Consumables are helpful dropped items that are immediately "consumed" upon clicking on it. This includes food, potions, and other items like arrows and TNT. These items do not go into your inventory and are lost after completing a dungeon. These items can be randomly dropped by enemies or chests.
List of Consumables
Food gives the player regeneration for a set duration. The effects can be stacked, but the duration does not.
Potions give the player its respective effect for a set duration. The different effects can stack, but similar effects do not.
These are other items that do not fall in the other categories.