Singapore Plant-Based Food & Beverages Market Size
|Study Period:||2018 - 2028|
*Disclaimer: Major Players sorted in no particular order
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Singapore Plant-Based Food & Beverages Market Analysis
The Singapore Plant-Based Food and Beverage Market is projected to register a CAGR of 6.97% during the forecast period (2022 - 2027).
Market growth is attributed to high consumer awareness about the health benefits associated with plant-based food and beverages. In addition, improved animal welfare and increasing government initiatives to strengthen this awareness are key factors contributing to the penetration of plant-based dairy alternatives. Dairy alternatives and meat substitutes hold wide scope for product development, pulling the significant attention of manufacturers to contribute to the market growth. As a result, food companies increasingly invest in catering to the appeal of novel flavors and taste profiles as they capture meat eaters' attention. For instance, in April 2021, Agrocorp International which is a Singapore-based agricultural commodities company declared that they have launched the latest product, dairy-free paneer which is a plant-based pea protein under the brand HerbYvore.
In short term, with the outbreak of COVID-19, the consumption of plant-based food products has increased as the pandemic has generated better awareness about the impact of human interferences on the global environment. Furthermore, government agendas and forefront policies are highlighting the reduction in meat consumption to achieve the desired level of CO2 emission for a healthy planet.
Similarly, plant-based beverages are also gaining popularity owing to the presence of a huge number of immigrants, and tourists. In addition, local consumers are increasingly shifting to a vegan diet as a part of a healthier lifestyle to align with their ethical convictions.
Singapore Plant-Based Food & Beverages Industry Segmentation
Plant-based food and beverage refer to dairy alternatives and meat substitutes manufactured with plant-based ingredients sourced from legumes, nuts, leaves, and seeds, among others. The Singapore plant-based food and beverages market is segmented by product type and distribution channel. By product type, the market is segmented into meat substitutes, dairy alternative beverages, non-dairy ice cream, non-dairy cheese, non-dairy yogurt, non-dairy spreads, and other plant-based products that include non-dairy chocolates, milk powders, etc. By meat substitutes, the market is further segmented into textured vegetable protein, tofu, tempeh, and other meat substitutes. By dairy alternative beverages, the market is further segmented into soy milk, almond milk, and other dairy alternative beverages. By distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, online retail stores, and other distribution channels. For each segment, the market sizing and forecasts have been done on the basis of value (USD million).
|By Product Type|
|Non-dairy ice cream|
|Other Plant-based Products|
|By Distribution Channel|
|Online Retail Stores|
|Other Distribution Channels|
Singapore Plant-Based Food & Beverages Market Trends
This section covers the major market trends shaping the Singapore Plant-Based Food & Beverages Market according to our research experts:
Inclination Towards Vegan Food Products
Plant-based food has gained popularity in Singapore as people are more concerned about their health and the environment. A plant-based diet improves gut health and aids in the absorption of nutrients that support the body's immune system and reduce inflammation, which accelerates consumer preference and interest in vegan food. Further, Singaporeans are moving towards vegetable protein sources owing to their nutritional profile, which has resulted in the high demand for plant-based burgers and textured vegetable proteins. The widespread public acceptance is because it replicates features of meat products such as sausages, burger patties, nuggets, and crumbles with a similar texture and flavor. Further, the new generation has started following a low-carb keto diet, including vegan-friendly, clean-labeled products which led to high consumption of plant-based food and beverages to curb excess fat for a healthy and active body. For instance, in 2019, PETA (People for the Ethical Treatment of Animals) Asia declared Singapore the second most vegan-friendly city in the Asia region.
