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Asia Pacific Plant Based Food Products Companies

In the Asia Pacific Plant-Based Food Products industry, innovation is thriving as companies embrace the growing demand for sustainable and plant-centric diets. Cutting-edge technologies are being employed to create innovative plant-based alternatives that closely mimic the taste and texture of traditional animal products. This surge in creativity extends to diverse culinary offerings, from plant-based meat substitutes to dairy-free alternatives, propelling the region's plant-based food market to the forefront of global innovation in the pursuit of healthier and eco-friendly dietary choices.

The Asia Pacific plant-based food products market has witnessed a surge in demand driven by increasing consumer awareness of health and environmental concerns. This sector is characterized by a dynamic competitive landscape shaped by key players, their strategies, market share analysis factors, new entrants, industry news, investment trends, the overall competitive scenario, and recent developments, notably in 2023.

List of Key Players

  • ADM

  • Wilmar International Ltd (2020)

  • Emsland Group

  • Cargill, Incorporated

  • DuPont

  • Ingredion

  • Roquette Frères

  • Kerry

  • Burcon

  • Shandong Jianyuan Group

  • DSM

Strategies Adopted

Key players in the Asia Pacific plant-based food products market are strategically focused on product innovation, marketing, and partnerships to gain a competitive edge. Companies like Beyond Meat and Impossible Foods are actively collaborating with local distributors and retailers to expand their market reach. Oatly, known for its plant-based milk alternatives, has engaged in strategic partnerships with cafes and restaurants to enhance its product visibility.

Factors for Market Share Analysis

Market share analysis in the plant-based food products sector is influenced by brand recognition, product quality, distribution channels, and pricing strategies. Companies that effectively balance these factors tend to secure a larger market share. Additionally, adherence to local tastes and preferences plays a crucial role, as consumers in the Asia Pacific region often have unique dietary habits.

New and Emerging Companies

The Asia Pacific region has seen a surge in the emergence of new plant-based food companies catering to diverse cuisines. Startups like Karana in Singapore, specializing in plant-based alternatives to meat sourced from jackfruit, have gained attention. These emerging players focus on niche segments, providing innovative solutions to address specific dietary needs.

Industry News and Current Company Updates

Recent industry news highlights the growing acceptance of plant-based alternatives in the Asia Pacific region. Local governments are encouraging plant-based initiatives, with Singapore unveiling plans to support alternative protein research. Major fast-food chains are also increasingly incorporating plant-based options into their menus, showcasing a shift in consumer preferences and industry dynamics.

Investment Trends

Investment trends in the Asia Pacific plant-based food market reveal a surge in funding for startups and established companies alike. Investors are attracted to ventures that demonstrate potential for scalability and innovation in plant-based product offerings. The trend aligns with the broader global movement towards sustainable and ethical food choices.

Overall Competitive Scenario

The overall competitive scenario in the Asia Pacific plant-based food products market is marked by a mix of international and local players. Established global brands compete with local startups that have a deep understanding of regional tastes. The competition is intensifying as consumers seek healthier and sustainable alternatives, prompting companies to invest in research and development, marketing, and strategic partnerships.

Recent Development

The Asia Pacific plant-based food market witnessed a significant development with the mainstream integration of plant-based alternatives into traditional diets. One notable trend was the adoption of plant-based proteins in Asian cuisines, where soy, tofu, and innovative ingredients like jackfruit gained prominence. This shift was not only observed in urban centers but also in suburban and rural areas, signifying a widespread acceptance of plant-based options.

Additionally, 2023 saw a surge in plant-based dairy alternatives, with Oatly expanding its market presence in the region. The company's strategic partnerships with local cafes and grocery stores contributed to a notable increase in the availability and awareness of oat milk and other dairy substitutes. This aligns with the growing consumer consciousness regarding health and environmental impact.

Furthermore, major food retailers in the Asia Pacific region began dedicating more shelf space to plant-based products, reflecting the increasing demand. Beyond Meat and Impossible Foods capitalized on this trend by enhancing their distribution networks and forming alliances with supermarkets to ensure a broader reach for their plant-based meat alternatives.

Government initiatives also played a role in shaping the plant-based food landscape in 2023. Several countries in the region introduced incentives and regulations to promote the production and consumption of plant-based foods, fostering a conducive environment for market growth. This support from regulatory bodies signaled a recognition of the environmental and health benefits associated with plant-based diets.

Asia Pacific Plant Based Food Products Company

Plant-based Food Products Market Overview

Asia Pacific Plant-based Food Products Market Size was valued at USD 2.4 Billion in 2022. The plant-based food products market industry is projected to grow from USD 2.71 Billion in 2023 to USD 7.095 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.80% during the forecast period (2023 - 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.

Plant-based Food Products Market Overview

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)

Asia Pacific Plant-based Food Products Market, by Category, 2022 & 2032

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.



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


  • 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

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