Singapore Plant Based Food And Beverages Market Report (2022-27)

 

Market Overview:

The market for plant-based food and beverages in Singapore is anticipated to grow at a CAGR of 6.97% over the course of the forecast period (2022–2027).

High consumer awareness of the health advantages of plant-based foods and beverages is credited with driving market growth. The penetration of plant-based dairy substitutes is also significantly influenced by improved animal welfare and rising government initiatives to increase this awareness. A significant amount of manufacturers’ attention is being focused on the development of dairy and meat substitutes in order to support the expansion of the market.

As a result, food companies spend more money trying to appeal to meat eaters’ interest in new flavours and taste profiles. For instance, the Singapore-based agricultural commodities company Agrocorp International announced in April 2021 that it had introduced its newest product, dairy-free paneer, a plant-based pea protein sold under the name HerbYvore.

Scope of the Report:

The term “plant-based food and beverage” describes dairy and meat substitutes made from plant-based ingredients such as seeds, nuts, leaves, and legumes. By product type and distribution method, the plant-based food and beverage market in Singapore is divided into submarkets. The market is divided into segments based on product type, such as meat alternatives, dairy substitutes for beverages, non-dairy ice cream, cheese, yoghurt, spreads, and other plant-based goods like non-dairy chocolates and milk powders. The market is further divided into textured vegetable protein, tofu, tempeh, and other meat substitutes under the heading of meat substitutes. The market is further divided into soy milk, almond milk, and other dairy alternative beverages under the heading of beverages.

Supermarkets/hypermarkets, convenience stores, online retail stores, and other distribution channels make up the market’s distribution channel segments. The market sizing and forecasting for each segment have been done using value (USD million)

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