Singapore: Food Service - Hotel Restaurant Institutional
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Singapore has a highly developed and competitive hotel, restaurant and institutional (HRI) industry that is traditionally fueled by robust tourism and receipts. However, tourist receipts saw a drastic fall of 78 percent to $3.7 billion in 2020 and visitor arrivals by 85 percent to 2.7 million according to the Department of Statistics, Singapore due to the COVID-19 pandemic. In 2020, the food and beverage services index declined by 26 percent, as the sales volume was adversely affected by weak demand due to safe-distancing and capacity measures that are in place. The city-state is 90 percent reliant on food imports for its food supplies. The United States was Singapore’s fourth largest supplier of consumer-oriented food and beverage products with total sales of $657 million.