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Retail

Singapore Grocery Market To Be Worth €6.5 Billion By 2023: IGD

The Singapore grocery market will be worth just over €6.5 billion by 2023, or SGD 9.9 billion in local currency, according to forecasts by IGD Asia.

The grocery sector in the Asian city-state is likely to grow by 14.5% between 2018 and 2023, IGD said, with supermarkets and convenience channels set to grow in line with Singapore's overall market, at a CAGR of 2.5% to 3.5% per year.

However, hypermarkets are likely to have a CAGR of just 1.1%, as retailers focus more on growing their smaller stores and online operations.

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