Market Size of Asia Pacific Wheat Protein Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.09 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia Pacific Wheat Protein Market Analysis
The Asia-Pacific wheat protein market size is expected to grow from USD 586.17 million in 2023 to USD 751.48 million by 2028, at a CAGR of 5.09% during the forecast period (2023-2028).
- The market has witnessed significant growth due to the increasing intolerance towards animal protein, thereby leading to the shift in preference of the meat-consuming population toward meat substitutes made of vegan protein, therefore driving the market studied. In addition, major benefits such as high nutritional value and a good source of several proteins, with the growing demand for natural and organic substitutes, thus driving the market growth in the coming years.
- Additionally, there has been a significant increase in the demand for wheat protein application in animal feed due to growing awareness regarding animal health, which is anticipated to drive the demand for wheat protein. According to the National Bureau of Statistics of China, the production volume of beef and veal across China amounted to approximately 7,180 thousand metric tons in the year 2022. Hence, the increasing trend of cattle rearing for the production of beef, veal, and other such products also offers lucrative opportunities for the growth of the wheat protein market across the Asia-Pacific region.
- Moreover, companies in the region have initiated awareness programs and campaigns, which are directed to make consumers understand the benefits of alternative proteins and establish popularity among consumers, which is expected to further drive the market growth during the study period. Additionally, there has been a rise in the popularity of meat substitutes across the region. Hence, players have been innovating solutions to produce meat alternative products.
- For instance, in December 2022, Harvest B opened its first plant-based meat ingredient facility in Australia. The company offers a range of plant-based meat ingredients, including an array of wheat-textured plant proteins. Such developments, coupled with the rise in demand for wheat proteins for various applications in end-user industries, are expected to propel the market studied over the forecast period.
