Top Business Opportunities & Growing Industries in Singapore 2024

The last few years have been rocky for businesses with the global pandemic. Therefore, many companies have been incorporated. Some have seen tremendous growth while others have experienced great decline due to changing environments and consumer behaviours. Look at Singapore’s top business opportunities, fastest-growing industries, and declining sectors to find your best chance at registering a successful business!

Business Opportunities in Singapore

Singapore is widely known as an economic powerhouse in the region and a centralised hub for businesses tapping into the Asian market. Although the pandemic has impacted the nation, we’re excited for what’s to come – especially in the fastest-growing industries, creating business opportunities accelerated by digitalisation.

Entrepreneurs and investors can tap into these industries with high business potential when deciding to incorporate a company in Singapore.

Growing Industries in Singapore

The pandemic has brought about the need for digitalisation and putting the focus on oneself. As such, the fastest-growing industries in Singapore spark new business opportunities in these spaces.

• Robotics
  With the advent of 5G, robotics will transform how we do things or operate a business. Service robots are already being deployed across retail and F&B establishments to power business efficiency and productivity.
• Deep Tech
  Artificial intelligence is lauded as the next big thing, and right so it is a key component in Deep Tech. Sectors that are leveraging on Deep Tech include medical tech, Autonomous Vehicles, Life Sciences, and many more.

• Telehealth Services
  The power of technology has driven the adoption of telehealth services, especially in the Covid-19 pandemic. Such services not only help to minimise direct contact between the patient and doctor but also offer an alternative solution to those who seek medical attention.

• Biohacking
  Ever heard of the keto diet? In addition, that’s one way of biohacking to improve your performance and health. The target audience for such an industry is busy urban workers, who are time-starved but yet are looking at ways to enhance their physical and mental well-being.
• Plant-based Products
  Impossible burgers are now of one the more popular burgers in Singapore, and that is largely thanks to the trend of eating clean and reducing our meat intake. These trends are predicted to stay for a long time, as people become more conscious of what they eat and the impact on the environment.
• eSports
  As a result, we spend more time at home, more people are looking into ways for entertainment – eSports is one of them. This trend is set to grow in Singapore and the region, with more gamers expected to push the industry’s revenue in years to come.

• Pet Wearables
  Getting a pet during the lockdown was been a common sight. People are becoming more interested in having pets and pampering them. This is great for the pet wearables industry, as pets’ well-being is a top concern for pet owners.
• Manufacturing
  The manufacturing industry in Singapore experienced significant growth in 2022, registering a year-on-year growth rate of 4.4% during the first eight months. Similarly, the remarkable expansion is credited to the progress in biomedical manufacturing, electronics, and precision engineering clusters.
• Finance & Insurance
  Another notable sector experiencing significant growth in Singapore is the finance and insurance industry. The Monetary Authority of Singapore anticipates a 4-5% annual growth in the industry from 2021 to 2025.
  When the nation faced the impact of the pandemic, the population began placing a stronger emphasis on securing insurance coverage and protecting their financial wealth, particularly amid the uncertainty and market downturn.
• Healthy Junk Food
  Eating healthy has been a growing trend for the past few years and individuals are craving new innovations when it comes to healthy junk food. There is a strong market for low-calorie snacks with health-conscious individuals leading the pack for such products.

Key Industries in Decline

While the pandemic has brought in new business opportunities for the growing industries above, some are victims of this situation. Hence, according to the Economic Survey of Singapore 2020 by the Ministry of Trade and Industry, the industries that are struggling include:

1. Construction
2. Accommodation
3. Transportation & Storage
4. F&B Services
5. Retail Trade
6. Administrative & Support
7. Real Estate
8. Other Service Industries

Starting A Business in Singapore

Top business and entrepreneurial opportunities are still plentiful in Singapore despite the pandemic. Therefore, the key industries that have strong business potential thanks to the changing habits of consumers are fruitful for entrepreneurs or businesses to tap into.