Saudi Arabia Fragrance Market Set to Flourish in Future

The Saudi Arabian fragrance market reached a revenue of $1,738.5 million in 2020, and it is predicted to exhibit a CAGR of 8.2% from 2020 to 2030 (forecast period). According to the forecast of the market research company, P&S Intelligence, the market will attain a value of $3,810.5 million by 2030. The market is being driven by the increasing consciousness of people toward personal grooming, surging number of gym-goers, growing research and development (R&D) expenditure, soaring disposable income of people, and rising digital marketing activities in the country. 

As per the Census and Economic Information Center (CEIC) data, the gross national disposable income in Saudi Arabia surged from $617,848.7 in 2016 to $658,493.5 in 2017. Additionally, as per the observations of the Saudi Arabian Monetary Agency, consumer spending increased from $80,067.9 million in the fourth quarter of 2020 to $83,916.1 million in the first quarter of 2021. The rising income of people is positively impacting the demand for premium fragrances in the country. Another major Saudi Arabian fragrance market growth driver is the soaring number of gym-goers in the country. 

Some of the major players operating in the Saudi Arabian fragrance market, such as Elizabeth Arden Inc., Arabian Oud, The Procter & Gamble Company, L'Oréal S.A., Avon Products Inc., Calvin Klein Inc., Symrise AG, Unilever Group, and The Estée Lauder Companies Inc., are focusing on partnerships in order to expand their customer pool. For example, Al Malki Group entered into a partnership with Estée Lauder Companies Inc. in January 2021 to get the exclusive rights to sell Tom Ford, Clinique, and Estée Lauder products at various stores in the country.

Hence, the sales of fragrances will shoot up in Saudi Arabia in the forthcoming years, mainly because of the rising consciousness of people toward looks, appearance, and personal grooming, soaring number of gym-goers, and surging disposable income of people in the country.

Technological Advancements Propelling Fuel Cell Vehicle Market Growth

The implementation of strict emission norms and regulations regarding fuel-efficiency in several countries, on account of the escalating pollution levels and rapid deterioration of the environment, is positively impacting the worldwide demand for fuel cell vehicles. For example, the European Union intends to reduce vehicular emissions by as much as 80% by 2050, from the levels reported in 1990, by promoting the deployment of green automobiles. Furthermore, the U.S. Environmental Protection Act (EPA) was enacted for encouraging the adoption of fuel cell electric vehicles (FCEVs) in order to mitigate carbon dioxide emissions.

Fuel Cell Vehicle Market 

Several countries are also planning to ban the manufacturing and sales of diesel and gasoline-powered vehicles in the coming years. For example, the U.K., France, Norway, the Netherlands, and India aim to ban the manufacturing and sales of diesel and gasoline-powered vehicles in the coming years (over 2025–2040 period). These measures will support the expansion of the fuel cell vehicle market during 2019–2024. Apart from enabling environment-friendly transportation and providing higher fuel efficiency, fuel cell vehicles also provide an enhanced driving experience. 

Geographically, the sales of fuel cell vehicles were observed to be the highest in North America during the last few years. The U.S. dominated the North American fuel cell vehicle market in the years gone by, as per the observations of P&S Intelligence, a market research company based in India. As the U.S. government is fully focused on stopping the manufacturing and sales of oil and gas-powered vehicles in the coming years, it is providing various financial incentives and implementing supportive policies for encouraging the adoption of new energy vehicles in the country. 

Thus, it can be said with surety that the sales of fuel cell vehicles will surge in the coming years, primarily because of the growing requirement for eco-friendly vehicles and the increasing implementation of stringent emission regulations by the governments of several countries in order to reduce the emission of greenhouse gases and mitigate the escalating pollution levels. 

Fragrance Demand Expected to Shoot Up in U.A.E. in Coming Years

The U.A.E. fragrance market revenue stood at $720.2 million in 2020 and it is predicted to demonstrate a CAGR of 8.3% from 2020 to 2030 (forecast period). The market is being driven by the soaring investments being made in marketing and advertising initiatives, particularly on digital channels, increasing disposable income of people, surging consciousness of people toward grooming, and burgeoning requirement for natural, environment-friendly, and custom-made perfumes across the region. 

The growing public awareness about the necessity of grooming is a major growth driver of the U.A.E. fragrance market. Fragrances improve self-esteem and positively impact the overall personality of people. Moreover, fragrances also help in improving personal hygiene. Besides, the surging digital marketing activities are also propelling the advancement of the U.A.E. fragrance market. Many fragrance producing organizations are turning to digital marketing for gaining relevant information, growing their operations, raising brand awareness, better engaging with customers via social listening, and increasing customer loyalty. 

U.A.E. Fragrance Market - P&S Intelligence 

Moreover, people prefer to shop online, as these platforms provide a wide range of products, great discounts, and the convenience of avoiding store visits for shopping. Owing to these benefits, many popular fragrance producing companies are targeting customers via digital marketing channels. Depending on consumer group, the U.A.E. fragrance market is categorized into unisex, women, and men. Out of these, the unisex category dominated the market in 2020. This was because of the huge requirement for unisex fragrances, on account of the fact that they can be worn by both women and men. 

