FoodAsia 2014 is set to be bigger than ever

The FoodAsia 2014 trade show is set to be bigger this year, drawing some 3,000 participating companies from 64 economies.

A record 75 Singapore food and beverage (F&B) companies will be present at the show, which will be held at the Singapore Expo from April 8 to 11.

Speaking at the media preview on Wednesday, Mr Lee Yee Fung, group director for lifestyle business at International Enterprise Singapore, said the fair was an important platform for the food industry, as Asia is a critical market for Singapore companies.

"The boom in Asian consumerism is one of the key trends that Singapore companies cannot afford to overlook...Within Asean itself, there are over 615 million consumers, with a combined consumer expenditure estimated to exceed US$1.5 trillion (S$1.9 trillion) in 2015."

He added there was therefore a huge opportunity for companies to tap into this demand.

Mr Lee said he saw "tremendous growth potential" for Singapore companies in China and Indonesia as well.

After Malaysia, China is the largest market for Singapore, with F&B exports reaching about $983 million last year.

The Indonesian market charted strong double digit average annual growth of 14 per cent over the past give years.

Overall, Singapore's F&B exports grew at an average rate of almost 8 per cent over the past five years, reaching $7.1 billion last year, said Mr Lee.

He added that Singapore's F&B companies are well positioned for growth as they have a strong track record in food safety and have set standards for healthier products through constant innovation.

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