Demand for plant-based health supplements are rising in Asia | ConsumerIntel360 expects that plant-based food processing startups are likely to evolve in the next few years

Asia has emerged as a notable market for plant-proteins during the review period. Strong demand in big economies such as China and India, backed by the rising flexitarian trend, primarily supported the market to record strong growth.

Demand for plant-based proteins remained strong in Japan. It is expected that the rising adoption of vegetable diet and vegan meals due to the increasing health consciousness and evolving veganism among a large population is likely to drive the market growth in the short to medium term.

Global protein consumption has increased by approximately 40% in the last 20 years. The Asia Pacific (APAC) region leads this growth due to growing disposable income, change in dietary preferences, customer focus on weight loss and management, and muscle building and maintenance. In particular, plant-based protein is gaining popularity in APAC due to growing trend towards a healthy and sustainable lifestyle.

The ongoing pandemic is further creating growth prospects for the plant protein market in the region. Owing to health and immunity concerns, consumers are avoiding animal products and shifting to alternative protein sources in APAC. Increasing awareness regarding animal cruelty and environment impact is also driving the adoption of plant-based products.

The market growth has opened investment avenues not only for CPG companies, and meat producers but also health supplement manufacturers across the region. It is expected that more new entrants and startups will evolve in the next few years to serve the rising demand for plant-based protein food products in the region.

Demand for meat alternative is increasing the region. For instance, in Thailand, plant-based faux meat makers are seeing their sales soar in the wake of the coronavirus outbreak as consumers are looking for safe and healthy alternatives. This trend is similar and in-line with the global trend, wherein the sales of plant-based meat alternatives have increased exponentially after the outbreak.
Similarly, in Japan, plant-based meat is trending upward with food manufacturers tapping the market through product launches, partnerships with international companies and investments in the market. Meat companies such as NH Foods and Itoham Foods are entering this market to compete effectively. The popularity of plant-based meat can be attributed to changing consumer preferences for health reasons.

Also, plant-based health supplements are in high demand as consumers focus on wellness, health, and nutrition. To fulfil their daily protein intake, consumers are shifting towards protein powders and other supplements. Moreover, with plant-based health supplements being considered good for all ages and athletes, the demand is only increasing.

Investment activities are expected to increase as global food manufacturers start seeing APAC as a strong market in the plant protein industry. For instance, founded in 2017, Goodmylk, a plant based food provider in India, has raised US$400,000 in a second seed stage in 2020. Till now the startup has raised US$800,000. The second round was led by Ginni International and venture capital firm VegInvest. According to Goodmylk, the second round of investment will be used to improve their distribution channel in Bengaluru and to foster new partnerships with regional supermarkets.

Similarly, Japanese food tech company, Daiz rose US$6 million in a Series A funding in June 2020, from Japanese state-backed fund A-Five and tech venture capital firm Mitsubishi UFJ Capital. The fund will be used to establish one of the largest plant-based meat factories in Japan, with a manufacturing capacity of 3,300 tonnes of vegan meat annually. The factory will be used to produce its proprietary soy-based “miracle chips” used to recreate the texture of real meat.
In terms of ingredients, soy protein is one of the most popular ingredients among food manufacturers in APAC and has its application across beverage, food, and dietary supplements industries.

The demand for soy protein in China is very high. At present, China holds about 25 per cent of the overall soy protein demand in APAC. The key growth drivers for Soy protein market are the rising demand for plant-based protein products among the health-conscious consumers as well as the ever-increasing usage of soy protein ingredients as an alternative to the meat products.

In terms of distribution channel, driven by the global coronavirus pandemic, the demand for plant-based food products is increasing on e-commerce platforms. While, retail as well as restaurants and foodservice channels are popular distribution channels in APAC.

This report from ConsumerIntel360 is a bundled offering, combining 6 detailed country reports i

This business intelligence report aims to analyze market opportunities and risks in plant protein industry in Asia Pacific. This report offers a detailed view of market opportunity by end user segments, product categories, ingredients, applications, key cities, competing protein segments, price point, and shift in consumption by consumer demographics. In addition, for each product category, this report details demand gap / white space analysis, competitive landscape, brand share, claims analysis, and ingredient analysis.

• White Space Analysis: For each product category, this report provides market opportunities across price point and key end-use segments.

• Product Innovation: Captures key innovative plant protein product launches along with claims, product positioning and targeting.

