Singapore Plant-Based Food and Beverages Market - Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)?

Singapore Plant-Based Food and Beverages Market - Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)​

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.

Key Market TrendsInclination 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.

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.

Competitive Landscape

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.

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• The market estimate (ME) sheet in Excel format
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