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Asia-pacific Plant Protein Ingredients Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026

Asia-pacific Plant Protein Ingredients Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026

  • September 2022
  • ID: 6321739
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The Asia-pacific Plant Protein Ingredients Market stood at 3.94 billion usd in 2021 and is projected to register a CAGR of 4.12% to reach 4.83 billion usd in 2026.

Key Highlights
Largest Segment by Product Type - Soy Protein : Soy protein overpowers all the plant protein types due to its high protein content, low viscosity, solubility, etc., which caters to its extensive use in all sectors.
Largest Segment by End User - Food and Beverages : The meat and beverage industries drove the F&B sector. This is due to the functionality of plant proteins in such products and the rising demand for vegan meals in the region.
Fastest Growing Segment by Product Type - Pea Protein : Pea proteins are gaining demand from meat alternatives due to their quick rehydration, neutral flavor, and texturizing abilities, which has led to a slew of new products.
Fastest Growing Segment by End User - Personal Care and Cosmetics : The demand for protein-enriched skin, body, and hair care products is on the rise. Players are offering protein ingredients with distinct concentrations as per the need.

Key Market Trends

Largest Segment By End User : Food and Beverages

By application, the food and beverage industry is the leading application sector for plant proteins in the region, accounting for a major volume share of 55.6%, followed by animal feed with 43.6%, in 2020. The demand for proteins in F&B is primarily driven by the increasing demand for protein functionalities, awareness about protein-rich diets, etc.
In the food and beverage category, the meat/poultry/seafood and meat alternative products segment accounted for the major volume share of 44.2%, followed by the dairy and dairy alternative products segment with 22.1% in 2020. However, the beverages segment is likely to outpace other applications, in terms of value growth, with a projected CAGR of 5.78% during the forecast period. On the other hand, the animal feed segment outpaced the application share in the region, at 45%, in 2020. Plant proteins have numerous advantages over milk substitutes and fishmeal, like better protein digestibility, a favorable amino acid profile, and longer shelf life.

Largest Country : China

China led plant protein demand in 2020. With plant proteins emerging as a sustainable protein option involving no animal cruelty, they are gaining popularity among environmentalists and the vegan population. Fueling concerns over carbon emissions and the food crisis have further propelled the market’s growth.
Demand was also influenced by significant investments made in the plant-based space. In 2018, firms ventured to invest in Haocan Food Service Management Co. Ltd to develop a chickpea-based snack product. Later in the same year, InnovoPro raised a fund of USD 4 million to produce plant-based protein ingredients. Considering the highly competitive environment in the plant-based business, the country is also expected to be the fastest-growing with a volume CAGR of 6.12%. In terms of consumption, the market was followed by India, majorly driven by the F&B sector. In 2020, the sector captured a share of 52%, by volume, in the country.

Competitive Landscape

The Asia-pacific Plant Protein Ingredients Market is fragmented, with the top five companies occupying 16.89%. The major players in this market are Archer Daniels Midland Company, DuPont de Nemours Inc., Fuji Oil Group, Kerry Group PLC and Wilmar International Ltd (sorted alphabetically).

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