South Korea is among the most developed countries in the Asia-Pacific region. Like Japan, companies in South Korea possess cutting edge innovation, technological tools and advanced know-how about protein processing. The protein industry in the country is growing at a rapid rate since last few years as the trend of fitness and gym activities is rising rapidly along with the demand of high quality and nutritious protein products. South Korea currently shares around 7% of Asia-Pacific plant protein market, the market revenue of which is estimated at $249.4 million in 2018. Population in South Korea are giving up meat and its derivate products as it contains significant fat content paving way for meat substitute products. This has highly influenced the growth of plant protein market and is forecasted to grow at the CAGR of $365.4% during 2018 to 2023.
The application of plant proteins across food industry captures highest market share. The demand for bakery with high protein content has increased in recent years, which has provided major boost for the application of plant protein across the food industry. Other potential application of plant protein includes meat alternatives, dairy alternatives, confectionery, snacks and infant formulas. The dietary supplements is one of the fastest growing industries. The growing demand for cheap protein sources from supplement manufacturers provides huge opportunity for the plant protein manufacturers to develop suitable product range.
The popularity of whey protein is very high in the country especially among the youngsters and middle aged population who are attending fitness studios and gym regularly. Moreover, the coaches and gym instructors highly influence the decision to consume whey protein over other protein types in order to grow strong muscle and maintain healthy diets. Thus, it acts as a major restraint to the plant protein market in the country. Other restraints include less development in terms of emerging protein extraction techniques and low awareness about the plant proteins products. Not many major plant proteins manufacture form South Korea are involved at the global level. The rapidly growing demand for plant protein in the country would result in increasing number of new players entering into the market in coming years.
Key Deliverables
The application of plant proteins across food industry captures highest market share. The demand for bakery with high protein content has increased in recent years, which has provided major boost for the application of plant protein across the food industry. Other potential application of plant protein includes meat alternatives, dairy alternatives, confectionery, snacks and infant formulas. The dietary supplements is one of the fastest growing industries. The growing demand for cheap protein sources from supplement manufacturers provides huge opportunity for the plant protein manufacturers to develop suitable product range.
The popularity of whey protein is very high in the country especially among the youngsters and middle aged population who are attending fitness studios and gym regularly. Moreover, the coaches and gym instructors highly influence the decision to consume whey protein over other protein types in order to grow strong muscle and maintain healthy diets. Thus, it acts as a major restraint to the plant protein market in the country. Other restraints include less development in terms of emerging protein extraction techniques and low awareness about the plant proteins products. Not many major plant proteins manufacture form South Korea are involved at the global level. The rapidly growing demand for plant protein in the country would result in increasing number of new players entering into the market in coming years.
Key Deliverables
- Market trends since 2014 and five year forecasts of market growth
- Detailed analysis of the micro and macro elements influencing demand trends
- Identifying opportunity spaces across segments and countries
- Supply & demand side trend and analysis
- Price trend analysis, investment prospects and competition pattern
- Insights on growth potential of the market
- Detailed analysis of major producers covering financial investments & strategies adopted
- Competitive landscape of the industry
Table of Contents
1. Introduction
2. Summary
3. Industry Dynamics
4. Market Size and Forecast
5. Competitive Analysis
6. Company Profiles
Appendix
Companies Mentioned
- DuPont
- ADM
- Cargill
- Bunge
- Mead Johnson
- CHS
- Scoular
- Roquette Freres Le Romarin
- Burcon NutraScience
- MGP Ingredients
- Axiom Foods
- Tate & Lyle Plc
- Fonterra
- Kerry
- Omega Protein Corporation
- Glanbia PLC
- Beneo-Pa