• Competitive Landscape and Brand Share Analysis: Provides a snapshot of overall competitive landscape and brand share by product category.

• Product Claims Analysis: Provides a detailed view on top claims and emerging claims, offering insights into changing targeting strategy adopted by leading plant protein manufacturers.

• Changing Consumer Preferences: Quantified details on changing consumer preferences along with forecast.

• Plant Protein Consumption by Ingredients: Provides a detailed view of opportunities across key plant protein ingredients (Soy, Pea, Beans & Lentils, Hemp, Flaxseed, Pumpkin & Other Seeds, Brown Rice, Quinoa, Spirulina & Seaweed, and Nuts).

• Plant Protein Sales by Channel: Sales breakdown by online vs. offline channels.

• Plant Protein Sales by Retail Outlet: Sales breakdown by retail outlets grouped by four categories – Diversified Stores, Pharmaceutical & Wellness Stores, Healthcare and Fitness Centers, and Specialist Sports Stores.

• Plant Protein Consumption by Functional Product Type: Plant protein consumption breakdown by 3 segments – Ready to Eat, Ready to Drink, Ready to Mix, and Ready to Cook.

• Plant Protein Consumption by Product Categories: Detailed market size and forecast by eight product categories – Nutrition Supplements, Protein Bars, Sports Nutrition, Meal Alternative, Dairy Alternatives, Meat Alternatives, Bakery Products, and Infant Formulas.

• Plant Protein Consumption by Price Points: Plant protein demand analysis by price points – Premium, Mid-Tier, and Low End.

• Plant Protein Consumption by Cities: Plant protein demand analysis by key cities grouped under three segments – Tier 1, Tier 2, and Tier 3.
• Plant Protein Consumption by Consumer Demographics: Plant protein demand / consumption analysis by age, gender, and income levels.

Scope
This bundled offering provides the following detailed plant protein market opportunity and competitive landscape at country level. This research report provides in-depth analysis of plant protein industry providing white space / gap analysis, product innovation, product claims analysis, and brand share analysis, competitive landscape, market size across 50+ segments. Below is the taxonomy, providing detailed scope of coverage.
Plant Protein Market Dynamics – Strategy & Innovation
• Competitive Landscape Snapshot
• White Space / Demand Gap Analysis by Product Category
• Brand Share by Product Category
• Key Innovative Launches
• Insights on Market Dynamics

Plant Protein Market Size by Ingredients
• Soy
• Pea
• Beans & Lentils
• Hemp
• Flaxseed, Pumpkin & Other
• Brown Rice
• Quinoa
• Spirulina & Seaweed
• Nuts
• Other

Plant Protein Market Size by Product Categories
• Nutrition Supplements
• Protein Bars
• Sports Nutrition
• Meal Alternative
• Dairy Alternatives
• Meat Alternatives
• Bakery Products
• Infant Formulas
• Other

Plant Protein Market Size by Functional Segments
• Ready to Mix
• Ready to Eat
• Ready to Drink
• Ready to Cook

Plant Protein Market Share Analysis by Sales Channels
• Online
• In-Store

Plant Protein Market Share Analysis by Type of Retail Outlet
• Pharmaceutical & Medical Store
• Grocery Retailers
• Health and Wellness Stores
• Specialist Sports Store

Plant Protein Market Size by Retail Sales Pricing
• Premium
• Mid-Tier
• Low End

Plant Protein Market Size by Cities
• Tier 1 Cities
• Tier 2 Cities
• Tier 3 Cities

Plant Protein Consumption by Demographics
• Age
• Gender
• Income

Get deep insights and FREE sample Report @ https://www.consumerintel360.com/reportstore/view/Asia-Pacific-Plant-Protein-Business-94

Reasons to Purchase
• Market Opportunity: Get detailed understanding of plant protein market opportunity across 50+ segments for 6 countries.

• White Space Analysis: Understand gap in demand / supply across product categories and identify unique opportunities.

• Competitive Landscape & Brand Share: Get a detailed view on competitive landscape along with key brands across plant protein product categories.

• Strategy & Innovation: In-depth understanding of strategies adopted to gain market share along with a snapshot of key innovative plant protein product launches.

• Consumer Preference & Buying Behaviour: Gain insights into changing consumer consumption & buying preferences across plant protein product categories.

• Distribution Channel: Fine tune sales and distribution strategy by focusing on right channels to maximize ROI.

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