Asia-Pacific Plant-based Protein Market to be Worth $7.27 Billion by 2030

Meticulous Research®-a leading global market research company, published a research report titled, 'Asia-Pacific Plant-based Protein Market by Type (Soy Proteins, Wheat Proteins, Pea Proteins), Crop Type (Non-GMO, GMO), Source Process (Conventional, Organic), Application (Food and Beverages, Animal Feed, Nutritional Supplements) - Forecast to 2030.'

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According to this latest publication from Meticulous Research®, the Asia-Pacific plant-based protein market is expected to grow at a CAGR of 12% from 2023 to 2030 to reach $7.27 billion by 2030. The growth of this market is attributed to the growing demand for a protein-rich diet, rising consumer awareness regarding nutritional benefits offered by plant-based proteins, growing demand from food & beverage manufacturers, and advancement in ingredient technologies: microencapsulation. Additionally, increasing inclination towards a vegan diet and product launches by plant-based foods & protein alternative manufacturers offer significant growth opportunities for Asia-Pacific plant-based protein vendors. However, a significant preference for animal-based proteins and fluctuating raw material prices restrain the plant-based protein market growth.

Key Players

The key players operating in the Asia-Pacific plant-based protein market are Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Roquette Frères (France), Ingredion Incorporated (U.S.), Kerry Group plc (Ireland), International Flavors & Fragrances Inc. (U.S.), Tate & Lyle PLC (U.K.), Axiom Foods Inc. (U.S.), Glanbia, Plc. (Ireland), Burcon NutraScience Corporation (Canada), Glico Nutrition Co., Ltd. (Japan), and Wilmar International Ltd. (Singapore).

The Asia-Pacific plant-based protein market study presents historical market data in terms of value (2021 and 2022), estimated current data (2023), and forecasts for 2030. This market is segmented based on type, crop type, source process, form, application, and country.

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Based on type, the Asia-Pacific plant-based protein market is segmented into soy protein, wheat protein, pea protein, canola protein, potato protein, rice protein, corn protein, and others. In 2023, the soy protein segment is expected to account for the largest share of the Asia-Pacific plant-based protein market. The large market share of this segment is attributed to higher consumer acceptance levels, easy availability of raw materials, increased demand from food and beverage manufacturers, lower cost than other types of proteins, and enormous availability and functionality. However, the pea protein segment is expected to register the highest CAGR during the forecast period due to its high protein content and nutritional benefits such as allergen-free, gluten-free, and lactose-free properties.

Based on crop type, the Asia-Pacific plant-based protein market is segmented into non-genetically modified and genetically modified organism crops. In 2023, the non-genetically modified organism crops segment is expected to account for the largest share of the Asia-Pacific plant-based protein market. The large market share of this segment is attributed to increased awareness about the harmful effects of genetically modified crops and the increased trend of clean-label products.

Based on source process, the Asia-Pacific plant-based protein market is segmented into conventional and organic plant-based protein ingredients. In 2023, the conventional plant-based protein ingredients segment is expected to account for the largest share of the Asia-Pacific plant-based protein market. The large market share of this segment is attributed to lower prices than organic protein ingredients, longer shelf life, and availability of substantial crop varieties. Plant-based protein from conventional farming systems shares many positive attributes, including rapid technological innovation, large capital investments in equipment and technology, large-scale farms, single crops (monocultures), uniform high-yield plant protein crops, and dependency on agribusiness and mechanization of farm work. However, the organic plant-based protein ingredients segment is expected to grow at the highest CAGR during the forecast period.

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Based on form, the Asia-Pacific plant-based protein market is segmented into solid (dry) and liquid. In 2023, the solid (dry) segment is expected to account for the largest share of the Asia-Pacific plant-based protein market. However, the liquid segment is expected to register the highest CAGR during the forecast period due to its improved shelf life, natural and fresh appeal, and versatility for various applications. As consumer demand increases for healthier and more innovative products, liquid plant protein products are expected to help create new products with greater ease.

Based on application, the Asia-Pacific plant-based protein market is segmented into food and beverages, animal feed, nutrition & health supplements, pharmaceuticals, and other applications. In 2023, the food and beverages segment is expected to account for the largest share of the Asia-Pacific plant-based protein market. The large market share of this segment is attributed to high consumer demand for sustainable food products, growing awareness about the health benefits of plant proteins, increased health concerns over animal products and ingredients, increasing vegan population, rising meat prices, and clean label trend. However, the nutrition & health supplements segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to changing lifestyles, growing health & wellness trends, increasing demand for sports nutrition, and increasing prevalence of diseases.

Based on country, in 2023, China is expected to account for the largest share of the Asia-Pacific plant-based protein market. This country's major market share is attributed to a large and growing population base, increased adoption of technological advancements in the food & beverages industry, high raw material availability, and presence of health-conscious consumers. Moreover, this country is also expected to grow at the highest CAGR during the forecast period due to increasing industrialization, growing disposable income, and rising interest in vegetarian or vegan diets.

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This release was published on openPR.