PUBLISHER: Mordor Intelligence | PRODUCT CODE: 389707
PUBLISHER: Mordor Intelligence | PRODUCT CODE: 389707
Asia-Pacific Plant Protein Market is anticipated to grow at a CAGR of 6.1% during the forecast period (2020-2025).
Hinduism and Buddhism have influenced vegetarianism in Asia for many years, and that influence has spread ,there are now 1.1 billion Hindus and nearly 500 million Buddhists globally. More than 90 per cent of Hindus live in India, and half of the world's Buddhist population lives in China. Apart from this the growing awareness towards the animal protection and sustainable eating habits among the millennials are boosting the market growth. Countries are also adopting vegan trend as a strategy to attract more tourists to the region, countries like Singapore, Thailand etc. are among those.
India represents a growing and significant market for plant proteins, but is also plagued by several problems, such as low awareness levels, low per-capita income, and limitation of health awareness in urban areas. The pre-assumption towards anything labelled 'plant-derived' is good for health is also an effective factor influencing in the market. Lack of a rigid regulatory process proves difficult for new market players. Despite these challenges, the sheer volume of the market offers a considerable revenue jump every year. Recent governmental actions (such as the FDI in retail and smart cities initiative) are expected to propel the market's growth.
Asia-Pacific Plant Protein Market is a consolidated market with the major players in the market occupying a larger share of the market. With the growing demand from the region players in the market are coming up with proteins from various plant sources. The major players in the market are Cargill, Tate & Lyle, Kerry, ADM etc.