The Asia-Pacific plant protein market is anticipated to grow at a CAGR of 6.1% during the forecast period (2022-2027).
COVID-19 has provided an unexpected boost to the plant based protein industry, globally. Medical studies show that coronavirus disease has an overwhelming impact on people with underlying health conditions like diabetes, hypertension, and heart disease. The plant protein-based diet can help reduce the effects of the virus on at-risk people owing to the presence of an abundance amount of macronutrients, micronutrients, and antioxidants. For instance, in late March 2020, Impossible Foods raised USD 500 million in a new funding round, part of which, the nine-year-old company will use to develop new plant-based meat alternatives in categories, including lamb, goat, and fish. Moreover, the company has also been in talks with investors about raising more funds after receiving USD 500 million in funding. These funds are helping to support the company's continuous worldwide expansion. There is an increasing demand for plant-based protein in Asian region and impossible meal is making plant proteins more accessible to a variety of foodservices. As a result, plant protein foods are more readily available in the food service industry.
Asia-Pacific plant protein market is driven by growing inclination toward vegan diets, the functional efficiency, the cost competitiveness offered by such plant protein products, and their increasing utilization in wide variety of processed foods, especially in the ready-to-eat products category. China is one of the major market in the region owing to the growing prevalence of health disorders such as obesity in the country, attributed by the changing consumption patterns. Soy Protein is the dominating segment in the market owing to its place in wide range of applications.
The desire for clean labels, ease of digestion, the need or desire to avoid allergens, compatibility with vegetarian and vegan lifestyles, and concerns about sustainability among the general population are putting the spotlight on plant proteins. Consumer notions of what constitutes a good protein source are expanding to include a wider variety of plant protein ingredients. Subsequently, interest in plant protein ingredients among food manufacturers and foodservice operators is intensifying, fueling the global plant-based protein market's growth.
The shift in consumer demand from animal protein to plant protein can clearly be witnessed with the rise of the protein alternative market. This gradual inclination toward plant-based diet is largely associated with different factors, such as that of sustainability issue, health awareness, ethical or religious views, and environmental and animal rights. Hinduism and Buddhism have influenced vegetarianism in Asia for many years, and that influence has spread ,there are now 1.1 billion Hindus and nearly 500 million Buddhists globally. More than 90 per cent of Hindus live in India, and half of the world’s Buddhist population lives in China according to pew research center. Apart from this the growing awareness towards the animal protection and sustainable eating habits among the millennials are boosting the market growth. Countries are also adopting vegan trend as a strategy to attract more tourists to the region, countries like Singapore, Thailand etc. are among those. Plant proteins has also structured its presence in the confectionery industry, mainly as a replacement of animal-derived ingredients, such as egg albumen, gelatin, and whey proteins, resulting in products that are suitable for vegetarians and vegans. This increasing inclination toward plant-based diet depicts a huge market potential for plant-based protein products.
India represents a growing and significant market for plant proteins, but is also plagued by several problems, such as low awareness levels, low per-capita income, and limitation of health awareness in urban areas. One of the major drivers of the plant protein market in India is the growing dietary supplements industry. The number of gyms and fitness clubs in the country have surged in the recent years, where an increasing younger population attending gym and fitness clubs are expected to drive the plant protein market in the country. The increasing application of plant protein such as pea, in different end-user industries has provided great opportunity to the global, as well as the domestic players to expand their product offerings, in order to meet the propelling demand for plant-based proteins among the Indian consumers.
Asia-Pacific Plant Protein Market is competative market with the major players in the market occupying a larger share of the market. With the growing demand from the region players in the market are coming up with proteins from various plant sources. The major players in the market are Cargill Incorporated, Tate & Lyle PLC, Kerry Group, Archer Daniels Midland Company etc. Brands have been exploring animal-derived, beauty-supporting proteins such as collagen peptides and bone broth, which have experienced mainstream recognition. However, consumers’ avoidance of animal proteins or interest in plant-based proteins is a strong recent trend. Launches of vegan beauty products more than doubled globally in the last five years. For instance, Wet n Wild is capturethe attention of consumers interested in products featuring protein with its new Mega Protein Mascara. This is a high-performance formula that's infused with acai oil and soy protein.
