Market Summary
Plant-based Food Products Market Overview
Asia Pacific Plant-based Food Products Market Size was valued at USD 2.4 Billion in 2023. The plant-based food products industry is projected to grow from USD 2.71 Billion in 2024 to USD 7.095 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.80% during the forecast period (2024 - 2032). The growing public consciousness regarding the advantages of eating plant-based food products is one of the main market drivers of the market's expansion.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Plant-based Food Products Market Trends
- Rising number of lactose intolerant population to accelerate market growth
One characteristic of lactose intolerance is a decreased ability to digest lactose. Adults with lactose intolerance develop this condition because their ability to digest lactose may diminish with age due to a decrease in the activity of the LCT gene. According to estimates from the National Centre for Biotechnology Information (NCBI), about 65% of adult individuals are intolerant to lactose. People start searching for lactose-free plant-based foods on the market when they experience symptoms like bloating, nausea, vomiting, and diarrhea. Due to the rising number of people who are lactose intolerant worldwide, plant-based food products have become more and more appealing. In nations like China and India, people's lifestyles have undergone significant changes and have improved to some extent in recent years. Because more and more individuals are becoming lactose intolerant, it is anticipated that the market for plant-based food items will grow quickly in the upcoming years.
With most customers buying protein-based supplements to boost their immunity and improve their health in the present pandemic scenario, as well as a growing awareness of the importance of immunity, the Asian plant-based food market is expected to experience growth. The market for these substances has been stimulated by the rise in demand for plant-based food ingredients that contain protein. Additionally, compared to animal proteins, plant proteins have a substantially lower concentration of necessary amino acids and fewer limiting amino acids overall. Sales growth in the market is aided by the several rating methods that are now in use to assess the quality of protein derived from plafLactose Free Foodnt sources. Thus, driving the plant-based food products market revenue.
Plant-based Food Products Market Segment Insights
Plant-based Food Products Product Type Insights
The Asia Pacific Plant-based Food Products market segmentation, based on product type includes Non-Dairy Milk, Dairy Products, Bakery and Confectionery, Sweet and Savoury Snacks, RTE and RTC Meals, and Others. The non-dairy milk category led the market in 2022. The large market share of this category is being fueled by the rising number of customers who are lactose intolerant, growing ethical concerns about animal abuse in contemporary dairy farming practices, and the nutritional advantages of non-dairy products.
Plant-based Food Products Category Insights
The Asia Pacific Plant-based Food Products market segmentation, based on category, includes Organic and Conventional. The organic category generated the most income. Concerns about their health and the environment are driving more and more consumers to choose organic products. This pattern reflects a larger movement toward sustainable and thoughtful consumption and is consistent with the general increase in demand for plant-based products.
Figure 1: Asia Pacific Plant-based Food Products Market, by Category, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Plant-based Food Products Distribution Channel Insights
The Asia Pacific Plant-based Food Products market segmentation, based on distribution channel, includes Store based and Non store based. The store based category generated the most income due to the large selection of goods that hypermarkets can offer customers at the same time and location, making the purchasing process easier for customers. Customers also prefer to purchase from stores because they are convenient, the products are readily available, and they provide discounts and coupons.
Plant-based Food Products Country Insights
The market for plant-based food products in Asia-Pacific is growing and becoming more substantial. There are indications that the Asia-Pacific market will continue to grow rapidly. Numerous factors, such as the growing use of emerging technologies for product innovation, partnerships between domestic and foreign food companies, increased government investments in food industry research and development, the presence of numerous major players in the market, and the rise of vegan restaurants, are attributed to the high rate of market growth in Asia-Pacific. In addition, the Asia-Pacific region's high rate of market expansion may be attributed to factors such as the rapid pace of urbanization, the growing middle class and their rising income levels, and the increasing awareness of the benefits of high-protein diets.
Figure 2: ASIA PACIFIC PLANT-BASED FOOD PRODUCTS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Plant-based Food Products Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the plant-based food products market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, plant-based food products industry must offer cost-effective items.
Major players in the plant-based food products market are attempting to increase market demand by investing in research and development operations includesADM, Wilmar International Ltd (2020), Emsland Group, Cargill, Incorporated, DuPont, Ingredion, Roquette Frères, Kerry, Burcon, Shandong Jianyuan Group, DSM, Glanbia plc, Prolupin GmbH, ET CHEM, The Green Labs LLC, Axiom Foods, Inc., and Yantai Shuangta Food co., LTD.
Key Companies in the plant-based food products market include
- ADM
- Wilmar International Ltd (2020)
- Emsland Group
- Cargill, Incorporated
- DuPont
- Ingredion
- Roquette Frères
- Kerry
- Burcon
- Shandong Jianyuan Group
- DSM
- Glanbia plc
- Prolupin GmbH
- ET CHEM
- The Green Labs LLC
- Axiom Foods, Inc.
- Yantai Shuangta Food co., LTD
Plant-based Food Products Industry Developments
July 2023: For DUG's sales and distribution in China, Veg of Lund and Haofood Shanghai Food Technology Co., Ltd. inked a letter of intent. There are about 4000 outlets in China where Haofood distributes and sells plant-based products. In the initial quarter of 2024, the corporations plan to vend, advertise, and disseminate Veg of Lund's merchandise in China and a few other nearby markets under the DUG brand.
May 2022: The Dairy & Plants Blend baby formula was introduced by Danone in response to parent desire for feeding solutions that would satisfy their baby's unique nutritional needs and be suited for plant-based, vegetarian, and flexitarian diets.
Plant-based Food Products Market Segmentation
Plant-based Food Products Product Type Outlook
- Non-Dairy Milk
- Dairy Products
- Bakery and Confectionery
- Sweet and Savoury Snacks
- RTE and RTC Meals
- Others
Plant-based Food Products Category Outlook
- Organic
- Conventional
Plant-based Food Products Distribution Channel Outlook
- Store based
- Non store based
Plant-based Food Products Regional Outlook
-
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Indonesia
- Thailand
- Vietnam
- Malaysia
- Singapore
- Rest of Asia-Pacific
Market Size & Forecast
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 2.4 Billion |
| Market Size 2024 | USD 2.71 Billion |
| Market Size 2032 | USD 7.095 Billion |
| Compound Annual Growth Rate (CAGR) | 12.80% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Category, Distribution Channel, and Region |
| Region Covered | Asia Pacific |
| Countries Covered | China, Japan, India, Australia, South Korea, Indonesia, Thailand, Vietnam, Malaysia, Singapore, and Rest of Asia-Pacific |
| Key Companies Profiled | ADM, Wilmar International Ltd (2020), Emsland Group, Cargill, Incorporated, DuPont, Ingredion, Roquette Frères, Kerry, Burcon, Shandong Jianyuan Group, DSM, Glanbia plc, Prolupin GmbH, ET CHEM, The Green Labs LLC, Axiom Foods, Inc., and Yantai Shuangta Food co., LTD |
| Key Market Opportunities | Growing awareness of veganism |
| Key Market Dynamics | Growing number of people with lactose intolerance Rising incidences of chronic lifestyle disorders and animal protein intolerance |
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