Asia Pacific Plant Protein Market to 2027 - Regional Analysis and Forecasts by Source; Type; Application, and Countries

The Asia Pacific plant protein market is accounted to US$ 3,445.9 Mn in 2018 and is expected to grow at a CAGR of 7.2% during the forecast period 2019 - 2027, to account to US$ 6,292.3 Mn by 2027.

Plant protein is a natural protein derived from plant sources such as soy, wheat, pea, and others. Plant protein provides building blocks for healthy muscles and tissues in the human body and is also beneficial for weight loss. Plant-based proteins tend to be lower in calories and fat as compared to animal proteins but higher in fiber and essential nutrients.

The Asia Pacific plant protein market is segmented on the basis of source as soy, wheat, pea, and others. The soy segment held the largest share of the Asia Pacific plant protein market in 2018. Soy protein is prepared from soybean meal that has been defatted and dehulled. It contains all nine essential amino acids. Soy is also a rich source of fibers, vitamins, and minerals, including folate, selenium, potassium, and magnesium. They also contain antioxidants and phytochemicals, including phenolic acids, isoflavones, and omega-3 fatty acids. For vegetarians and vegans as well as those who avoid or are allergic to dairy food, soy proteins often serve as a prominent source of important nutrients. Soy protein products are used in various food preparations, which include salad dressings, soups, beverage powders, meat analogs, cheeses, nondairy creamers, whipped toppings, frozen desserts, infant formulas, breads, breakfast cereals, pastas, and pet foods, among others. It is available in three major forms - isolates, concentrates, and flours.

The Asia Pacific plant protein market is segmented based on application as protein beverages, dairy alternatives, meat alternatives and meat extenders, protein bars, bakery and other applications. The growing demand for functional food and beverages is propelling the demand for plant protein in the food & beverages industry. Moreover, the increasing preference for natural ingredients in the functional food & beverages industry is projected to propel the demand for plant proteins over the forecast period. Additionally, plant proteins are increasingly being used in health supplements as they contain amino acids that aid in muscle growth and repair. The proteins also play a major part in sports nutrition as it has applications in protein bars and shakes. All these factors are expected to boost the demand for plant protein products. The meat alternatives and meat extenders application segment accounted for considerable share of the Asia Pacific plant proteins market in 2018, whereas the protein beverages segment is expected to register an exceptional CAGR during the forecast period.

Asia Pacific plant protein market is segmented on the country as Australia, China, India, Japan, South Korea, and rest of APAC. China has a major share in the Asia Pacific plant protein market, which is followed by rest of APAC region. China has the largest population in APAC, and this leads to the growing demands for food and beverages, cosmetics and personal care products, which, in turn, will lead to the growth of the plant protein market in China. The low manufacturing and capital costs in China attract new investment and better opportunities for food and beverage businesses in the region. It is considered to be the second-largest economy in the world and exhibits potential growth for the market in the forthcoming years. According to the China Cuisine Association, the food & beverages industry of China was valued at ~US$ 636 billion in 2018. Thus, growing food & beverages industry is expected to boost the plant protein market in the upcoming years. The majority of pea protein is produced in far-flung countries such as Canada and China. In China, many consumers like to try protein drinks made from oat, red bean, and black bean. These factors are likely to boost the demand for plant-based protein in this country in the upcoming years.

Some of the players present in Asia Pacific plant protein market are Archer Daniels Midland Company, Axiom Foods, Inc., Cargill, Incorporated, E. I. Du Pont De Nemours and Company, Glanbia plc, Ingredion Incorporated, Kerry Group, Koninklijke, Roquette Frères and DSM N.V.

The overall Asia Pacific plant protein market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Asia Pacific plant protein market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific plant protein market.

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