The Vietnam plant protein market is projected to grow at a CAGR of 9.68%, from US$27.238 million in 2020 to US$52.002 million in 2027.
The increased inclination for rice alternatives will propel the demand for rice protein in the country.
Rice dominates the food culture of Vietnam, as rice is an essential component and food item in the daily diet of Vietnamese individuals, making it widely consumed throughout the country. Pho, one of the main and most famous dishes in Vietnam, is also made using rice. However, there are some risks involved with the excess consumption of rice, such as increasing the risk of developing cancer, heart disease, and type 2 diabetes, due to the presence of arsenic in the crop. Thus, this is causing some of the individuals in the population to start to consume less and look for alternatives to rice, such as rice protein. Therefore, this is resulting in an increased demand among the health-conscious population to consume protein sourced from natural and plant sources, which is gaining popularity quickly and acting as a driving factor for the market’s growth over the forecast period.
Moreover, as the food culture of Vietnam promotes food that contains no gluten and the food culture can also cater to vegan and vegetarian individuals, many individuals find it easier to shift their consumption to protein powders such as isolates and concentrates to mix with food and beverages. This is to make food and beverages healthier and more nutritious in order to provide the body with the required intake of protein.
However, as a majority of the individuals in the population are still inclined towards consuming pork and pork dishes, the impact of plant proteins has not had much of an impact on the Vietnamese consumption patterns and traditional Vietnamese cuisine and is acting as a limiting factor on the growth of the plant protein market.
Increasing animal feed and food and beverage requirements to increase its share
By application, the market has been segmented on the basis of dietary supplements, food and beverages, pharmaceuticals, and animal feed. Animal Feed is estimated to hold a significant share in the market, which is attributable to the fact that Vietnam is among the largest pork-consuming countries in the world, and is positioned at Rank 2 in APAC. In addition, it is ranked as the 6th largest producer of pork, with exports lying at a low figure of only 1%. Thus, this is increasing the demand for good and premium quality animal feed, which is due to the presence of plant proteins in it to provide the swine with a healthy diet to boost the product quality and cater to the heavy demand. In addition, the food and beverage segment is expected to increase its share over the forecast period owing to the increasing interest being shown by the market players and food chains to inculcate vegan menus and plant-based proteins such as mung protein, soy protein, and rice protein in their menus to appeal to the growing vegan population.
Product Offerings by key players in the market:
COVID-19 had a significant impact on the Vietnam plant-based protein market. The increasing number of active cases amid the pandemic has led to increased health and hygiene consciousness. This change in trend, too, had a significant impact on the plant-based protein market, owing to the high amount of amino acids and low carbohydrates. Nevertheless, the mandated lockdown and border restrictions had disrupted the supply chain, affecting the market growth slightly.
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