Singapore Plant Protein Market Insights Forecasts to 2033

• The Market is growing at a CAGR of 6.3% from 2023 to 2033
• The Singapore Plant Protein Market Size is expected to hold a significant share by 2033

The Singapore Plant Protein Market is anticipated to hold a significant share by 2033, growing at a CAGR of 6.3% from 2023 to 2033. The increasing awareness regarding health & wellness, environmental & ethical considerations, technological advancements in food production, urbanization & lifestyle changes, culinary innovation, and the influential role of social media & digital marketing are driving the growth of the plant protein market in the Singapore.     

Market Overview

Plant protein is a food source of protein derived from plants considered an important alternatives for vegetarians, vegans, and patients suffering from obesity and cardiovascular diseases. Some of the protein-rich plant foods include grains, beans, nuts, seeds, and soy. Plant-based proteins are a significant source of protein for animal feed, have a high concentration of essential amino acids, offers a wealth of fiber, antioxidants, and nutrients that can enhance the health of animals. Furthermore, the market for plant proteins is boosted by soybean meal, which is a significant source of protein and quite volatile. With manufacturers launching plant-based versions of popular sports protein powders and supplements, claims of being vegan, cruelty-free, and plant-based have been growing.    

Report Coverage

This research report categorizes the market for the Singapore plant protein 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 protein 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 protein market.

Driving Factors

Plant-based proteins have drawn increasing attention from researchers and consumers because of its possible health benefits and favorable environmental impact. Thus, the increasing awareness regarding health & wellness among consumers is driving the market demand for plant protein. The sustainability of plant protein as well as environmental & ethical considerations are significantly bolstering the market growth. Plant-based and cultured meats are set to become more widely available and embraced by consumers as production costs decrease and technology advances. Further, the upsurging culinary innovation for enhancing taste and appearance is driving the market growth. For instance, plant-based burgers use heme (derived from soy plants) to replicate the juicy, bleeding characteristic of beef. In addition, the influential role of social media & digital marketing is contributing to market growth.

Restraining Factors

The high cost of plant-based proteins as compared to animal-derived protein hampering their adoption is challenging the plant protein market. Further, the allergic reaction associated with the consumption of plant protein including soybean restraining the market.

Market Segmentation

The Singapore Plant Protein Market share is classified into source, type, nature, and application.

• The soy segment dominates the Singapore plant protein market with the largest market share during the forecast period.       

Based on the source, the Singapore plant protein market is divided into soy, wheat, pea, and others. Among these, the soy segment dominates the Singapore plant protein market with the largest market share during the forecast period. Soy protein, which is a kind of protein made from soybeans is a common dietary supplement available as soy protein isolate, soy protein concentrate, and textured soy protein. Soy protein's high nutritious content and readily available raw materials are some of the factors responsible for driving the market.  

• The isolates segment is anticipated to grow at the fastest CAGR during the projected timeframe.

The Singapore plant protein market is segmented by type into concentrates, isolates, and textured. Among these, the isolates segment is anticipated to grow at the fastest CAGR during the projected timeframe. Plant protein isolates are forms of protein powder that are easily digestible and adaptable across various food products. The introduction of innovative isolates and consumer preference for plant-based protein is driving the market in the isolates segment.

• The organic segment is expected to grow at a rapid pace in the Singapore plant protein market during the forecast period.

The Singapore plant protein market is segmented by nature into conventional and organic. Among these, the organic segment is expected to grow at a rapid pace in the Singapore plant protein market during the forecast period. Compared to traditional plant-based protein, organic plant-based protein may offer certain benefits, such as reduced nitrate levels and a less significant environmental effect. The growing environmental and health concerns among consumers are expected to drive the market demand in the organic segment. 

• The feed segment dominates the Singapore plant protein market over the forecast period.

The Singapore plant protein market is segmented by application into food and feed. Among these, the feed segment dominates the Singapore plant protein market over the forecast period. For the production of animal feed, soybeans continue to be the most significant and favored source of high-quality vegetable protein. The increasing adoption of sustainable farming practices with the demand for protein-rich diets are driving the market growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Singapore plant protein 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.  

List of Key Companies

• Cargill
• DuPont
• Kerry Group
• Agridient
• Amway
• Cosucra
• Wilmer International Ltd.
• ADM Asia-pacific Trading Pte. Ltd.
• Beyond Meat
• Impossible Foods
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In September 2024, The Bezos Centre for Sustainable Protein at the National University of Singapore (NUS) was launched, marking a major milestone as the first of its kind in Asia to advance research in alternative proteins.  

• In November 2023, Singapore’s Relsus, specialized in plant-based protein concentrates and isolates, has introduced its premium plant-based proteins in India. Relsus collaborates with agricultural research institutions for non-GMO crop cultivation like Chickpea, Mung Bean, Green Pea, and Rapeseed through organic farming practices, forming the base for their top-tier plant-based proteins.

• In May 2023, Megmilk Snow Brand Company Limited announced a partnership with Agrocorp International Pte Limited, a Singapore-based global agricultural commodities company. The joint venture would manufacture and market plant-based food ingredients.

Market Segment

This study forecasts revenue at Singapore, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Singapore Plant Protein Market based on the below-mentioned segments:

Singapore Plant Protein Market, By Source

• Soy
• Wheat
• Pea
• Others

Singapore Plant Protein Market, By Type

• Concentrates
• Isolates
• Textured

Singapore Plant Protein Market, By Nature

• Conventional
• Organic

Singapore Plant Protein Market, By Application

• Food
• Feed