Asia Pacific plant protein market is projected to grow at a CAGR of 6.49 % to reach a market size of US$1,915.625 million in 2025. The consumption patterns are shifting towards plant protein foods such as pea and soy, which form the core ingredients of some of the popular dishes in the Indian food culture and Indian cuisines, which is attributed majorly to the increasing number of individual in the population that show intolerance towards lactose based products and allergies associated with gluten consumption. In addition, the recent traction, and the popularity of vegan food has increased and tipped the scales towards plant proteins in countries such as South Korea. This is due to the growing vegetarian population, which increased from 150,000 in 2008 to a staggering amount of 1-1.5 million in South Korea, out of which nearly, 500,000 people are estimated to be pure vegan, according to the statistics provided by Korean Vegetarian Union. Thus, these factors have led to an increase in the demand for plant-based proteins rapidly and paved the way for market growth over the forecast period. The increasing incorporation and consumption of tempeh and tofu, both of which are derivatives of soy and Indonesian favorites also contribute to the market growth.
Japan, one of the countries in the Asia Pacific region that recorded the highest life expectancy in the region and throughout the world due to the high awareness among the young and middle-aged individuals in the population, have a trend of consuming healthy and wholesome foods, which are derived from natural sources and rich in proteins. In conjunction, the consumption of plant proteins such as seaweed, which is one of the major components an ingredient that are widely used in Japanese cuisine and the usage of Spirulina is on the rise. In addition, the Malaysians, which consume a lot of pork in their daily diet as it forms one of the essential ingredients in their cuisine, are slowly realizing the adverse risks it poses to the health and causing them to reevaluate their choices and shift towards alternate and neutrally derived protein sources. Lastly, the awareness among the Australian population regarding the protein sources and it’s quality is also rising as they demand complete transparency in what is being used in their foods, what quality Is being used are realizing the requirement and importance of plant protein and its nutritional content, which is causing the demand of red meat to get overshadowed. Therefore, the consumption and the demand for the plant proteins being fueled and supported by the desire of individuals to spend more on premium proteins, facilitated by their rising disposable income and accelerating the market growth over the forecast period.
Furthermore, the enhanced products being offered by the market players are causing the market demand to surge further and act as one of the driving factors that is positively affecting the market growth over the forecast period and beyond. For instance, Wilmar BioEthanol, a company dealing in the provision of ethanol products catering to the different industries such as Food and Beverage, and Pharmaceutical among others, based in Australia offers a wide range of plant protein products. It offers a product called the “Soy Protein Isolate”. This product is available in four varieties namely Wilpro G100, Wilpro G300, Wilpro I200, and Wilpro D150. The first two varieties are for use in meat products and form an excellent emulsion and exhibit dust-free properties. Out of the other two varieties, Wilpro I200 is designed for brine injection, shows good stability, has low viscosity, and is dust free and is made for use in meat products. The last variety of Wilpro D50 is specifically designed for sports nutrition and dietary supplement purposes, shoes good dispersibility, good stability, low viscosity, and is dust-free. It also sells a variety of products under the soy protein concentrate range such as the Wilcon SJ, Wilcon SE, Wilcon M30, Wilcon F, Wilcon R. In addition, the other category of plant protein it deals in the provision of is the Pea protein concentrate range under which it sells, Pea Protein 50, Pea Protein 75, Pea Protein 80, and Pea Protein 85. All of these protein ingredients are made using the non-GM US and Canadian Peas, which are high in lysine have low-fat content that is easily soluble and bind to the water easily.