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COVID-19 has provided an unexpected boost to the plant based protein industry, globally. Medical studies show that coronavirus disease has an overwhelming impact on people with underlying health conditions like diabetes, hypertension, and heart disease. The plant protein-based diet can help reduce the effects of the virus on at-risk people owing to the presence of an abundance amount of macronutrients, micronutrients, and antioxidants. For instance, in late March 2020, Impossible Foods raised USD 500 million in a new funding round, part of which, the nine-year-old company will use to develop new plant-based meat alternatives in categories, including lamb, goat, and fish. Moreover, the company has also been in talks with investors about raising more funds after receiving USD 500 million in funding. These funds are helping to support the company's continuous worldwide expansion. There is an increasing demand for plant-based protein in Asian region and impossible meal is making plant proteins more accessible to a variety of foodservices. As a result, plant protein foods are more readily available in the food service industry.
Asia-Pacific plant protein market is driven by growing inclination toward vegan diets, the functional efficiency, the cost competitiveness offered by such plant protein products, and their increasing utilization in wide variety of processed foods, especially in the ready-to-eat products category. China is one of the major market in the region owing to the growing prevalence of health disorders such as obesity in the country, attributed by the changing consumption patterns. Soy Protein is the dominating segment in the market owing to its place in wide range of applications.
The desire for clean labels, ease of digestion, the need or desire to avoid allergens, compatibility with vegetarian and vegan lifestyles, and concerns about sustainability among the general population are putting the spotlight on plant proteins. Consumer notions of what constitutes a good protein source are expanding to include a wider variety of plant protein ingredients. Subsequently, interest in plant protein ingredients among food manufacturers and foodservice operators is intensifying, fueling the global plant-based protein market's growth.
Key Market Trends
Huge Demand for Vegan Diet
The shift in consumer demand from animal protein to plant protein can clearly be witnessed with the rise of the protein alternative market. This gradual inclination toward plant-based diet is largely associated with different factors, such as that of sustainability issue, health awareness, ethical or religious views, and environmental and animal rights. Hinduism and Buddhism have influenced vegetarianism in Asia for many years, and that influence has spread ,there are now 1.1 billion Hindus and nearly 500 million Buddhists globally. More than 90 per cent of Hindus live in India, and half of the world’s Buddhist population lives in China according to pew research center. Apart from this the growing awareness towards the animal protection and sustainable eating habits among the millennials are boosting the market growth. Countries are also adopting vegan trend as a strategy to attract more tourists to the region, countries like Singapore, Thailand etc. are among those. Plant proteins has also structured its presence in the confectionery industry, mainly as a replacement of animal-derived ingredients, such as egg albumen, gelatin, and whey proteins, resulting in products that are suitable for vegetarians and vegans. This increasing inclination toward plant-based diet depicts a huge market potential for plant-based protein products.
Indian Market is Growing at a Faster Pace
India represents a growing and significant market for plant proteins, but is also plagued by several problems, such as low awareness levels, low per-capita income, and limitation of health awareness in urban areas. One of the major drivers of the plant protein market in India is the growing dietary supplements industry. The number of gyms and fitness clubs in the country have surged in the recent years, where an increasing younger population attending gym and fitness clubs are expected to drive the plant protein market in the country. The increasing application of plant protein such as pea, in different end-user industries has provided great opportunity to the global, as well as the domestic players to expand their product offerings, in order to meet the propelling demand for plant-based proteins among the Indian consumers.
Competitive Landscape
Asia-Pacific Plant Protein Market is competative market with the major players in the market occupying a larger share of the market. With the growing demand from the region players in the market are coming up with proteins from various plant sources. The major players in the market are Cargill Incorporated, Tate & Lyle PLC, Kerry Group, Archer Daniels Midland Company etc. Brands have been exploring animal-derived, beauty-supporting proteins such as collagen peptides and bone broth, which have experienced mainstream recognition. However, consumers’ avoidance of animal proteins or interest in plant-based proteins is a strong recent trend. Launches of vegan beauty products more than doubled globally in the last five years. For instance, Wet n Wild is capturethe attention of consumers interested in products featuring protein with its new Mega Protein Mascara. This is a high-performance formula that's infused with acai oil and soy protein.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Cargill, Inc.
- Archer Daniels Midland Company
- DuPont, Inc.
- Kerry Group
- Glanbia plc
- The Scoular Company
- Ingredion
- Tate & Lyle plc
- Evo Foods
- Blue Tribe Foods
Methodology
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