Global protein consumption has increased by approximately 40% in the last 20 years. The Asia Pacific (APAC) region leads this growth due to growing disposable income, change in dietary preferences, customer focus on weight loss and management, and muscle building and maintenance. In particular, plant-based protein is gaining popularity in APAC due to growing trend towards a healthy and sustainable lifestyle.
Asia has emerged as a notable market for plant-proteins during the review period. Strong demand in big economies such as China and India, backed by the rising flexitarian trend, primarily supported the market to record strong growth. Demand for plant-based proteins remained strong in Japan. It is expected that the rising adoption of vegetable diet and vegan meals due to the increasing health consciousness and evolving veganism among a large population is likely to drive the market growth in the short to medium term. Global protein consumption has increased by approximately 40% in the last 20 years. The Asia Pacific (APAC) region leads this growth due to growing disposable income, change in dietary preferences, customer focus on weight loss and management, and muscle building and maintenance. In particular, plant-based protein is gaining popularity in APAC due to growing trend towards a healthy and sustainable lifestyle. The ongoing pandemic is further creating growth prospects for the plant protein market in the region. Owing to health and immunity concerns, consumers are avoiding animal products and shifting to alternative protein sources in APAC. Increasing awareness regarding animal cruelty and environment impact is also driving the adoption of plant-based products. The market growth has opened investment avenues not only for CPG companies, and meat producers but also health supplement manufacturers across the region. It is expected that more new entrants and startups will evolve in the next few years to serve the rising demand for plant-based protein food products in the region. Demand for meat alternative is increasing the region. For instance, in Thailand, plant-based faux meat makers are seeing their sales soar in the wake of the coronavirus outbreak as consumers are looking for safe and healthy alternatives. This trend is similar and in-line with the global trend, wherein the sales of plant-based meat alternatives have increased exponentially after the outbreak. Similarly, in Japan, plant-based meat is trending upward with food manufacturers tapping the market through product launches, partnerships with international companies and investments in the market. Meat companies such as NH Foods and Itoham Foods are entering this market to compete effectively. The popularity of plant-based meat can be attributed to changing consumer preferences for health reasons.
(This report from ConsumerIntel360 is a bundled offering, combining 6 detailed country reports in the Asia Pacific region: Australia, China, India, Indonesia, Japan, Thailand.)
