At A Glance: Singapore’s Beverage Market – What You Should Know
The opportunity for Australian businesses to export their drinks to other booming countries is catching the eye of many sharp-minded business owners in Australia. However, despite their geographical proximity, the alcohol industries of Australia and Singapore behave very differently to each other and – while demand for Australian beverages is high – it is important to note the behavioural differences before diving head-first into the unknown.
Consumer Markets – Comparison
Singapore’s revenue from alcoholic drinks alone amounts to 2.631 billion USD in 2021 alone. The market is expected to grow annually by 10% p.a. China, the largest alcohol industry in the world for comparison, totalled 311 billion USD in revenue from 2021. However, when analysed per capita, Singapore’s consumption is actually higher than China’s by approximately 126%, with a per person revenue of 446.23 USD in 2021.
The most popular alcoholic beverage in Singapore is beer, making up for a market volume of 1.495 billion USD (56.8%). While this is the case, the demand for luxury products is far from equilibrium as a majority of it is imported from overseas. Due to Australia’s geographical proximity, an opportunity is presented for high-quality Australian beverage producers to gain a new sales channel for their products.
Additionally, it is forecasted that 68% of consumption will take place in an out-of-home settings (e.g., bars/restaurants).
Unlike Australia, whose regulations are much stricter in terms of where alcohol can be bought or sold, in Singapore alcohol is sold in a variety of different shops such as convenience stores, petrol stations and supermarkets.
What this means for you as an Australian beverage producer?
The Bevo Shelves Vision
Our vision at Bevo Shelves is that businesses around the world are provided with top-quality beverages that they can be proud of, and ensuring that distance does not stop our beverage producers’ products to be enjoyed anywhere in the world.
With our platform, we allow businesses to buy and sell high-quality products with just a few clicks. For buyers, our goal is to make the process of ordering as streamlined as possible to ensure there are no issues delivering the product to your business’ doorstep. For sellers, we provide a suite of tools, analytics and professional insights which allow you to pinpoint exactly the where, what and why of your products’ demand.