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Rising Lactose Intolerant Population Augmented the Demand for Plant-based Beverage
The rising prevalence of lactose intolerance is influencing the consumption of dairy alternative beverages as plant-based beverages are naturally lactose-free and are generally considered to be lower in cholesterol and fat than animal-derived milk. Further, the market is witnessing penetration of local brands specializing in innovative product offering to serve the consumer need for dairy-free beverages. For instance, in May 2022, Fonterra inaugurated a new brand, namely, "Nurture" under this brand they launched three new probiotic cultured milk drinks of three different flavors. Moreover, consumers' dietary habits are changing significantly due to evolving nutritional needs with the influence of modern lifestyles, which drives the demand for low-calorie and gluten-free beverages. For instance, almond milk has grown in popularity due to assumed health benefits such as lowering the risk of heart disease and being high in vitamin D. It contains fewer calories than soy milk, which appeals to health-conscious consumers.
Singapore Plant-Based Food & Beverages Industry Overview
The Singapore plant-based food and beverages market is highly competitive with the presence of various domestic and international players competing for a major share in the market. Major players dominating the market include Impossible Foods, Nestle SA, MAD Foods, and Danone SA, among others. These players are focusing on various marketing strategies to penetrate the market which include, product innovation, partnering with well-known brands or companies, and strengthening their hold over online and offline distribution channels. For instance, in January 2022, Growthwell Foods unveiled a new range of meat substitutes called Happiee, which features four plant-based products including Fishiee Patties, Chickiee Nuggets, Fishiee Sticks, and Chickiee Popcorn. All these products are manufactured at Growthwell's innovation and R&D manufacturing center, based in Singapore.
Singapore Plant-Based Food & Beverages Market Leaders
Beyond Meat Inc.
*Disclaimer: Major Players sorted in no particular order
Singapore Plant-Based Food & Beverages Market News
- In July 2021, MAD Foods a Singapore-based brand unveiled "MAD coffee" a debut range of oat milk cold brew coffee which is 100% plant-based in the Singapore market.
- in May 2022, Hoshay Food which is s Singapore-based company declared its new range of plant-based food products pertaining to different cuisine for the Singapore market.
- In November 2020, Quorn expanded its home delivery service in Singapore with a range of meatless dim sum items, as the brand positions itself in the fast-growing Asian plant-based market. It initially launched its delivery service with Singapore’s largest grocery e-commerce RedMart in September 2020.
Singapore Plant-Based Food & Beverages Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Meat Substitutes
184.108.40.206 Textured Vegetable Protein
220.127.116.11 Other Meat Substitutes
5.1.2 Dairy Alternative Beverages
18.104.22.168 Soy Milk
22.214.171.124 Almond Milk
126.96.36.199 Other Dairy Alternative Beverages
5.1.3 Non-dairy Cheese
5.1.4 Non-dairy Yogurt
5.1.5 Non-dairy ice cream
5.1.6 Non-dairy spreads
5.1.7 Other Plant-based Products
5.2 By Distribution Channel
5.2.2 Convenience Stores
5.2.3 Online Retail Stores
5.2.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Impossible Foods
6.3.2 Beyond Meat.
6.3.3 Nestle SA
6.3.4 MAD Foods
6.3.5 DANONE SA
6.3.6 Conagra Brands Inc.
6.3.7 Heura Foods
6.3.8 Mondelēz International
6.3.10 Hain Celestial Group
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
Singapore Plant-Based Food & Beverages Market Research FAQs
What is the study period of this market?
The Singapore Plant-Based Food and Beverages Market is studied from 2018 - 2028.
What is the growth rate of Singapore Plant-Based Food and Beverages Market?
The Singapore Plant-Based Food and Beverages Market is growing at a CAGR of 6.97% over the next 5 years.
Who are the key players in Singapore Plant-Based Food and Beverages Market?
Impossible Foods, Beyond Meat Inc., Nestle SA, MAD Foods, Danone SA are the major companies operating in Singapore Plant-Based Food and Beverages Market.
Singapore Plant-Based Food and Beverages Industry Report
Statistics for the 2023 Singapore Plant-Based Food and Beverages market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Singapore Plant-Based Food and Beverages analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.