This is attributed to the rising brand awareness among millennials and the surging expenditure on luxury products in the country. Abu Dhabi and Dubai are currently dominating the U.A.E. fragrance market. This is because these cities are witnessing the large-scale utilization of fragrance and cosmetic products, on account of the presence of a highly cosmopolitan population and greater per capita income of people than the individuals residing in other cities. One of the major trends currently being witnessed in the industry is the booming popularity of natural-ingredient-based and organic products in the country, owing to the increasing public awareness about the environmental benefits of these products. 

Therefore, the market is set to exhibit explosive growth in the coming years, mainly because of the growing per capita income of people, rising consciousness of residents toward looks, appearance, and personal hygiene, and the surging public awareness about the importance of grooming in the country. 

Automotive Plastics Market to Witness Robust Expansion by 2030

The International Organization of Motor Vehicle Manufacturers (OICA) recorded that a total of 21,787,126 commercial vehicles and 55,834,456 cars were manufactured in 2020. The manufacturers of these vehicles are increasingly shifting from heavy metals to lightweight plastics for vehicle interiors, to reduce the overall vehicle weight. The reduction of the vehicle weight helps in enhancing the fuel efficiency. With the rising awareness on the alarming air pollution levels and depleting fossil fuel reserves, customers are increasingly opting for lightweight vehicles.

Thus, the booming demand for lightweight vehicles will add to the prosperity of the automotive plastics market in the foreseeable future. Automakers use polybutylene terephthalate, polyurethane, polypropylene, acrylonitrile butadiene styrene, polyvinyl chloride, polycarbonate, high-density polyethylene, and polyamide to reduce the automobile weight. In the coming years, automobile manufacturers will adopt a significant volume of polypropylene due to the high durability, excellent flexibility, and exceptional abrasion resistance exhibited by it.

Automakers across the world are procuring plastics from Covestro AG, Magna International Inc., Lear Corporation, Adient plc, SABIC, Borealis AG, BASF SE, Quadrant AG, Teijin Limited, Akzo Nobel N.V., Evonik Industries, and Hanwha Azdel Inc. These companies use three major techniques to produce these materials: injection molding, thermoforming, and blow molding. The rapid advancements in vehicle designing, owing to the evolving needs of customers and growing preference and transition toward aesthetically appealing vehicle interiors, are creating a huge requirement for automotive plastics worldwide.

According to P&S Intelligence, the Asia-Pacific automotive plastics market is expected to advance at the highest rate in the upcoming years, owing to the presence of a vast manufacturing base in India, China, Thailand, Indonesia, and South Korea and the availability of affordable transportation options and cheap raw material in China. Additionally, the increasing focus of automobile manufacturers on shifting their production base from North America and Europe to Thailand, Vietnam, and China, owing to the availability of low-cost labor in such countries, accelerates the production and consumption of automotive plastics here.

Thus, the burgeoning demand for lightweight vehicles and increasing customer preference for aesthetically appealing vehicle interiors will fuel the consumption of plastics for auto production across the world.

Boom Predicted in Automotive Clutch in Asia-Pacific in Future

With the mushrooming sales of automobiles, especially in the Asia-Pacific (APAC) region, the demand for automotive clutch is rising sharply. According to the Organisation Internationale des Constructeurs d'Automobiles, automobile production increased to a record level of 97.4 million units across the world in 2017 after exhibiting 8 years of continuous surge. Furthermore, as per the India Brand Equity Foundation (IBEF), automobile manufacturing in the country rose at a CAGR of 2.36% from FY16 to FY20, with the country witnessing the production of 26.36 million vehicles in FY20. 

As the automotive clutch is an important component of an automobile, the rising sales of automobiles are pushing up its requirement. This automotive component basically enables the transmission of power from the engine to the gearbox and controls the functioning and speed of a vehicle, thereby providing a smooth and comfortable driving experience. In addition, it mitigates the effects of torsional vibration and prevents transmission overload, which is extremely necessary in order to maintain the proper functioning of an automobile. 

Besides, the increasing concerns being raised over vehicle safety in several countries are also driving the demand for automotive clutches, which is, in turn, fueling the expansion of the global automotive clutch market. Moreover, the market is predicted to exhibit huge expansion from 2019 to 2030 (forecast period). Automotive clutches are required in three-wheelers, two-wheelers, passenger cars, medium and heavy commercial vehicles (M&HCV), and light commercial vehicles (LCV). Out of these, the incorporation of automotive clutches was found to be the highest in passenger cars and this trend is predicted to continue in the upcoming years as well.

Geographically, the sales of automotive clutches are currently the highest in the Asia-Pacific (APAC) region, as per the observations of the market research firm, P&S Intelligence. This is because of the surging manufacturing of automobiles in the region. Additionally, the rising urbanization rate and the growing disposable income of people are also boosting the sales of automobiles, which is, in turn, propelling the demand for automotive clutches in the region.

Thus, it can be concluded that the demand for automotive clutches will shoot up in the coming years, mainly because of the rising manufacturing and sales of automobiles all over the world. 

