Market Trends of asia-pacific plant protein ingredients Industry
Plant protein consumption growth fuels opportunities for key players in the plant protein ingredients sector
- Plant proteins are highly gaining interest in the Asian market, as the awareness and proof regarding their benefits are rising in the region. Among all plant proteins, soy proteins occupy the market share with the increased acceptability of the ingredient in different foods and its increased production, making it highly available in the region. The volume of soybean meal consumption in China in 2020/21 was 72.68 MMT, which was around 9% more than in 2018. High investments in research, rapid technological advancements, and advanced innovation techniques are some of the major factors resulting in the use of developed protein ingredients, including soy proteins.
- Major drivers of allergen-free plant proteins such as soy, pea, hemp, and potato may include increasing adoption of the vegetarian lifestyle, growing demand for lactose-free and gluten-free products, and growing concern about health-related problems. Around 81% of Indian consumers restrained meat from their diet in 2021. Major benefits of plant protein ingredients over animal proteins, including high nutritional value, being a good source of several vitamins and minerals, technological advancements in various food industries, and growing demand for natural and organic substitutes, are expected to change consumer preference.
- The increasing consumption of plant proteins and consumer acceptance in the region drive manufacturers to innovate products fortified with these ingredients. Major grains consumed in Japan are soybeans, rice, and wheat, along with some other types like corn and peas. In 2020, Japan's daily per capita intake of plant-based proteins was 34.3 grams. The rise in plant-based protein is expected to continue to provide opportunities for food manufacturers in the upcoming years.
Understand The Key Trends Shaping This Market
Download Sample
Soy, wheat, and pea production contributes majorly as raw material for plant protein ingredients manufacturers
- An increase in maize production in China is leading to a decline in soybean production. The overall plant protein production inclined by 4% from 2016 to 2020 due to the rising vegan population, which accounted for 14% in 2020. For instance, in 2020, the production of soybeans in China amounted to approximately 19.6 million ton, while wheat production in China amounted to approximately 134 million ton.
- India's soybean acreage increased by over 8% in 2020-21, while production climbed by over 31.5 % to 122.475 lakh tonne. This can be attributed to the collaboration of public and private companies in developing various techniques and directly engaging with farmers to enhance farm incomes and increase soybean yield. In 2014, the state government's Public Private Partnership for Integrated Agriculture Development (PPPIAD), in collaboration with ADM, introduced new technologies for soybean cultivation that aided farmers in increasing their yields.
- The region's various proteins from plant sources are possible due to increased production. It is mainly dominated by soybean, the most planted legume in Japan in terms of acreage (141,800 ha). Significant rice production also takes place in Japan. About 85% of the 2.3 million farms in Japan plant rice yearly. However, in Australia, farmers produced around 394 million hectare of 88,073 crop and livestock businesses. The plant industry produced around USD 33.5 billion worth of agricultural products. In 2021, Riverina rice crops were around 450,000 paddy tonne. The crop was 10 times larger than the 2020 rice crop impacted by drought and low water allocations.
Understand The Key Trends Shaping This Market
Download Sample
OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Changing lifestyles with increasing number of working women is boosting the market
- Market competitiveness is boosting the growth
- Sauces segment to maintain lion's share in the APAC market
- Soaring demand for plant-based dairy products within APAC countries
- APAC's growing appetite for plant-based meats to boost demand
- Healthy snacking is likely to impel the market
- Increase in demand for ruminant feed
- Rising consumption of bakery goods as a meal is driving the industry
- Increased consumer preference for convenient breakfast cereal products
- Premium confectionery is a current market trend
- Increase in elderly population to drive demand
- Increasing developments spiking the segmental sales
- Increasing number of health and fitness centers is driving the market
- Increasing demand for natural/organic beauty and personal care products
