Four major strategies on the Food Services Industry Transformation Map (ITM) 2025 have been revealed recently during its launching led by Gan Kim Yong, Singapore’s Minister for Trade and Industry fostering innovation and internationalisation as well as developing native regional brands.
The Food Services industry plays a vital role in our economy and contributes to the vibrancy of the lifestyle scene in Singapore. We want to help food services companies capture the strong consumer demand locally and, in the region, brought on by changing consumption patterns and trends in areas such as wellness and sustainability.”
– Dilys Boey, Assistant Chief Executive Officer of Enterprise SG-Lifestyle & Consumer, Food and Agritech
Boey added that to be successful in this extremely competitive field, they encourage businesses to be daring and creative in their exploration of new concepts and business models. The ITM 2025 outlines the growth strategies for the Food Services industry and bolsters the desire to create brands of which the country can be proud.
Innovating to generate new revenue streams is the first strategy. This aims to foster an innovative and vibrant Food Services industry and to develop homegrown brands with regional potential that will make the Enterprise SG collaborate with additional Food Innovate partners and larger organisations, to provide end-to-end support spanning from knowledge sharing to food product R&D and go-to-market networks.
The ITM will advise foodservice companies on how to strengthen their green branding to appeal to the environmentally concerned consumer, while the Enterprise SG will assist them in implementing sustainable solutions or incorporating sustainable practices into their operations like the Enterprise Sustainability Programme. A closer sustainability cooperation between foodservice companies and partners in the innovation or technology ecosystem to drive food resilience and sustainability goals will be encouraged.
The second strategy revealed was developing localised brands and assisting with internationalisation. ITM supports more food service providers to penetrate new markets, boost regional expansion, and internationalise by utilising different formats. Those new to internationalisation can utilise a carefully curated market accelerator programme to overcome potential industry-specific difficulties and launch their first international venture.
Enterprise SG will focus on assisting enterprises with an existing international presence to expand their presence by identifying new opportunities in rising locations. This is particularly pertinent for the regional markets, considering their near proximity to Singapore and their rapidly expanding populations.
Developing digital leaders and enhancing enterprise capabilities is ITM’s third strategy. Digitalisation remains essential to the transformation of the market. ITM 2025 will continue to promote the widespread use of foundational technologies through the Productivity Solutions Grant, which encourages businesses to deploy cost-effective, scalable digital and automation solutions.
With the implementation of the new Food Services Industry Digital Plan later this year, businesses will receive a revised digital road map to assist them in utilising innovative technology to meet their demands. The changes will also assist Food Services SMEs in transitioning from simple point solutions to integrated solutions to achieve efficiency and protect their organisations with data protection and cybersecurity technologies.
Food enterprises with scalability potential are encouraged to establish more comprehensive digital and data-driven strategies and champion seamless online-to-offline and offline-to-online customer experiences.
The last unveiled strategy was increasing job transformation and establishing quality positions for locals. To survive and grow in a fiercely competitive market, food and beverage firms must stay ahead of their business transformation initiatives and cultivate a resilient workforce core.
As organisations evolve, the ITM will boost local talent streams to support new business models and fulfil the rising demand for emerging employment. Enterprise SG will assist more businesses in launching talent development programmes to cultivate local talent in fields such as digital marketing, food technology, data analytics, restaurant management, chefs, and more.
The Food Services business plays a crucial role in Singapore’s economy, and in recent years it has achieved significant strides in digitisation and productivity enhancements. Enterprise SG will drive cross-sector relationships in line with ITM priorities.
