< Key Hightlight >

MARKET OUTLOOK

The market for plant-based food and beverage in the Asia-Pacific is likely to progress with a CAGR of 8.90% in the forecast years from 2021 to 2028. Japan, China, India, ASEAN countries, South Korea, Australia & New Zealand, and Rest of APAC together constitute the market in this region.

In 2008, Ahimsa became the first Indian company to launch ‘Veggie Champ,’ a frozen food brand. Years later, in March 2021, popular global coffee chain Starbucks announced its plans to introduce Swedish food tech company’s ‘Oatly’s.’ It is an oat-based alternative to dairy milk, and will be available at all its outlets across India, to offer consumers more options for plant-based food products. In February 2021, Life Health Foods launched So Good Protein+, which is a dairy-free plant-based milk, in a brand-new packaging and variants. This shows that there is a growing adoption of plant-based foods and beverages in India, which will benefit the studied market’s growth.

Further, nearly one-fifth of the people in South Korea are now reducing their meat consumption, with several individuals opting for plant-based alternatives. This is supported by the changing traditional consumption habits of millennials and preference for greener options. In February 2021, Burger King Korea introduced two new plant-based versions of its famous Whopper range, collaborating with Australian food tech brand v2food. The conventional beef burgers will now be replaced with an animal-free soy-based patty. This shows that there is a growing demand for plant-based foods and drinks in the South Korean market.

COMPETITIVE OUTLOOK

The noteworthy players in the cleanroom consumables market are Pacific Foods Of Oregon, Califia Farms, Kikkoman Corporation, Conagra Brands, Blue Diamond Growers, Daiya Foods Inc, Yofix Probiotics, Sweet Earth Inc, and Danone SA.