More global brands betting on Singapore as gateway to high-growth Asian markets
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Singapore’s F&B industry is a challenging one. Despite that, brands from supermarket products to high-end concepts established their businesses and regional bases here.
ST PHOTO: LIM YAOHUI
- Singapore is a hub for global brands expanding into Asia, due to its strategic location, infrastructure, and business environment, attracting over 50 new investments since 2022.
- Brands like Pandora, On, Alo, and Lotte are establishing regional HQs and flagship stores in Singapore to leverage its diverse consumer base and access Asian markets, tapping into a US$10 trillion opportunity.
- Despite challenges like food business closures, US F&B and fashion brands like Lamb Weston, Coach, Chick-fil-A, and Chipotle are using Singapore to test concepts and expand regionally.
AI generated
SINGAPORE – More global consumer brands have been expanding into Asia through Singapore, leveraging the Republic’s strategic location, strong infrastructure and vibrant business environment as a test bed to localise their products for Asian markets as well as coordinate regional operations and supply chains.
It comes at a time when Asia is set to drive half of global consumption growth by 2030, representing a US$10 trillion (S$13 trillion) opportunity as one in every two worldwide transactions is expected to come from consumers in the region, according to McKinsey.
