Professional Profiling Module
Building a niche in the competitive food industry: An Analysis of the impact of the economic recession on Singapore food industry
Student Name: Farah Shila Bte Mohd Zaini
Student ID: 83751
School: School Of Hospitality
Diploma: Diploma in Integrated Event Management
Matriculation Year: 2009
Date: 22 September 2009
• Executive Summary
• Overview of the growth of Singapore food industries & SFI
• Issues and Challenges: An analysis of the impact of Economic Recession on Singapore food industries.
• Overcoming the Economic Recession
• SWOT Analysis
It has always been known that Singapore is a small independent country that has little or practically no natural resources at all. Due to this particular fact, Singapore had been focusing more on industrialization since the 1960s. However, this idea has made with much opposition by the people of Singapore at the point of time. Most had doubt and questioned the government if it was the right track to follow. Nevertheless, history has proven it to be otherwise and that it was the right way to advance for most industries which also include the food industry. The food industry has always been very competitive and is continuously changing to meet and adapt to consumer demands and technological developments. As the world population increases, companies always face challenges to find new and innovative ways to manufacture and package food in order to stay on edge with competitors.
In this report, I will include an analysis of the impact of the economic recession on Singapore food industry and how to recover from it. I will also be focusing on Singapore Food Industries Limited (SFI) as a case study. In addition this report will be touching on the challenges that Singapore food industry is facing and how they overcome it. To top it off, I will touch on how to build a niche in the competitive food industry.
Overview of the growth of Singapore food industries & SFI
Initial states (beginning)
During the initial state of industrialization in Singapore, Multi National Companies (MNC’s) were the first to invest in the young and growing market. Singapore manufacturers feel that they could no longer stay ahead of their foreign competitors. This is so because as soon as industrialization starts to develop, they gradually found that they were behind their competitor when they compare similar food products that they produced using their present equipment and traditionally packed. So as to stay competitive and to stay current with the advanced growth in Food Science & Technologies (FST), establish food manufacturers gradually realize that they must obtain new strategies such as producing higher and better quality products as well as being innovative at the same time. This will enable companies to operate at a lesser cost but still able to produce products that have an advantage over their competitors as well as foreign companies.
Singapore Food Industries Limited (SFI)
Since its incorporation in 1973, Singapore Food Industries Limited (SFI ltd) has been one of the largest integrated food companies in Singapore. With a wide portfolio of food products and services and with more than thirty years of establishing itself in Singapore, SFI has grown in size, diversification and market reach. From being just a raw food material supplier it branches out to being a food distributer, food caterer. In addition, it also provides food manufacturing and food processing. SFI was listed on the Main Board of the Singapore Exchange in November 1999 for its expansion and diversification. In the United Kingdom, SFI operations have contribute over 50% to Group turnover. Singapore's businesses are often mainly focus on three areas; food distribution, food preparation, manufacturing and processing, and Abattoir and Hog Auction....