Consumables are items that can be found or crafted. They can add helpful status effects, remove negative ones, buff stats or restore health and energy. A small number of consumables also have negative effects.
Consumable items can also be placeable objects, and players can decorate with them by placing them in the world.
Food is a craftable consumable that can be made using cooking stations. Foods can offer a variety of status effects and restore player health. After consuming enough food, players will receive the Well Fed buff which restores their health, but also prevents them from consuming further food for a brief period. The healing effects of food scales, so as players increase their max health the same food will heal more HP.
The Well Fed buff won't apply to players in survival mode provided they don't have a full hunger bar from eating. This allows survival players to stack effects in unique ways while sacrificing the healing effect of the Well Fed buff. See here for a full list of food available in game.
The Apothecary allows players to craft a number of mainly medical consumables. These include bandages, stim packs, and antidotes. It can be upgraded to a Medical Station to provide access to more recipes. See here for a list of craftable consumables at the Medical Station/Apothecary.
There are a number of consumables that can be thrown. Some can be crafted, but others must be found. They can be used to deal damage, apply status effects, and more. See here for a list of throwable consumables.