Singapore Plant based Food and Beverage Market Insights Forecasts to 2033

• The Market Size is Growing at a CAGR of 6.85% from 2023 to 2033
• The Singapore Plant based Food and Beverage Market Size is Expected to hold a significant share by 2033

The Singapore Plant based Food and Beverage Market Size is anticipated to hold a significant share by 2033, Growing at a CAGR of 6.85% from 2023 to 2033. The increasing trend of veganism and flexitarians, consumption of dairy & meat substitutes, and advancement of vegetarian & vegan diet are driving the growth of the plant based food and beverage market in Singapore.     

Market Overview

Plant-based refers to plants, vegetables, fruits, seeds, nuts, and legumes sourced with no animal source components. Plant based food & beverages are consumed as alternatives to dairy products and meat, improving gut health as well as supporting the immune system. The demand for plant-based foods and beverages is growing incredibly, partly due to consumer concerns about animal welfare and personal health. They are also contributing to reducing greenhouse gas emissions and conserving water and land resources. The investment in the development of plant-based food potentially leads to a rapid shift to large-scale consumption of sustainable and healthy diets in the coming year. Further, there is an increasing innovation in formulation such as blending, cell culture, precision fermentation (PF), and genetic engineering for the manufacturing of plant-based foods. 

Report Coverage

This research report categorizes the market for the Singapore plant based food and beverage market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Singapore plant based food and beverage market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Singapore plant based food and beverage market.

Driving Factors

It is estimated that two in five that is 39% of Singaporeans are on a flexitarian diet and 7% are vegetarian or vegan diet. The increasing trend of veganism and flexitarians due to concern over health risks associated with meat/fish consumption, and environmental reasons are driving the market. Further, the advancement of vegetarian & vegan diets is contributing to propel the market growth. In addition, the increased cases of lactose intolerant individuals in the country surge the demand for plant based food and beverages, thereby driving the market demand. 

Restraining Factors

The association of specific plant protein sources with poor sensory properties and allergen reactions restricts the adoption of plant based food & beverages, thereby restraining the market demand.

Market Segmentation

The Singapore Plant based Food and Beverage Market share is classified into product type, source, category, and distribution channel.

• The dairy alternative beverages segment is anticipated to grow at the fastest CAGR during the forecast period.

The Singapore plant based food and beverage market is segmented by product type into meat substitutes, dairy alternative beverages, non-dairy cheese, non-dairy yogurt, non-dairy spreads, and others. Among these, the dairy alternative beverages segment is anticipated to grow at the fastest CAGR during the forecast period. Dairy alternatives such as almond milk, soy milk, and oat milk are cholesterol-free and have lower saturated fat content. The prevalence of dairy allergies and lactose intolerance are driving the market demand in the dairy alternative beverages segment.  

• The soy segment dominated the Singapore plant based food and beverages market during the forecast period.

The Singapore plant based food and beverage market is segmented by source into soy, wheat, pea, coconut, almond, cashew, and others. Among these, the soy segment dominated the Singapore plant based food and beverages market during the forecast period. Soyabeans are majorly used to make meat-free products and have biological value comparable to meat. Consumer preference for plant-based protein sources, clean eating, and rising health concerns and environmental concerns are driving the market growth.

• The conventional segment dominated the Singapore plant based food and beverage market with a significant market share during the forecast period.       

Based on the category, the Singapore plant based food and beverage market is divided into conventional and organic. Among these, the conventional segment dominated the Singapore plant based food and beverage market with a significant market share during the forecast period. The conventional segment comprises plant ingredients grown using conventional farming techniques which don't require any additional assistance; they are grown spontaneously. Conventional methods are designed to maximize production efficiency, minimize costs, and increase profits.

• The store-based segment is anticipated to grow at the fastest CAGR during the forecast period.

Based on the distribution channel, the Singapore plant-based food and beverage market is divided into store-based and non-store based. Among these, the store-based segment is anticipated to grow at the fastest CAGR during the forecast period. Store-based segment includes supermarkets/hypermarkets and convenience stores. The high sales of products at supermarkets/hypermarkets and the availability of premium to private label options at convenience stores are escalating the market.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Singapore plant based food and beverage market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.