Market Size of Asia Pacific Wheat Protein Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.09 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia Pacific Wheat Protein Market Analysis
The Asia-Pacific wheat protein market size is expected to grow from USD 586.17 million in 2023 to USD 751.48 million by 2028, at a CAGR of 5.09% during the forecast period (2023-2028).
- The market has witnessed significant growth due to the increasing intolerance towards animal protein, thereby leading to the shift in preference of the meat-consuming population toward meat substitutes made of vegan protein, therefore driving the market studied. In addition, major benefits such as high nutritional value and a good source of several proteins, with the growing demand for natural and organic substitutes, thus driving the market growth in the coming years.
- Additionally, there has been a significant increase in the demand for wheat protein application in animal feed due to growing awareness regarding animal health, which is anticipated to drive the demand for wheat protein. According to the National Bureau of Statistics of China, the production volume of beef and veal across China amounted to approximately 7,180 thousand metric tons in the year 2022. Hence, the increasing trend of cattle rearing for the production of beef, veal, and other such products also offers lucrative opportunities for the growth of the wheat protein market across the Asia-Pacific region.
- Moreover, companies in the region have initiated awareness programs and campaigns, which are directed to make consumers understand the benefits of alternative proteins and establish popularity among consumers, which is expected to further drive the market growth during the study period. Additionally, there has been a rise in the popularity of meat substitutes across the region. Hence, players have been innovating solutions to produce meat alternative products.
- For instance, in December 2022, Harvest B opened its first plant-based meat ingredient facility in Australia. The company offers a range of plant-based meat ingredients, including an array of wheat-textured plant proteins. Such developments, coupled with the rise in demand for wheat proteins for various applications in end-user industries, are expected to propel the market studied over the forecast period.
Asia Pacific Wheat Protein Industry Segmentation
Wheat protein can be defined as a natural plant-based protein derived from wheat.
The Asia-Pacific wheat protein market is segmented by type, application, and geography. Based on type, the market is segmented into wheat concentrate, wheat protein isolate, and textured wheat protein, and based on application, the market is segmented into dairy, bakery, sports food, confectionery, pet food, nutritional supplements, and other applications. Also, the study provides an analysis of the wheat protein market in the emerging and established markets across the Asia-Pacific, including China, Japan, Australia, India, and the Rest of Asia-Pacific.
The market sizing has been done in value terms in USD and for volume terms in volume in tons for all the abovementioned segments.
| Type | |
| Wheat Concentrate | |
| Wheat Protein Isolate | |
| Texturized Wheat Protein |
| Application | |
| Dairy | |
| Bakery | |
| Sports Food | |
| Confectionery | |
| Pet Food | |
| Nutritional Supplements | |
| Other Applications |
| Geography | |
| China | |
| Japan | |
| Australia | |
| India | |
| Rest of Asia Pacific |
Asia Pacific Wheat Protein Market Size Summary
The Asia-Pacific wheat protein market is experiencing robust growth, driven by a shift in consumer preferences from animal to plant-based proteins. This transition is largely due to increasing health awareness, sustainability concerns, and ethical considerations, which have led to a rising demand for vegan protein alternatives. The market is further bolstered by the growing popularity of meat substitutes and the expanding application of wheat protein in animal feed, as awareness of animal health continues to rise. Companies in the region are actively engaging in awareness campaigns to educate consumers about the benefits of alternative proteins, which is expected to enhance market penetration. Innovations in plant-based meat ingredients, such as those by Harvest B in Australia, are also contributing to the market's expansion.
The demand for wheat protein is particularly strong in countries like China and Japan, where it is extensively used in bakery and meat substitute products due to its functional properties. The increasing consumption of plant-based foods, driven by busy lifestyles and changing dietary patterns, is further propelling the market. The availability of raw materials, supported by substantial wheat production in the region, allows manufacturers to offer competitive pricing for wheat protein products. The market is characterized by intense competition, with key players focusing on strategic partnerships, mergers, and product innovations to strengthen their market presence. Notable companies such as Cargill, Roquette Frères, and MGP Ingredients are leading the charge in expanding their wheat protein offerings and investing in research and development to meet the evolving consumer demands.
Asia Pacific Wheat Protein Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Rise in Demand for Plant-based Protein Products
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1.1.2 Surging Consumer Inclination Towards Meat Analog
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1.2 Market Restraints
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1.2.1 Inclination Towards Gluten-free Products
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Wheat Concentrate
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2.1.2 Wheat Protein Isolate
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2.1.3 Texturized Wheat Protein
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2.2 Application
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2.2.1 Dairy
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2.2.2 Bakery
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2.2.3 Sports Food
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2.2.4 Confectionery
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2.2.5 Pet Food
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2.2.6 Nutritional Supplements
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2.2.7 Other Applications
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2.3 Geography
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2.3.1 China
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2.3.2 Japan
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2.3.3 Australia
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2.3.4 India
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2.3.5 Rest of Asia Pacific
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Asia Pacific Wheat Protein Market Size FAQs
What is the current Asia Pacific Wheat Protein Market size?
The Asia Pacific Wheat Protein Market is projected to register a CAGR of 5.09% during the forecast period (2024-2029)
Who are the key players in Asia Pacific Wheat Protein Market?
Cargill, Incorporated, The Archer-Daniels-Midland Company, Roquette Frères, Shandong Qufeng Food Technology Co. Ltd and MGP Ingredients Inc. are the major companies operating in the Asia Pacific Wheat Protein Market.
