Asia-Pacific Plant-Based Protein Market

Asia-Pacific Plant-based Protein Market Size (2024 to 2029)

The size of the plant-based protein market in Asia-Pacific is anticipated to be worth USD 10.11 billion by 2029 from USD 4.8 billion in 2024, growing at a CAGR of 16.07% from 2024 to 2029.

The growth of the Asia-Pacific plant-based protein market is driven by developing a tendency toward vegetarian abstention from food, the useful proficiency, the cost seriousness offered by such plant protein items, and their expanding usage in a wide assortment of processed foods, particularly in the prepared to-eat items classification. Plant protein is a characteristic protein derived from plant sources, such as soy, wheat, pea, and others. China is one of the significant markets in the locale, inferring from the developing commonness of well-being issues, such as weight in the nation, credited to the changing utilization designs.

The growing popularity of veganism throughout the Asia-Pacific region is majorly driving the growth of the Asia-Pacific plant-based protein market. Hinduism and Buddhism have impacted vegetarianism in Asia for a long time, and that impact has spread, there are presently 1.1 billion Hindus and about 500 million Buddhists comprehensively. Around 90% of the Hindu population lives in India, and half of the world's Buddhist populace lives in China. Aside from this, the developing mindfulness towards animal protection and supportable dietary patterns among the twenty to thirty-year-olds is boosting market development. Nations are likewise receiving veggie-lover mode as a methodology to draw in more voyagers to the area, and countries like Singapore and Thailand are among those.

The Indian plant-based protein market in the Asia-Pacific looks lucrative. India speaks to a developing and massive market for plant proteins, but on the other hand, is tormented by a few issues, for example, low awareness levels, low per-capita pay, and constraints of well-being mindfulness in urban territories. The pre-suspicion towards anything named 'plant-based' is useful for wellbeing and is additionally a viable factor impacting the market. The absence of an unbending administrative procedure demonstrates that it is hard for new market players. Despite these difficulties, the sheer volume of the market offers an impressive income hop each year. Late legislative activities (for example, the FDI in retail and shrewd urban communities' business) are relied upon to drive the market's development.

The Asia Pacific is a developing regional segment for plant-based proteins in the worldwide market. Rising economies and developing populace in developing nations have expanded the interest in protein in the locale. Plant-based protein is an ingredient derived from greenhouses, for instance, beans, wheat, peas, and hemp, which is wealthy in amino corrosive profiles and offers incredible dietary and medical advantages. Plant-based protein items like soy sauce added to the biggest market in the locale. China drove the production of soy protein, trailed by India and Indonesia. Soy protein and peas are the quickest developing business sectors in the locale. However, soy protein is the biggest market, trailed by wheat protein. The Asia Pacific plant-based protein market is anticipated to be favored by the presence of growing economies, the rising interest in healthy foods, and the increasing awareness among consumers of high dietary profiles of soy and pea proteins during the forecast period.

Consumers are progressively intrigued by plant-based proteins for reasons of absorbability, manageable sources, great health benefits, non-hypersensitive, monetary, and moral reasons. Innovations in meat options are another main impetus in the plant-based ingredients market. Because of the big, wholesome, and financial data, vegetable protein offers an extraordinary chance to apply in food, beverages, and dietary enhancements to satisfy the unsatisfied need for protein in the market.

In any case, the fluctuating expense of crude materials, government guidelines and the acknowledgment of creatures in plant-based proteins have become obstructions in the regional market.

This research report on the Asia-Pacific plant-based protein market has been segmented and sub-segmented based on the following categories.

Asia-Pacific Plant-based Protein Market - By Type:

• Isolates
• Concentrates
• Protein Flour

Based on the type, the isolates segment is foreseen to account for the highest share in the Asia Pacific plant-based protein market during the projection period. Protein isolates have an enormous demand for protein and nutrition-oriented applications like sports and clinical nutrition, protein drinks, and dietary supplements. In the last few years, athletes, bodybuilders, and vegetarians have increased, supporting the use of these isolates, along with broad usage in various beverages and dairy products based on their different functional characteristics.

Asia-Pacific Plant-based Protein Market - By Application:

• Protein Beverages
• Dairy Alternatives
• Meat Alternatives
• Protein Bars
• Processed Meat
• Poultry & Seafood
• Bakery Products

Based on the application, the food and beverage sector is expected to register the substantial portion of the APAC plant-based protein market, owing to the increasing consumer demand for healthy products, rising awareness about the advantages of these proteins, a surge in health concerns related to animal products and ingredients, mounting vegan population, and increasing meat prices. However, the nutrition and health supplement segment is expected to witness significant growth because of the changing consumer lifestyle, improving health & wellness trends, and growing prevalence of disorders.

Asia-Pacific Plant-based Protein Market - By Source:

• Soy
• Pea
• Wheat
• Others

Based on the source, the soy segment is likely to rule the regional market over the outlook period. This is due to the augmenting fame and increasing need for a high-protein diet among consumers. Soy protein helps to decrease the levels of cholesterol, enhance metabolism, improve the density of bone mineral, and also reduce the risks associated with different cancers. Soy protein isolates are majorly found in nutritional bars, bakery products, sports nutrition items, meat alternatives, and various drinks.

Asia-Pacific Plant-based Protein Market – By Country:

• India
• China
• Japan
• South Korea
• Australia
• New Zealand
• Thailand
• Malaysia
• Vietnam
• Philippines
• Indonesia
• Singapore
• Rest of APAC

China occupies a significant share of the Asia Pacific plant protein market, which is followed by the rest of the APAC region.

KEY MARKET PLAYERS:

Companies playing a significant role in the Asia-Pacific plant-based protein market include Cargill Inc., Archer Daniels Midland (ADM), DuPont, Kerry Group, Glanbia PLC, Tate & Lyle PLC, Ingredion Inc., Burcon NutraScience Corp, Axiom Foods, Royal DSM N.V. and Sotexpro S.A. The Asia-Pacific plant protein market is highly consolidated, with the major players accounting for a more considerable share of the business. The growing demand from the regional players in the market is coming up with proteins from various plant sources.

RECENT HAPPENINGS IN THIS MARKET:

• In January 2018, Cargill put resources into PURIS to quicken the creation of pea protein in the worldwide market.
• In October 2018, DuPont Nutrition and Health extended its scope of plant-based protein items with another pea protein for drinks called TRUPRO 2000 Pea Protein.