Philippines plant protein market is estimated to be valued at US$27.999 million in 2019 and is expected to grow at a healthy pace during the forecast period. The consumption of healthy food is considered as one of the prime reasons throughout the world in 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 regarding the benefits of consuming healthy food every day and staying healthy and fit This has led a 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 the trend of going vegan and vegetarian, in the Asia Pacific region and causing the demand for the vegan or vegetarian proteins, which are basically proteins from plant sources and acting as a driving factor for the market growth over the forecast period and beyond.
Furthermore, in order to boost the market 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 extraction of plant proteins in more volumes, coupled with hotel chains providing plant protein-rich foods in their menus. For instance, in September 2019, Sheraton Manila announced that they have 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 the Nurture Farmac, are based completely on soy protein, containing 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. Food and Beverage industry is expected to hold a noteworthy market share, which is attributable to the fact that the interest to rapidly evolve and improve people’s lifestyle is encouraging the players such as Cargill Incorporated, and ADM among others to offer complete nutritional solutions rich in plant proteins. In conjunction, the interest by world-renowned hotel chains such as the Sheraton is also causing them to service vegan-based plant-protein rich food throughout the country in order to cater to a bigger cluster of the population, in turn contributing to the increasing market share of food and beverage industry.