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

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).