Mr Thomas Pek, President, Singapore Food Manufacturers’ Association
Distinguished Guests,
Ladies and Gentlemen,
A very good evening
I am pleased to be with you at the presentation of the inaugural Great Singapore Food Gift Awards.
The Great Singapore Food Gift Awards were introduced six months ago at the Food Expo. At that time, I encouraged our food manufacturers to participate in the awards. I am glad that many have done so, and that tonight, we are able to recognise 29 companies who will be receiving the first awards.
Positive Outlook for the Food Manufacturing Industry
The Singapore’s food manufacturing sector has shown good growth. Total sales in 2012 were about $8 billion and VA growth has been healthy, at a compound annual growth rate (CAGR) of 8.7% over ten years[1].
We have also been successful in growing exports in this sector. Our food exports have experienced a double-digit CAGR of 12.9% over ten years[2], reaching over $4.5 billion in 2012 The establishment of the ASEAN Economic Community by 2015 will open up even more opportunities for our food manufacturers to grow through exports, and also enable the sector to take greater advantage of regional value chains.
Good understanding of consumer preferences is key to growth for food manufacturers
Food is commonly given as a gift for events and celebrations, and therefore represents a significant market opportunity. However, developing food gifts requires companies to think through several aspects of their product. These include taste, visual appeal, cultural appropriateness, packaging, and versatility for use for different occasions. The Great Singapore Food Gift Award therefore recognises companies that have taken such steps to develop innovative food gifts. In doing so, the Award helps to promote the distinctiveness of Singapore-made food, and enables companies to better market Singapore-made food products as gift items.
I understand that SFMA will also be developing a Singapore Food Gift Guidebook to complement its marketing efforts. The products in the guidebook will be available through a variety of sale channels – in our supermarkets, in niche retail outlets, in showrooms and in Changi airport for tourists. It will also be used in branding online, in the e-commerce space, and will drive exports further into the region and beyond. This is a good way to build up the brand value of this Award.
Value of SFMA
The Singapore Great Food Gift Award would not have come about without the vision and leadership of the SFMA, which plays a key role in the food manufacturing industry. Apart from this Award, SFMA has taken efforts to build up the capabilities of industry players through a series of business improvement courses and workshops in areas such as workflow training and functional foods development. It also runs key events, such as the annual Food Expo, which held its fifteenth exhibition earlier this year, and the Asia Pacific Food Expo which will be held this weekend. These events enable our industry players to network, exchange insights with one another and their overseas counterparts, and importantly, promote Singapore food products to the region.
It takes a concerted effort between SFMA, companies and government agencies to build up the capabilities of industry players. I am glad that SPRING Singapore and IE Singapore have been working closely with SFMA through the LEAD programme over the past 8 years, supporting their initiatives to build and grow the sector.
Conclusion
To conclude, the growth outlook and prospects are positive for players in our food manufacturing industry. I would like to encourage our food manufacturers to continue to innovate as they have done with the Great Singapore Food Gift Awards and develop new and exciting product offerings. I would like to congratulate all the winners of tonight’s award and wish them every success in making a regional impact with their gift products.
Thank you.