Market Size of Indonesia Plant-Based Food and Beverages Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 377.97 Million |
| Market Size (2029) | USD 621.00 Million |
| CAGR (2024 - 2029) | 10.44 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Indonesia Plant-Based Food and Beverages Market Analysis
The Indonesia Plant-Based Food and Beverages Market size is estimated at USD 377.97 million in 2024, and is expected to reach USD 621 million by 2029, growing at a CAGR of 10.44% during the forecast period (2024-2029).
The COVID-19 pandemic favored the growth of the plant-based food and beverage market as there was a surge in the demand for a healthy diet including vegan food alternatives. Further, the market demand was supported by several medical research studies claiming the health benefits of vegan food in reducing the severity of COVID-19 symptoms. As a result, the country has witnessed significant investments by startups to capture business opportunities in the emerging segment. For instance, in July 2021, Firman, a corporate worker who turned into an entrepreneur launched Indonesia's first plant-based cloud kitchen, Mad Grass-a delivery-only restaurant, specializing in vegan food and beverages.
Over the medium term, the market is expected to show substantial growth owing to the factors such as the development of flexitarian lifestyles, the increasing importance of animal welfare, increasing government initiative to support vegan dietary patterns, and the R&D investments by key industry participants to accelerate the new product developments.
Moreover, plant-based food is not new in Indonesia, with Tofu and Tempeh being traditional vegan foods and have been in Indonesian cuisine for ages which in turn promotes the inclination toward the new plant-based foods and beverages offered in the market.
