Huge export opportunities are there for the domestic food and beverages sector in Singapore as the island country imports 90 per cent of their requirement and India's share is low, trade body TPCI said on Tuesday.
The Trade Promotion Council of India (TPCI) said to explore the opportunities over 100 Indian companies from the food and beverages sector are participating in the four-day Food and Hospitality Asia (FHA) fair in Singapore.
Singapore is one of Asia's most strategic food import hubs and a gateway into the wider ASEAN and Asia-Pacific region and India remains under-penetrated despite strong bilateral ties.
India has a free trade agreement with Singapore and 10-nation bloc Asean.
India accounts for only 2.6 per cent of Singapore's total F&B imports, with dominance largely concentrated in cereals, where India commands 25.6 per cent share.
In most other categories, India's share remains in single digits-highlighting significant white space for expansion across processed foods, beverages, seafood, ready-to-eat products, snacks, and premium ingredients, it said.
The TPCI is hosting these firms under Indusfood Asia. The fair started from April 21.
"India is participating with more than 100 companies," it said, adding that the participants are exhibiting a wide range of products, including rice, spices, coffee, tea, and marine products.
Various export promotion authorities and boards have collaborated with TPCI for Indusfood Asia such as APEDA, Spices Board, Coffee Board, Turmeric Board, and Tea Board.
Mohit Singla, Chairman TPCI, said despite a population of about six million, the country imports USD 16.2 billion worth of food and beverages, almost 90 per cent of its needs.
"Many global food distributors, retail procurement teams, HoReCa (Hotel, Restaurant, and Cafe) buyers, and ASEAN sourcing offices operate regional headquarters out of Singapore, using it as a distribution and decision-making hub for Southeast Asia. Success in Singapore often opens pathways into neighbouring ASEAN markets," he said.
As the Asian region's food and beverages market is projected to surpass USD 3.3 trillion by 2034 and the hospitality sector is expected to reach USUSD 181.2 billion by 2029, FHA 2026 will offer an unmatched platform to connect with decision-makers and tap into booming demand, he said.
