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Asia-Pacific Plant Protein Ingredients Market Size

The Asia-Pacific plant protein ingredients market is experiencing significant growth, driven by the increasing demand in the food and beverage sector, which is the leading application area. This growth is fueled by a rising awareness of protein-rich diets and the versatility of plant proteins, such as soy, wheat, and rice, in replacing meat products, particularly for vegan consumers. The market's expansion is further supported by the animal feed segment, which is also witnessing a robust increase in demand due to the functional benefits of plant proteins. China and India are key players in the region, with China leading in demand and India showing substantial growth in consumption, particularly in the F&B sector. The market's growth trajectory is bolstered by significant investments in plant-based products and a competitive landscape that encourages innovation and expansion.

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Market Size of asia-pacific plant protein ingredients Industry

Asia-Pacific Plant Protein Ingredients Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 4.4 Billion
svg icon Market Size (2029) USD 5.88 Billion
svg icon Largest Share by End User Food and Beverages
svg icon CAGR (2024 - 2029) 5.96 %
svg icon Largest Share by Country China
svg icon Market Concentration Low

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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Asia-Pacific Plant Protein Ingredients Market Analysis

The Asia-Pacific Plant Protein Ingredients Market size is estimated at 4.4 billion USD in 2024, and is expected to reach 5.88 billion USD by 2029, growing at a CAGR of 5.96% during the forecast period (2024-2029).

4.4 Billion

Market Size in 2024 (USD)

5.88 Billion

Market Size in 2029 (USD)

5.51 %

CAGR (2017-2023)

5.96 %

CAGR (2024-2029)

Largest Market by Product Type

58.89 %

value share, Soy Protein, 2023

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Soy protein overpowers all the plant protein types due to its high protein content, low viscosity, and solubility, which caters to its extensive use in all sectors.

Largest Market by End User

61.08 %

value share, Food and Beverages, 2023

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The meat and beverage industries drove the F&B sector due to the functionality of plant proteins in such products and the rising demand for vegan meals in the region.

Fastest Growing Market by Product Type

6.73 %

Projected CAGR, Pea Protein, 2024-2029

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Pea proteins are gaining demand from meat alternatives due to their quick rehydration, neutral flavor, and texturizing abilities, which has led to a slew of new products.

Fastest Growing Market by End User

6.48 %

Projected CAGR, Animal Feed, 2024-2029

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The high accessibility, cost-effectiveness, and apt amino acid profile of plant proteins, especially soy and wheat proteins, make it the fastest-growing segment.

Leading Market Player

7.71 %

market share, Archer Daniels Midland Company, 2021

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Archer Daniels Midland Company is constantly developing new plant proteins, and its differentiated product portfolios are the most important factor for its success.

F&B and animal feed together holds major share in usage of plant protein with growing vegetarian population coupled with numerous functionality associated with it

  • By application, the food and beverage industry is the leading application sector for plant proteins in the region. The increasing demand for protein functionalities and awareness about protein-rich diets primarily drives the demand for proteins in the F&B industry. Under the F&B segment, the meat/poultry/seafood and meat alternative products sub-segment accounted for the major volume share of 44.2% in 2022. Plant proteins can replace meat, making meat products available for vegan consumers in the region. The region is highly dominated by the consumer base in China, followed by India, the region with the highest vegetarian population in the world. Proteins such as soy, wheat, and rice proteins have the maximum market share in the segment.
  • However, the snacks sub-segment is the fastest-growing sub-segment, projected to record a CAGR of 6.81%, by value, during the forecast period. By protein, soy protein holds significant demand in the category. Studies showed that soy protein snacking improves appetite control and diet quality among teenagers, thus driving its demand. It also offers tremendous versatility in snack compositions, with up to 25g of protein per serving.
  • The animal feed segment is the second leading segment, and it is projected to register a CAGR of 6.11%, by value, during the forecast period. Plant proteins have numerous advantages like pea protein can be fed to various livestock species, such as ruminants, poultry, pigs, and aquafeed and pet food. The demand for plant proteins is increasing in feeds due to their functionalities, such as providing the binding required for the pellet or granule forms of feed (their water insolubility decreases pellet breakdown).
Asia-Pacific Plant Protein Ingredients Market

