Philippines Plant Protein Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Source (Pea, Rapeseed, Soy, Hempseed, Others), By Form (Protein Concentrates, Protein Isolates, Protein Hydrolysate), By Application (Dietary Supplement, Food And Beverages, Pharmaceuticals, Animal Feed), And By Distribution Channel (Online, Offline) - Forecasts From 2022 To 2027

The Philippines plant protein market is projected to grow at a CAGR of 5.42%, from US$23.316 million in 2020 to US$33.747 million in 2027.

The consumption of healthy food is considered one of the prime reasons throughout the world for leading and supporting a healthier and completely nutritious lifestyle, which is very important in order to mitigate the possibility of suffering from serious diseases in the future. This factor has given an additional push and made individuals more aware of the benefits of consuming healthy food every day and staying healthy and fit. This has led to the widespread popularity of plant-based foods and ingredients, boasting of a rich protein profile containing pea protein, soy protein, chickpea protein, and mung bean protein among others. Therefore, this is increasing popularity and the slowly developing trend of going vegan and vegetarian, in the Asia Pacific region and causing the demand for vegan or vegetarian proteins, which are proteins from plant sources, to act as a driving factor for the market’s growth over the forecast period and beyond.

Increased adoption of plant-based food in hotel menus will support market growth

Furthermore, in order to boost the market’s growth even further and to accelerate the development of better plant proteins, the market players are taking essential steps such as expanding the facilities for better and more efficient extraction of plant proteins in more volumes, coupled with hotel chains providing plant protein-rich foods on their menus. For instance, in September 2019, Sheraton Manila announced that they had launched their own 300-sq m Sheraton Farm, under their partnership agreement with Nurture Farmacy, in order to facilitate the expansion of their farm-to-table dining concept to deliver healthy food to the community. According to them, their menu will start serving plant-based meat alternatives from September 15. The plant-based protein ingredients that are being sourced from Nurture Farmac, are based completely on soy protein, contain low traces of cholesterol, and have low saturated fat content. It has high nutritional content and supports the immune system effectively and positively. Moreover, Sheraton Manila is already incorporating these soy-based plant proteins into a wide variety of dishes across its many branches in the Philippines.

Increasing interest in accelerating the development of the food and beverage industry

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 expected to hold a noteworthy market share, which is attributable to the fact that the interest in rapidly evolving and improving people’s lifestyles is encouraging the players such as Cargill Incorporated, and ADM, among others, to offer complete nutritional solutions rich in plant proteins. In addition, the interest by world-renowned hotel chains such as Sheraton is also causing them to service vegan-based plant-protein-rich food throughout the country in order to cater to a bigger segment of the population, in turn contributing to the increasing market share of the food and beverage industry.

The increased demand for plant-based proteins by the secondary market of plant-based meat and beverages is anticipated to drive market growth.

In response to the growing customer demand for a better diet, which was partially fueled by the outbreak when people sought to eat well to strengthen their immune systems, multiple renowned firms and start-ups are introducing plant-based offerings in the country. The launch of their plant-based offerings by Nestle and Century Pacific Food Inc. is the best example of this. In November 2021, Nestle launched its plant-based alternatives brand, Harvest Gourmet, into the Philippines market. All the offerings under the brand are halal-certified and rich in plant-based protein and fibre. The brand employs proteins extracted from wheat and soy. Similarly, in September 2021, one of the top food firms in the Philippines, Century Pacific Food, Inc., expanded its presence in the meat-free market by introducing its 'unMEAT' brand of plant-based products to retail markets both domestically and abroad.

Likewise, the burgeoning plant-based alternatives market is gaining traction and attracting investments from multiple renowned ventures. In October 2021, for instance, WTH Foods, an Alternative protein brand, announced its intentions to launch an R&D facility in the Philippines in the first quarter of 2022. Through this development, the firm aims to develop innovative offerings to care for the demand of the consumer in the Philippines and Southeastern Asia region. This announcement came following the US$1.2 million seed funding round's closure, led by leading ventures like Big Idea Ventures. Similar developments are bound to expand the market size in the forecast period.

Product Offerings by the key players in the market

ADM offers a wide range of pea proteins to enable the formulators to efficiently create nutritious and appetizing pea protein-based healthy beverages and food. These light-colored proteins are neutral in taste and clean to improve the end product's flavor, texture, and nutritional profile. The group offers four protein offerings under Profam and Acron series: PEA 580, PEA 570, and T 513, T 514, respectively. 

Cargill's Puris Pea protein offers enhanced taste and experience without altering the taste of the developed products. With a minimum of at least 80 percent of the pea protein content, the offering is USDA certified and gluten-free, and soy-free.  

COVID-19 Insights

COVID-19 had a significant impact on the Philippines' plant-based protein market. Amid the pandemic, the increased health and hygiene awareness led to increased demand for plant-based proteins in the country. Furthermore, the emergence of multiple start-ups and the launch of plant-based offerings by renowned market players to meet the growing demand, as mentioned above in the case of Nestle and Century Pacific Foods, is anticipated for market growth. 

Segmentation

• By Source
  • Pea
  • Rapeseed
  • Soy
  • Hempseed
  • Others
• By Form
  • Protein Concentrates
  • Protein Isolates
  • Protein Hydrolysate
• By Application
  • Dietary Supplement
  • Food and Beverages
  • Pharmaceuticals
  • Animal Feed
• By Distribution Channel
  • Online
  • Offline