Market Trends of Singapore Plant-Based Food and Beverages Industry
This section covers the major market trends shaping the Singapore Plant-Based Food & Beverages Market according to our research experts:
Inclination 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.
