Summary

The Indonesia Plant-Based Food and Beverages Market size is estimated at USD 377.97 million in 2024, and is expected to reach USD 621 million by 2029, growing at a CAGR of 10.44% during the forecast period (2024-2029).

The COVID-19 pandemic favored the growth of the plant-based food and beverage market as there was a surge in the demand for a healthy diet including vegan food alternatives. Further, the market demand was supported by several medical research studies claiming the health benefits of vegan food in reducing the severity of COVID-19 symptoms. As a result, the country has witnessed significant investments by startups to capture business opportunities in the emerging segment. For instance, in July 2021, Firman, a corporate worker who turned into an entrepreneur launched Indonesia's first plant-based cloud kitchen, Mad Grass-a delivery-only restaurant, specializing in vegan food and beverages.

Over the medium term, the market is expected to show substantial growth owing to the factors such as the development of flexitarian lifestyles, the increasing importance of animal welfare, increasing government initiative to support vegan dietary patterns, and the R&D investments by key industry participants to accelerate the new product developments.

Moreover, plant-based food is not new in Indonesia, with Tofu and Tempeh being traditional vegan foods and have been in Indonesian cuisine for ages which in turn promotes the inclination toward the new plant-based foods and beverages offered in the market.

Indonesia Plant-Based Food and Beverages Market Trends

Rise in Vegan Population

The growing trend of veganism is due to the increasing consumer awareness about the health benefits associated with plant-based food. For instance, according to a consumer survey conducted by the Singapore-based vegan food company Float Foods in 2020, as many as 78% of Indonesians had tried vegan meat alternatives and 24% of the population was planning to adopt a vegetarian or plant-based diet. Additionally, ethical and health-conscious consumers are driving the penetration of dairy alternatives and meat substitutes across the country. Ongoing studies of the impact of dairy and meat production on global warming and resource consumption is the key factor contributing to the increased consumer interest in plant-based food and beverages. Furthermore, animal welfare associations and government organizations educate the public about animal abuse and promote vegan lifestyles through various campaigns. For instance, the government of Indonesia has banned the cat and dog meat trade in response to the campaign conducted by the DMFI (Dog Meat-Free Indonesia), an alliance of international and local animal welfare groups.

Dairy Alternative Beverages Dominates the Market

The increasing lactose intolerant population is driving the demand for plant-based beverages in Indonesia. For instance, the research article published in NIH(National Library of Medicines) by the University of Indonesia reveals that lactose intolerance is related to age and is the most prevalent among children aged 6 to 14 years. The most frequent symptoms of Lactose Intolerance in the junior high school (JHS) group were abdominal pain, abdominal distention, nausea, flatulence, and diarrhea, mostly within one hour of lactose ingestion. This in turn influences consumers to opt for plant-based dairy alternatives to fulfill their dietary needs without compromising health. Moreover, plant-based beverages contain low calories, fat, and sugar than conventional dairy beverages making them popular among people with heart disease and obesity.

Indonesia Plant-Based Food and Beverages Industry Overview

Indonesia plant-based food and beverage industry is fragmented with many international and regional companies competing for significant market share. Some of the major players in the market are Green Rebel Foods, Amy's Kitchen, Inc., Nestle SA, Danone S.A., and Meatless Kingdom, among others. Key companies are focused on the expansion of production capacity and new product launches to cater to the increasing demand for meat substitutes and dairy alternatives. Furthermore, product innovation in terms of flavor and texture; and infusion of healthy ingredients is the major strategy adopted by companies. For instance, in November 2021, Green Rebel Foods launched plant-based cheddar cheese made with locally sourced potatoes, cashew nuts, and organic rice.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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Table of Contents

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Meat Substitutes
5.1.1.1 Tofu
5.1.1.2 Tempeh
5.1.1.3 Others
5.1.2 Dairy Alternative Beverages
5.1.2.1 Soy Milk
5.1.2.2 Almond Milk
5.1.2.3 Other Dairy Alternative Beverages
5.1.3 Non-dairy Ice Cream
5.1.4 Non-dairy Cheese
5.1.5 Non-dairy Yogurt
5.1.6 Non-dairy Spreads
5.1.7 Other Plant-based Products
5.2 By Distibution Channel
5.2.1 Supermarkets/Hypermarkets
5.2.2 Convenience Stores
5.2.3 Online Stores
5.2.4 Other Distribution Channels

6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Nestle SA
6.3.2 Green Rebel Foods
6.3.3 Amy's Kitchen, Inc.
6.3.4 Impossible Foods
6.3.5 Rude Health
6.3.6 Meatless Kingdom
6.3.7 The Kraft Heinz Company
6.3.8 PepsiCo, Inc.
6.3.9 Danone S.A.
6.3.10 Oatside Private Limited

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

8 IMPACT OF COVID-19 ON THE MARKET

9 DISCLAIMER