China dominates the market with consumer inclination towards plan-based food and beverages coupled with strong production capacity of soy protein drove the application across the region

  • China led plant protein demand in 2022. With plant proteins emerging as a sustainable protein option involving no animal cruelty, they are gaining popularity among environmentalists and the vegan population. Fueling concerns over carbon emissions and the food crisis have further propelled the market's growth. By application, the food and beverage sector is the leading application sector for protein in the region, accounting for a major volume share of 53.4%, followed by the animal feed industry, with a 53.4% volume share, in 2022. Animal feed is also projected to be the fastest-growing segment in the overall plant proteins market, with a CAGR of 9.10%, by value, during the forecast period (2023-2029).
  • Demand was also influenced by significant investments made in the plant-based space. In 2018, firms ventured to invest in Haocan Food Service Management Co. Ltd to develop a chickpea-based snack product. Later in the same year, InnovoPro raised a fund of USD 4 million to produce plant-based protein ingredients.
  • Considering the highly competitive environment in the plant-based business, the Asia-Pacific region witnessed the highest Y-o-Y growth rate of 12.43%, by value, in 2020. However, Malaysia is projected to be the fastest-growing country in terms of value, witnessing a CAGR of 6.38% during the forecast period (2023-2029). In terms of consumption, the market was followed by India, majorly driven by the F&B sector. In 2022, the sector captured a share of 52%, by volume, in the country. The rising vegan population is demanding more plant-based products. For instance, series of vegan tours in mid-2018, the global tour operator based in Australia saw a rise in interest for such tours held in India, Thailand, and Italy.

Asia-Pacific Plant Protein Ingredients Industry Segmentation

Hemp Protein, Pea Protein, Potato Protein, Rice Protein, Soy Protein, Wheat Protein are covered as segments by Protein Type. Animal Feed, Food and Beverages, Personal Care and Cosmetics, Supplements are covered as segments by End User. Australia, China, India, Indonesia, Japan, Malaysia, New Zealand, South Korea, Thailand, Vietnam are covered as segments by Country.

  • By application, the food and beverage industry is the leading application sector for plant proteins in the region. The increasing demand for protein functionalities and awareness about protein-rich diets primarily drives the demand for proteins in the F&B industry. Under the F&B segment, the meat/poultry/seafood and meat alternative products sub-segment accounted for the major volume share of 44.2% in 2022. Plant proteins can replace meat, making meat products available for vegan consumers in the region. The region is highly dominated by the consumer base in China, followed by India, the region with the highest vegetarian population in the world. Proteins such as soy, wheat, and rice proteins have the maximum market share in the segment.
  • However, the snacks sub-segment is the fastest-growing sub-segment, projected to record a CAGR of 6.81%, by value, during the forecast period. By protein, soy protein holds significant demand in the category. Studies showed that soy protein snacking improves appetite control and diet quality among teenagers, thus driving its demand. It also offers tremendous versatility in snack compositions, with up to 25g of protein per serving.
  • The animal feed segment is the second leading segment, and it is projected to register a CAGR of 6.11%, by value, during the forecast period. Plant proteins have numerous advantages like pea protein can be fed to various livestock species, such as ruminants, poultry, pigs, and aquafeed and pet food. The demand for plant proteins is increasing in feeds due to their functionalities, such as providing the binding required for the pellet or granule forms of feed (their water insolubility decreases pellet breakdown).
Protein Type
Hemp Protein
Pea Protein
Potato Protein
Rice Protein
Soy Protein
Wheat Protein
Other Plant Protein
End User
Animal Feed
Food and Beverages
By Sub End User
Bakery
Beverages
Breakfast Cereals
Condiments/Sauces
Confectionery
Dairy and Dairy Alternative Products
Meat/Poultry/Seafood and Meat Alternative Products
RTE/RTC Food Products
Snacks
Personal Care and Cosmetics
Supplements
By Sub End User
Baby Food and Infant Formula
Elderly Nutrition and Medical Nutrition
Sport/Performance Nutrition
Country
Australia
China
India
Indonesia
Japan
Malaysia
New Zealand
South Korea
Thailand
Vietnam
Rest of Asia-Pacific
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Asia-Pacific Plant Protein Ingredients Market Size Summary

