Asia-Pacific Plant Protein Market - Growth, Trends, and Forecast (2018 - 2023)
The Asia-Pacific plant protein market is expected to reach USD 1178 million by 2023 at a CAGR of 6.1% during the forecast period of 2018–2023. Asia-Pacific is an emerging market for the plant protein market globally. The emerging economy of developing nations and the surge in population has increased the protein demand in the region. Plant proteins are the ingredients derived from plant sources such as soy, wheat, pea, and hemp, which are rich in amino acid profiles and provide great nutritional benefits to health. Plant protein by the soy source has contributed to the largest market in the region. China led in the production of soy protein, followed by India and Indonesia. Soy and pea protein are the fastest growing market in the region. However, soy protein is the largest market, followed by wheat protein.
Plant protein ingredients are commercially used in the food & beverage products, sports nutrition products, animal feed, and pharmaceutical applications. Protein products are majorly consumed by the infant and adult age groups. However, due to the benefits of plant protein ingredients, nowadays it has covered all age groups.
The Asia-Pacific plant protein market is expected to increase in developing countries due to emerging economies, rise in demand for healthy food products and high nutritional profiles of soy and pea proteins. Consumers are more inclined toward plant protein due to its ease of digestibility, sustainable source, high nutritional value, non-allergic nature, economical, and ethical reasons. Innovation in plant-based meat alternatives is another driving factor for the plant ingredient markets. Due to high nutritional facts and economic feasibility, plant proteins provide a great opportunity for the application in food, beverages, and dietary supplements to meet the insatiable demand for protein in the market. However, fluctuating raw material cost, government regulation, and organolept acceptance of plant-based proteins have become a hurdle to the industry.
Asia-Pacific plant protein market by application in food industry includes sports and energy drink, meat analogs, beverages, bakery and confectionery, and ready to eat products. Plant ingredient in sports nutrition contributes to the major share in the market in application types. Animal feed market is also a growing segment, which uses plant protein as an animal feed ingredient to depend on the more sustainable source, which consumes less energy, land, and water. Based on the source of plant protein, the market is segmented into wheat protein, soy protein, pea protein, and other cereal protein. Soy protein dominates the plant protein ingredient segment, followed by wheat protein and pea protein. Due to the high nutritional value of soy protein, which has shown a positive effect on lowering cholesterol levels and fighting heart disease, it is primarily used in energy drinks and dietary supplement products. The market is segmented on the type of plant proteins as protein concentrate, protein isolate, and textured protein.
Through dependence on a sustainable source of protein, the market has created an advantage for the market, while the GMO nature of soy and wheat protein, sensory and functional properties of plant proteins is still a big challenge for the market. The key players involved in new product development, expansions and partnerships, agreements and collaborations to gain a profitable share in the market.
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