Report : Asia Pacific Wheat Protein Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Wheat Gluten, Wheat Protein Isolates, Textured Wheat Protein, and Hydrolyzed Wheat Protein), Form (Dry and Liquid), and Application (Bakery & Snacks, Pet Food, Nutritional Bars & Drinks, Processed Meat, Meat Analogs, and Others)
Bakery & Snacks Segment to Dominate APAC Wheat Protein Market during 2020–2028
According to a new market research study on “APAC Wheat Protein Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product, Form, and Application” is expected to reach US$ 973.02 million by 2028 from 784.76 US$ million in 2021. The market is estimated to grow at a CAGR of 3.1% from 2021 to 2028. The report provides trends prevailing in the APAC wheat protein market along with the drivers and restraints pertaining to the market growth. Rising acceptance of clean-label and plant-based products is the major factor driving the growth of the APAC wheat protein market. However, issues associated with availability of alternatives options available hinders the growth of APAC wheat protein market.
APAC wheat protein market is segmented into product, form, application, and country. Based on product, the APAC wheat protein market is segmented into wheat gluten, wheat protein isolates, textured wheat protein, and hydrolyzed wheat protein. In 2020, the wheat gluten segment accounted for the largest revenue share. The APAC wheat protein market, by form, is bifurcated into dry and liquid. In 2020, the dry segment accounted for a larger revenue share. The APAC wheat protein market, by application, is segmented into bakery & snacks, pet food, nutritional bars & drinks, processed meat, meat analogs, and others. In 2020, the bakery and snacks segment accounted for the largest revenue share. Based on country, the APAC wheat protein market is segmented into Australia, China, India, Japan, South Korea, and rest of APAC. China held the largest market share in 2020.
The COVID-19 pandemic caused a significant economic loss in APAC. The emergence of new COVID-19 waves in India and other Asian economies has prolonged the effect of the pandemic. It has caused huge disruptions in various industries' growth and supply chain, including the food & beverages industry. The consumption of healthier food products will lead to increased adoption of wheat protein in various bakery products and cereals, among others, thus, having a positive impact on the wheat protein market. Along with this, the manufacturers are focusing on catering to the soaring demand for natural, healthy, clean-label products in post-pandemic times.
Archer Daniels Midland Company, Cargill Incorporated, Glico Nutrition Co. Ltd; Kröner-Stärke GmbH, Roquette Frères, and Tereos Group are among the leading companies in the APAC wheat protein market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Roquette Frères developed a new brand identity for its range of NUTRALYS plant proteins, a sustainable source of innovative plant proteins of the highest quality.
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