Posted March 01, 2019 08:00:01Singapore’s fruit and vegetable market has increased more than 200% in the past decade, according to a new report from the government-backed Economic Planning Institute.
The report found that in the years 2010 to 2021, Singapore’s food and beverage market grew from $13.5 billion to $27.5bn.
The sector saw its share of total GDP rise from 9.3% to 10.7%.
The sector was also the most popular tourist destination for Singaporeans.
According to the report, the number of tourists visiting Singapore jumped from 13 million in 2010 to more than 28 million in 2021, the biggest jump in any tourism market.
The increase was driven by increased visits from Hong Kong, South Korea, Australia and the United States.
The market is also the biggest single source of revenue for the government, accounting for 30% of total economic activity.
According the report:Singapore has the second-largest fruit and vegetables market in the world behind China, accounting with $22.9 billion in 2016, up by 60% over the previous year.
The country’s fruit/vegetable market also grew faster than its meat/veg market, from $1.5 trillion in 2016 to $2.3 trillion in 2021.
This compares with a 3% increase in the meat market.
It is not the first time the country’s food sector has been booming.
In 2015, the Government launched the Food and Agriculture Development Board to increase its capacity to develop and implement a food security strategy.
In 2020, Singapore ranked second in the World in terms of population growth and grew by 12% over 2020, while its food industry grew by 9%.
The report notes that there is also a strong focus on growing the food sector in order to address rising demand for food and fuel.
“The Government’s focus on increasing the volume of fruit and veg imports to Singapore has resulted in a greater volume of imported fruit and meat products,” it said.
This, along with the growth of the domestic food sector, has contributed to the country growing its agricultural exports in the same period.