This article discusses trends we have published in our report “F&B Megatrends in Singapore”. Click on the image to download the report.
Plant-based food and beverages are seeing phenomenal growth driven in equal parts by consumers’ interest in personal wellbeing and animal welfare. Bloomberg reported last August that the global plant-based protein market will be over $160 billion by 2030, taking a 7.7% share of the worldwide protein market. This trend is catching up with consumers all over the world. It is particularly emerging as a trend in Asian markets such as India, Indonesia, Malaysia and the Philippines, according to Ai Palette’s research.
The global plant-based protein market will be over $160 billion by 2030, taking a 7.7% share of the worldwide protein market. – Bloomberg
However, Singapore is a mature market for plant-based F&B products, with many such products already on store shelves and restaurant menus. To cater to consumers in this country, brands must get more innovative with their plant-based offerings. We at Ai Palette always look for exciting real-time trends to help F&B brands launch best-selling products quickly. Our clients know that our AI-based trends are pretty accurate and will help brands get products to supermarket shelves and help them stay there for longer.
In this blog, we will take you through some key trends in the plant-based category for the Singapore market and show you how brands could innovate to launch best-selling products in this category.
The plant-based trend in Singapore has an average compounded growth rate of over 12% over the last four years, primarily driven by health, taste, and dietary restrictions due to religious or ethical reasons. The trend has a 94% positive sentiment among Singapore consumers. Ai Palette’s ‘Foresight Engine’ has arrived at these insights by analyzing over 480,000 data points from social media, web searches, and restaurant menus.
This trend has matured in Singapore because there is already high availability of products in this category with a high level of engagement on the various sources mentioned above. For brands to overcome this trend’s saturation, innovating quickly is critical. Tailoring plant-based F&B products to local tastebuds is one of the areas of success we have identified to provide an edge for brands.
For example, Co+Nut+Ink is a famous Singaporean beverage brand that has created 100% plant-based alternatives to the widely-popular Mr Coconut shakes in the country. Both Mr Coconut and Co+Nut+Ink shakes are a huge hit because they are seen as soothing in the Singapore heat and are also perfect for those who are vegan or lactose intolerant. Similarly, Meat Zero Singapore launched a plant-based version of Bak Chor Mee, a frequently-consumed minced meat noodle dish, thus tailoring a popular everyday Singaporean meal to plant-based aficionados. Such innovations are expected to give F&B brands in Singapore the edge, Ai Palette’s research shows.
The above insights are part of our latest trend report, F&B Megatrends in Singapore. Besides the trends in the plant-based category, a few other trends covered in this report include:
- A renewed interest among Singaporeans for traditional ingredients to help boost immunity, and
- A focus on improving gut health for physical and mental wellbeing
Click here to download a copy of the report and deeply dive into the most important trends for Singapore F&B consumers.
Digitisation, sustainability and climate change mean that consumers today have fast and ever-changing needs. Re-introducing a much-loved product in more relevant ways can make a massive impact on your brand.
Ai Palette can help your brand discover such trends in real-time and derive valuable insights from them. Our platform enables you to explore cross-category trends to help you find new opportunities for product innovation. We also help you rethink how your product can be presented in new formats and appeal to new audiences or consumption behaviours.
If you’d like a free walkthrough of our product to understand how we can empower your F&B brand with real-time insights that help you launch F&B bestsellers quickly, click here.