The increasing awareness regarding the health benefits related with the use of plant products is anticipated to drive the Asia plant based food market during the forecast period 2021-2026. Asia Plant Based Food Market size was valued at $ 17,473million in 2020, and is anticipated to grow at a CAGR of 10.8% during the forecast period 2021-2026
Plant based food are mainly the foods that are primarily obtained from plants. It includes fruits, vegetables, oils, whole grains, legumes, and seeds among others. Plant based food are high in fiber and water content that increases the energy. It helps to prevent diabetes by reducing insulin resistance and improving insulin sensitivity. Increasing prevalence of chronic diseases along with the population explosion contributes to increased demand of plant based food in Asia. Increasing inclination of consumers towards vegetarian food, increasing use of plant based food in beverages, and rising prevalence of diabetes are the main drivers for Asia Plant Based Food Market. Additionally, technical advancement in food and beverage sector is also increasing the growth of the market during the forecast period 2021-2026. The Asia Plant Based Food industry growth rate is attributed to the various governmental initiatives coupled with the growing awareness regarding neonates’ care which is poised in bringing new opportunities.
China is the major region dominating the Asia Plant Based Food market with a market share of 37.9% in the year 2020. This can be attributed rising demand for ready-to-eat products, increasing innovation of new plant based products and growing investments in R&D activities is increasing the growth of the market in China. Furthermore, China is projected to be the significant-growing market during the forecast period 2021-2026 owing to increasing number of plant based food products in China that are investing to expand their coverage is set to increase the growth of the Asia Plant Based Food Market in China during the forecast period 2021-2026. Apart from this, rising adoption of technologies for product innovation and increasing investments by government in food research & development is increasing the growth of the market in Asia Pacific region.
Also, on the basis of of product types, beverages segment accounted for the largest segmental revenue of the Asia plant based food market in 2020. The large share can be attributed to the increasing number of lactose intolerant consumers and the various nutritional benefits offered by plant based food products. Increasing incidences of animal milk allergies and hypercholesterolemia is increasing the demand of the plant based beverages among the consumers thereby, increasing the growth of the Asia Plant Based Food Market. On the other hand, food segment is projected to dominate over the forecast period 2021-2026 with a CAGR of 12.1%. The food segment is to witness a surge in growth owing to the increasing adoption of vegetarian or vegan lifestyle among consumers increases the adoption of plant based foods that are increases the demand of foods that are plant based which increases the growth of Asia Plant Based Food Market. Furthermore, various regulatory bodies are promoting plant-based diets through various offline and online channels such as advertisement and social media channels owing to various benefits of plant-based foods that increases the production of plant based foods and are rising the growth of this market.
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Asia Plant Based Food Market Growth Drivers:
- Growing Awareness of Protein Diet for Health & Immunity Growth
The Asia plant based food market is poised to receive upswing owing to the fact that in the current pandemic situation, most customers are purchasing protein-based supplements to enhance their health and immunity, as well as a growing understanding of the value of immunity. The increased demand for protein ingredients in Plant Based Food has fueled the demand for these ingredients. Furthermore, Plant proteins, for instance, have a lower content of essential amino acids than animal proteins, significantly less limiting amino acids. The various rating systems currently used to determine protein quality from plant sources aid in raising the market sales growth. Plant-based proteins and their capacity for reducing and preventing metabolic syndrome, diabetes management, and weight management are the various rating systems currently used to determine protein quality from plant sources. According to a study published in Research Gate, protein supplements were the most commonly consumed form of dietary supplement among those who had consumed dietary supplements at some point in their lives. Growth in the Asia Plant Based Food is driven by rising health consciousness, contributing to the consumption of functional and nutritious foods among consumers.
- Rise In Product Sales Owing To Use Of Online Sales Channels
Plant proteins are readily available and there is a growing demand for the finished goods. This has caused the number of small-scale producers to increase. Such manufacturers face the burden of different costs if conventional sales strategies are selected. With the rise in online sales channels in recent years, more manufacturers are able to enter the market and sell products without associated costs such as that for logistics, storage and more. Online sales channels offer freedom of sales and shipping to various countries as well with help of online marketplace. Green Monday, a plant-based Chinese start-up, announced in May 2020 that COVID-19 had caused its online sales to more than double in the previous two months. Omnipork, a pork substitute used in dumplings, noodles, and rice, was one of the most common purchases. When companies gain a better understanding of their target audience, they may also develop marketing strategies. Such companies focus their product creation and marketing efforts on consumer desires, showcasing their creativity, efficiency, and product protection in response to their customers' needs. Furthermore, most vendors are now using online platforms to sell their goods and their buyers prefer online channels since they have a larger selection and variety of products to choose from. The ease of purchasing and availability of items, in addition to the low price, have fueled the use of online platforms.
Beyond Meat Inc has expanded its production by opening a production facility in Shanghai to potentially reduce the carbon footprint of its products and to tap the country’s supply chain resources. This facility also focuses on R&D responsibilities to invent new plant-based products for the region.
The Major Players in this Market Include
The major companies in the Asia plant based food market include Beyond Meat Inc., Premier Foods PLC, Garden Protein International Inc., Amy’s Kitchen Inc., The Hain Celestial Group Inc., Nestle SA, Fresh Del Monte, General Mills, Ningbo Sulian Food, Whole Perfect Food Co. Ltd. In February 2021, Nestle has launched plant-based food products in Thailand owing to the growing demand for plant-based alternatives which are friendly to the environment and contain nutritional benefits. The company has launched plant-based food products under its gourmet brand to capture wellness trends.
Although there has been product withdrawals and low demand for the product, companies are conducting research and development for the perfecting the products. Manufacturers are rooting for the comeback of plant based food produce with effective products. There are the major factors set to buoy the Asia plant based food market during 2021-2026.
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