The Asia-Pacific plant protein ingredients market is experiencing significant growth, driven by increasing consumer awareness and demand for protein-rich diets, particularly within the food and beverage sector. This sector is the leading application area for plant proteins in the region, with a substantial portion of the market share attributed to meat, poultry, seafood, and meat alternative products. The region's consumer base is predominantly in China and India, where there is a high prevalence of vegetarianism. Soy, wheat, and rice proteins are the most widely used in this market, with soy protein being particularly popular due to its versatility and health benefits. The snacks sub-segment is noted as the fastest-growing area, reflecting a rising trend in plant-based snacking options. The animal feed industry also represents a significant portion of the market, with plant proteins being favored for their functional benefits in livestock nutrition.

The market's expansion is further supported by substantial investments in the plant-based sector, with companies actively developing and promoting plant protein products. The Asia-Pacific region has seen a notable year-on-year growth rate, with Malaysia projected to be the fastest-growing country in terms of market value. The increasing adoption of vegetarian and vegan lifestyles, along with the demand for allergen-free and gluten-free products, is driving the shift towards plant-based proteins. Technological advancements and innovations in food manufacturing are enhancing the appeal and acceptance of plant proteins, offering opportunities for food manufacturers to cater to the growing consumer base. The market remains competitive, with major players like Archer Daniels Midland Company, Fuji Oil Group, and others leading the charge in expanding their product offerings and capabilities in response to the rising demand for plant-based ingredients.

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Asia-Pacific Plant Protein Ingredients Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)

    1. 1.1 Protein Type

      1. 1.1.1 Hemp Protein

      2. 1.1.2 Pea Protein

      3. 1.1.3 Potato Protein

      4. 1.1.4 Rice Protein

      5. 1.1.5 Soy Protein

      6. 1.1.6 Wheat Protein

      7. 1.1.7 Other Plant Protein

    2. 1.2 End User

      1. 1.2.1 Animal Feed

      2. 1.2.2 Food and Beverages

        1. 1.2.2.1 By Sub End User

          1. 1.2.2.1.1 Bakery

          2. 1.2.2.1.2 Beverages

          3. 1.2.2.1.3 Breakfast Cereals

          4. 1.2.2.1.4 Condiments/Sauces

          5. 1.2.2.1.5 Confectionery

          6. 1.2.2.1.6 Dairy and Dairy Alternative Products

          7. 1.2.2.1.7 Meat/Poultry/Seafood and Meat Alternative Products

          8. 1.2.2.1.8 RTE/RTC Food Products

          9. 1.2.2.1.9 Snacks

      3. 1.2.3 Personal Care and Cosmetics

      4. 1.2.4 Supplements

        1. 1.2.4.1 By Sub End User

          1. 1.2.4.1.1 Baby Food and Infant Formula

          2. 1.2.4.1.2 Elderly Nutrition and Medical Nutrition

          3. 1.2.4.1.3 Sport/Performance Nutrition

    3. 1.3 Country

      1. 1.3.1 Australia

      2. 1.3.2 China

      3. 1.3.3 India

      4. 1.3.4 Indonesia

      5. 1.3.5 Japan

      6. 1.3.6 Malaysia

      7. 1.3.7 New Zealand

      8. 1.3.8 South Korea

      9. 1.3.9 Thailand

      10. 1.3.10 Vietnam

      11. 1.3.11 Rest of Asia-Pacific

Asia-Pacific Plant Protein Ingredients Market Size FAQs

The Asia-Pacific Plant Protein Ingredients Market size is expected to reach USD 4.40 billion in 2024 and grow at a CAGR of 5.96% to reach USD 5.88 billion by 2029.

In 2024, the Asia-Pacific Plant Protein Ingredients Market size is expected to reach USD 4.40 billion.

APAC Plant Protein Ingredients Market Report Snapshots

Asia-Pacific Plant Protein Ingredients Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029