Market Trends of asia-pacific soy protein 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.
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India is one of the top five soybean producers in the world
- A rise in maize production in China is leading to a decline in soybean production. Domestic soybean production is about to decline by 1 MMT to 17.5 MMT due to farmers moving toward corn owing to soybean's high price. China's imports of soybeans increased by 2 million tonnes to 102 million tonnes for 2021–2022 due to a slight increase in feed demand. In addition, China's swine fever outbreak recovery resulted in increased use of soybean meal for feed during the period. Increasing soybean crushing is expected to constrain vegetable oil imports over the forecast period.
- India is one of the top five soybean producers in the world. In 2020, soybean production in India decreased by 8.09% over a decade, primarily due to the lower yield obtained from states like Madhya Pradesh, which is considered the primary soybean-growing state and has had excessive rainfall registered in recent years. The regular rainfall during harvesting and disease attacks severely affected the crop and led to low yields.
- Soybean is the most planted legume in Japan in terms of acreage (141,800 ha). Most soybeans are cultivated for dry seeds. To prevent the overproduction of rice, the Japanese government recommends the cultivation of soybean instead of rice. Hence, soybeans are commonly seen in Japanese paddy fields. The production volume of soybeans increased to over 7,600 tons in 2020 compared to 2018. About a few decades ago, Japanese farmers usually planted soybeans on a small scale, and seeding and harvesting were performed manually. But with technological improvements, the mechanization of soybean cultivation became more widespread at production sites, encouraging the cultivation scale of soybean to increase.
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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
