Singapore Plant-based Protein Market Introduction and Overview
According to SPER Market Research, the Singapore Plant-based Protein Market is estimated to reach USD 8.38 million by 2033 with a CAGR 4.52%.
The report includes an in-depth analysis of the Singapore Plant-based Protein Market, including market size and trends, product mix, distribution channels, and supplier analysis. Protein derived from plants, as opposed to animal sources like dairy, eggs, and meat, is referred to as "plant-based protein". This group includes a wide variety of foods, such as grains (like quinoa and oats), nuts, seeds (including hemp and chia), legumes (like beans and lentils), and some vegetables (like broccoli and spinach). Plant-based proteins are gaining popularity because to their positive health effects, environmental sustainability, and ethical concerns. In general, they are higher in fiber, vitamins, and minerals but lower in cholesterol and saturated fats than animal proteins.
- Amidst the growing demand for plant-based goods in Singapore, Israel-based start-up ChickP opened a new office in March 2021. The start-up stated that a warehouse was located in the new location to address supply chain disruptions caused by the epidemic. The company filed a patent application for its isolation of chickpea protein in the nation in November 2020.
Market Opportunities and Challenges
Opportunities: The market for plant-based protein is expanding due to changing consumer preferences, particularly among millennials in the West who are more likely to choose healthier diets. The perceived health benefits of organic and plant-based food items, especially with regard to digestive health and the avoidance of obesity and chronic illnesses, have resulted in a considerable increase in demand for these products. Singapore's market for plant-based proteins is expanding as people make more socially and environmentally responsible food choices.
The market is growing because of a number of reasons, such as the need for more sustainable environmental practices, ethical concerns over animal husbandry, and the demand for healthier protein substitutes. Plant-based protein technology has advanced, improving the flavor and texture of products to appeal to a larger range of consumers. The industry is also significantly driven by the presence of a health-conscious populace and government support for sustainability projects.
Challenges: Vegan diets have the potential to improve health, but completely cutting out items derived from animals may make it more difficult to get important nutrients. Vegan diets may be deficient in some essential elements, which are largely found in animal products, even if there are many plant-based protein sources, such as lentils, beans, chickpeas, nuts, seeds, soy products, and whole grains. Many people believe it is easy to get enough protein on a plant-based diet, however vitamin B12, iron, omega-3 fatty acids, and creatinine deficits can occur when animal products are avoided.
Furthermore, The Singapore plant-based protein market has challenges related to supply chain cost-effectiveness and long-term dependability. Obtaining high-quality, sustainable plant proteins at affordable prices remains difficult, even with the increasing demand for plant-based proteins because of their beneficial impact on human health and the environment. It is imperative to address issues related to production, transportation, and raw material availability in order to guarantee a consistent and competitively priced supply of ingredients. It's difficult to strike a balance between manufacturing expenses and client expectations all the time.
Market Competitive Landscape
Impossible Foods, Beyond Meat, and regional firms like Quorn are significant players in the Singapore plant-based protein sector. These businesses' creative, sustainable, and delectable plant-based protein substitutes have had a significant impact on the market.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Source, By Type, By Application
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| Regions covered | Eastern Region, Southern Region, Northern Region, Western Region
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| Companies Covered | Beyond Meat, Impossible Foods, Quorn, others.
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COVID-19 Impact on Singapore Plant-based Protein Market
The COVID-19 pandemic had a major effect on Singapore's market for plant-based proteins. Proteins derived from plants gained popularity as consumers looked for more wholesome and environmentally friendly eating options. The pandemic raised public awareness of the benefits of plant-based diets for both human health and the environment. As a result, the market saw an increase in demand for plant-based protein sources, which can be found in a range of food items, including rice, pea, and soy proteins. The quick ascent of plant-based dairy and meat alternatives also contributed to the market's growth.
Key Target Audience:
- Health-Conscious Consumers
- Environmental Advocates
- Ethical and Animal Welfare Supporters
- Trend-Savvy Millennials and Gen Z
- Individuals with Food Allergies or Sensitivities
Our in-depth analysis of the Singapore Plant-based Protein Market includes the following segments:
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By Source:
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Soy
Wheat & Pea
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By Type:
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Isolates
Concentrates
Textured
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By Application:
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Food Meat Alternatives,
Dairy Alternatives
Performance Nutrition & Others
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Key Topics Covered in the Report:
- Singapore Plant-based Protein Market Size (FY’2024-FY’2033)
- Overview of Singapore Plant-based Protein Market
- Segmentation of Singapore Plant-based Protein Market By Source (Soy, Wheat & Pea)
- Segmentation of Singapore Plant-based Protein Market By Type (Isolates, Concentrates, Textured)
- Segmentation of Singapore Plant-based Protein Market By Application (Food Meat Alternatives, Dairy Alternatives, Performance Nutrition & Others)
- Expansion Analysis of Singapore Plant-based Protein Market
- Problems and Obstacles in Singapore Plant-based Protein Market
- Competitive Landscape in the Singapore Plant-based Protein Market
- Impact of COVID-19 and Demonetization on Singapore Plant-based Protein Market
- Details on Current Investment in Singapore Plant-based Protein Market
- Competitive Analysis of Singapore Plant-based Protein Market
- Prominent Players in the Singapore Plant-based Protein Market
- SWOT Analysis of Singapore Plant-based Protein Market
- Singapore Plant-based Protein Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Singapore Plant-based Protein Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Singapore Plant-based Protein Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Singapore Plant-based Protein Market
7. Singapore Plant-based Protein Market, By Source (USD Million) 2020-2033
7.1. Singapore Plant-based Protein Market Size, Share and Forecast, By Source, 2020-2026
7.2. Singapore Plant-based Protein Market Size, Share and Forecast, By Source, 2027-2033
7.3. Soy
7.4. Wheat & Pea
8. Singapore Plant-based Protein Market, By Type (USD Million) 2020-2033
8.1. Singapore Plant-based Protein Market Size, Share and Forecast, By Type, 2020-2026
8.2. Singapore Plant-based Protein Market Size, Share and Forecast, By Type, 2027-2033
8.3. Isolates
8.4. Concentrates
8.5. Textured
9. Singapore Plant-based Protein Market, By Application (USD Million) 2020-2033
9.1. Singapore Plant-based Protein Market Size, Share and Forecast, By Application, 2020-2026
9.2. Singapore Plant-based Protein Market Size, Share and Forecast, By Application, 2027-2033
9.3. Food Meat Alternatives,
9.4. Dairy Alternatives
9.5. Performance Nutrition & Others
10. Singapore Plant-based Protein Market Forecast, 2020-2033 (USD Million)
10.1. Singapore Plant-based Protein Market Size and Market Share
11. Singapore Plant-based Protein Market, By Region, 2020-2033 (USD Million)
11.1. Singapore Plant-based Protein Market Size and Market Share By Region (2020-2026)
11.2. Singapore Plant-based Protein Market Size and Market Share By Region (2027-2033)
11.3. Eastern Region
11.4. Southern Region
11.5. Northern Region
11.6. Western Region
12. Company Profile
12.1. Beyond Meat
12.1.1. Company details
12.1.2. Financial outlook
12.1.3. Product summary
12.1.4. Recent developments
12.2. Impossible Foods
12.2.1. Company details
12.2.2. Financial outlook
12.2.3. Product summary
12.2.4. Recent developments
12.3. Quorn
12.3.1. Company details
12.3.2. Financial outlook
12.3.3. Product summary
12.3.4. Recent developments
12.4. Others
13. Conclusion
14. Reference Links
15. List of Abbreviations