hours: 10:00am - 6:00pm (8 - 10 April, Tuesday - Thursday)
10.00am - 4:00pm (11 April, Friday)
Admission: Business and trade professionals only
Official website: www.foodnhotelasia.com
About International Enterprise Singapore
International Enterprise (IE) Singapore is the government agency driving Singapore's external economy. We promote international trade and spearhead the overseas growth of Singapore-based companies to grow Globally Competitive Companies.
IE Singapore attracts global commodities traders to establish their home base in Singapore. Today, Singapore is a thriving trading hub for the energy, agri-commodities and metals & minerals trading clusters.
Through our Global Company Partnership, we work with Singapore-based companies to customise total solutions in capability building, market access and financing for their internationalisation.
Our global network of overseas centres in over 35 locations provides the necessary connections in many developed and emerging markets. Visit www.iesingapore.com for more information.
About Singapore Manufacturing Federation (SMF)
Established since 1932, SMF represents the interest of the Singapore manufacturing community, driving its competitiveness and sustainable growth through serving industry-specific needs. Supported by 10 industry groups and 6 Centres of Excellence, SMF enhances the competitiveness of the industry by encouraging capacity development and capability building, and innovation-led productivity.
It provides opportunities for companies to collaborate, network; and to grow and expand both locally and internationally. Current membership stands at more than 3,000 corporate members ranging from SMEs to MNCs. For more information, please visit www.smfederation.org.sg.
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Singapore Manufacturing Federation
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Topic: Trade Show or Conference
Sectors: Food & Beverage
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