The Indonesian plant protein market is projected to grow at a CAGR of 7.38%, from US$48.811 million in 2020 to US$80.370 million in 2027.
Indonesia is a country with a very rich food culture that incorporates plants, meat, and other food ingredients into its daily diet to maintain the required intake of proteins, essential vitamins, and minerals. In addition, tempeh and tofu, which are derived from soybeans and rich in soy protein, are two such ingredients and foodstuffs that are widely consumed in the daily diet apart from mung beans and are traditional to the Indonesian food culture. As a result, the health benefits associated with tempeh and tofu consumption are increasing the demand for plant proteins and playing an important role in driving the Indonesian plant protein market growth.
Diverse product offerings by major players in the market
Furthermore, the market players are increasingly participating and involved in the market through top-quality and enhanced product offerings in order to cater to the rising demand among consumers effectively, contributing to the market growth during the projected period. For instance, Herbalife International of America, Inc., one of the leading companies dealing in the provision of nutritional products globally, offers a range of plant protein options under its product portfolio. For example, they offer a product called the “Formula 1 Nutritional Shake Mix”. This product is formulated using a premium quality soy protein isolate, strictly adhering to the nutritional requirements, which consists of all the necessary vitamins and minerals necessary to replenish bodily functions, along with a cocktail of herbs and antioxidants, and dietary fibre. In addition, it contains fat and calories in a controlled amount. One serving of this nutritional shake mix in any beverage can be consumed once or twice a day to keep the body fit. It comes in a variety of flavours, including French Vanilla, Dutch Chocolate, Mango, Orange Cream, and Strawberry. It sells another product under the name “Activate Fibre”. This product is an advanced product that is essential for amounting to good health, boosting immunity, and providing all the necessary vitamin and mineral requirements. It is developed using natural and especially derived pea protein fibres and soy protein fibres as plant sources in order to increase the fibre intake in the body and keep it balanced.
Food and beverage products have immense growth opportunities over the forecast period
By application, the market has been segmented on the basis of dietary supplements, food and beverages, pharmaceuticals, and animal feed. The food and beverage industry is projected to hold a notable market share over the forecast period and beyond owing to the fact that proteinate foods such as tofu and tempeh derived from soy protein are increasingly popular and widely used in the food and beverage industry. In addition, the market players are involved in providing consumers with a wide variety of plant protein product choices to appeal to the tastes of children, adults, and the geriatric population alike.
The growing number of plant-based products in the market is bound to surge market growth.
With the increasing trend of veganism, market players are actively developing and launching various plant-based offerings using plant-based proteins. In November 2021, for instance, Green Rebel, an alternative protein start-up, launched plant-based cheddar cheese. The locally sourced potato, cashew, and rice were used to develop this plant-based cheese. Similarly, in August 2021, Indonesia-based pharmaceutical firm Kalbe Farma developed plant-based milk for vegan pregnant and lactating women. The new Prenagen Almond Soya, as the name implies, was prepared from soy proteins. Such developments are bound to boost the plant-based protein market.
Product offerings in the market
The Nutrifllex plant protein range from ADM Foods offers three different levels of protein to suit customer needs. These adaptable plant-based proteins can be used in a wide range of applications, including substitutes for meat and dairy products, bars, snacks, beverages, and nutrition products.
Dupont's SUPRO® Soy Protein offers an optimal balance of essential amino acids. It helps in the maintenance and growth of muscles throughout workout routines, making them perfect for sports nutrition. It has been demonstrated that SUPRO® Soy Protein lowers LDL cholesterol, total cholesterol, and triglycerides while maintaining the levels of HDL cholesterol.
Key Developments
COVID-19 Insights
COVID-19 had a significant impact on the Indonesian plant-based protein market. Amid the growing number of active cases, the demand for nutritional balanced food surged among the consumers. This trend expanded the plant-based protein market in the country. The closure of meat production facilities and the high shell-life of the plant-based proteins further added impetus to the market growth.
Segmentation