Singapore Plant-Based Food and Beverages Market Size (2024 - 2029)

The market size for plant-based food and beverages in Singapore is experiencing growth due to increased consumer awareness about the health benefits of these products. Market expansion is also being driven by improved animal welfare and government initiatives that promote these alternatives. Companies are contributing to market growth by developing new products that cater to the tastes of meat eaters. The COVID-19 pandemic has further boosted the consumption of plant-based foods as people become more aware of the impact of human activities on the environment. Government policies are also encouraging reduced meat consumption to lower CO2 emissions. Additionally, the market for plant-based beverages is growing due to a rise in immigration and tourism, and a shift towards veganism among local consumers for health and ethical reasons.

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Market Size of Singapore Plant-Based Food and Beverages Industry

Singapore Plant Based Food And Beverages Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 6.97 %
Market Concentration High

Major Players

Singapore Plant Based Food And Beverages Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Singapore Plant-Based Food and 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 and 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
Meat Substitutes
Textured Vegetable Protein
Tofu
Tempeh
Other Meat Substitutes
Dairy Alternative Beverages
Soy Milk
Almond Milk
Other Dairy Alternative Beverages
Non-dairy Cheese
Non-dairy Yogurt
Non-dairy ice cream
Non-dairy spreads
Other Plant-based Products
By Distribution Channel
Supermarkets/Hypermarkets
Convenience Stores
Online Retail Stores
Other Distribution Channels

Singapore Plant-Based Food and Beverages Market Size Summary

The Singapore Plant-Based Food and Beverage Market is projected to experience significant growth in the coming years. This growth is largely due to the increasing consumer awareness of the health benefits of plant-based foods and beverages, as well as government initiatives promoting these benefits. The market is seeing a surge in the development of dairy and meat alternatives, with food companies investing in the creation of new flavors and taste profiles to attract consumers. The COVID-19 pandemic has also contributed to the growth of this market, as it has led to increased awareness of the environmental impacts of human activities and spurred government policies aimed at reducing meat consumption. In terms of market trends, there is a growing inclination towards vegan food products in Singapore, driven by health and environmental concerns. Plant-based diets are seen as beneficial for gut health and nutrient absorption, which boosts the immune system and reduces inflammation. The rising prevalence of lactose intolerance is also driving the demand for plant-based beverages, which are naturally lactose-free and typically lower in cholesterol and fat compared to animal-derived milk. The industry is highly competitive, with major players such as Impossible Foods, Nestle SA, MAD Foods, and Danone SA dominating the market. These companies are employing various strategies, including product innovation and partnerships, to gain a larger market share.

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Singapore Plant-Based Food and Beverages Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Porter's Five Force Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Product Type

      1. 2.1.1 Meat Substitutes

        1. 2.1.1.1 Textured Vegetable Protein

        2. 2.1.1.2 Tofu

        3. 2.1.1.3 Tempeh

        4. 2.1.1.4 Other Meat Substitutes

      2. 2.1.2 Dairy Alternative Beverages

        1. 2.1.2.1 Soy Milk

        2. 2.1.2.2 Almond Milk

        3. 2.1.2.3 Other Dairy Alternative Beverages

      3. 2.1.3 Non-dairy Cheese

      4. 2.1.4 Non-dairy Yogurt

      5. 2.1.5 Non-dairy ice cream

      6. 2.1.6 Non-dairy spreads

      7. 2.1.7 Other Plant-based Products

    2. 2.2 By Distribution Channel

      1. 2.2.1 Supermarkets/Hypermarkets

      2. 2.2.2 Convenience Stores

      3. 2.2.3 Online Retail Stores

      4. 2.2.4 Other Distribution Channels

Singapore Plant-Based Food and Beverages Market Size FAQs

The Singapore Plant-Based Food and Beverages Market is projected to register a CAGR of 6.97% during the forecast period (2024-2029)

Impossible Foods, Beyond Meat Inc., Nestle SA, MAD Foods and Danone SA are the major companies operating in the Singapore Plant-Based Food and Beverages Market.

Singapore Plant-Based Food Market Report Snapshots

Singapore Plant-Based Food and Beverages Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)