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As part of KPMG International's Consumer & Retail M&A Outlook 2021: Revival beyond the precipice, we examine 14 geographies around the world and examine the market data, deal trends and overarching themes impacting the sector.

2020 Themes

  • M&A started recovering post May, with inbound interest from Japan, USA, China and Private Equity targeting destinations of Indonesia, Vietnam, Singapore and Philippines.
  • Singapore continues to be a hub for many global C&R companies across SE Asia and ASPAC.
  • South East Asia’s largest deal - US$10.6 bn Thailand hypermart/supermarket sale demonstrates long term confidence in retail is continuing, despite Covid.

2019-2020
Deal Volume
and Value


234 deals (↓4% YoY)

US$17B (↑335% YoY)1


The following chart shows possible point deal activity was impacted by COVID-19 led restrictions.

2021 M&A Outlook

  • ASEAN as a whole is accelerating albeit now at different rates given some strong Covid responses in Vietnam, Thailand and Singapore.
  • Recently, in a first, Singapore approved lab grown meat for consumer sale. As a hub for ecofriendly meat solutions, we expect continued interest in these early stage ventures in Singapore; as well as broader packaged food suppliers regionally.2
  • Retailers are expected to consolidate/grow their position in the online ecosystem by entering adjacent markets and building end-to-end capabilities such as finance, distribution, logistics and supply chain.  With rumors of regional super-app mergers and e-marketplace firms in consortia winning digital banking licenses end-to-end consolidation will take place.
  • Private Equity, US and JP investors continue to see opportunities from demographic plays in consumer foods and retail. Large companies, as they undergo strategic reviews, may also look for a better owner in SE Asia for their assets.

SE Asia is getting more and more attention from the global players and Singapore remains the entry point to this market.

Michael Habboush
DA Director C&R, KPMG in Singapore

Footnotes

1 KPMG analysis, Thomson Deals, accessed on 5 Jan 2021
2 Singapore Approves a Lab-Grown Meat; https://www.nytimes.com/2020/12/02/business/singapore-lab-meat.html