North American Autonomous Car Market Set to Exhibit Tremendous Growth in Coming Years

Rapid technological advancements have led to the widespread adoption of connected cars in North America. Unlike conventional passenger cars, new-age connected cars offer smartphone connectivity within the vehicle and with the world outside, traffic and collision warnings, roadside assistance, and real-time traffic monitoring. Moreover, it is easier to integrate the autonomous driving technology in connected cars as compared to conventional cars, as the former are already equipped with vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) connectivity, which is quintessential for driving autonomy.

Thus, the burgeoning digitization rate in mobility solutions is stimulating research and development (R&D) on self-driving technologies in the region. This is expected to propel the North American autonomous car market for fully autonomous cars at a CAGR of 17.1% during 2023–2030. According to P&S Intelligence, the market is expected to reach $52.3 billion by 2030. Additionally, federal and state governments are supporting the development of autonomous cars, with 15 states of the U.S. already having enacted 18 related bills in 2018.

The increasing government regulations to incorporate the necessary safety features in cars is already leading to the widescale adoption of level 1 semi-autonomous cars in North America. For example, the National Highway Traffic Safety Administration (NHTSA) mandated the integration of electronic stability control (ESC) in all passenger vehicles that have been manufactured since 2012. However, the future will witness a more-rapid adoption of fully autonomous cars due to the increasing demand for level 4 and level 5 autonomous cars for sharing services.

Such government initiatives, along with an increase in R&D activities, have led to the widescale integration of the autonomous driving technology in internal combustion engine (ICE) vehicles, battery electric vehicles (BEV), and hybrid electric vehicles (HEV). In recent years, most autonomous cars in the continent have been ICE-based. However, it is expected that this technology will be integrated in BEVs the most rapidly in the coming years, as it is easier to integrate fully autonomous technology in BEVs due to the presence of a large number of electronic systems in such automobiles.

In recent years, customers in the U.S. have shown a higher inclination toward autonomous cars, especially level 2 cars, in comparison to those in Canada. Additionally, the presence of established original equipment manufacturers (OEMs) is fueling the demand for autonomous cars in the country. Besides, the frequent introduction of novel car models with an advanced level of automation in the U.S. is augmenting the usage of these cars.

Furthermore, companies operating in the North American autonomous car market are entering into mergers, partnerships, and collaborations to minimize the financial risks involved in designing, testing, and manufacturing them and acquire the autonomous vehicle technology. For instance, General Motors Company has acquired Cruise Automation, a self-driving start-up, for $1 billion, to expand its technological base. Moreover, in 2018, Ford Motor Company and Walmart Inc. partnered to explore the potential of using self-driving cars for grocery and other consumer products’ delivery.

Thus, the development of new technologies and growing focus of governments on the incorporation of autonomous driving features in mobility solutions will boost the demand for autonomous cars in the coming years.

Kick Scooter Demand Expected to Shoot Up in Asia-Pacific in Coming Years

The increasing adoption of kick scooters in kick scooter sharing services is fueling their sales across the world. As compared to the other types of vehicles used by shared mobility service providers, electric kick scooters can be easily leveraged for solving the issue of last-mile connectivity and they can also be hyper-localized. Moreover, these vehicles are highly compact, easy to operate, and do not need any physical exertion, which further boost their popularity among shared mobility service providers. 

Additionally, many companies have started providing their scooter sharing services in different locations, which has also propelled the growth of the kick scooter market. For example, Sharing Muving SL, which is a Spanish electric scooter sharing company, announced in 2018 that it has started offering its service in Atlanta, the U.S. Furthermore, Neutron Holdings Inc., which operates under the name LimeBike, launched dockless electric kick scooters and bikes for sharing in many cities in the U.S. in 2017. 

Apart from the surging adoption of kick scooters in shared mobility services, the burgeoning requirement for last-mile transportation is also fueling the demand for kick scooters. Additionally, with the escalating air pollution levels and rapid deterioration of the environment, many governments are encouraging the adoption of micromobility solutions such as kick scooters. Moreover, these vehicles assist in mitigating the surging road congestion levels, which are majorly responsible for long traffic jams in many countries. 

Furthermore, the declining prices of these batteries are also boosting their sales across the world. Geographically, the demand for kick scooters is currently the highest in the Asia-Pacific (APAC) region, as per the observations of P&S Intelligence, a market research company based in India. This is attributed to the large-scale deployment of these scooters in China. The existence of many major electric kick scooter manufacturing companies, rapidly developing electric vehicle value chain, implementation of favorable government policies, availability of affordable batteries, and the presence of a large customer pool are the main factors propelling the sales of these vehicles in the country. 

Hence, the demand for kick scooters will surge sharply in the upcoming years, primarily because of their soaring adoption in shared mobility fleets, growing popularity of micromobility solutions, owing to the increasing road congestion levels, rising requirement for better last-mile connectivity, and falling prices of lithium-ion batteries all over the world. 

Frozen Bakery Market Set to Exhibit Tremendous Growth in Coming Years

The fact that the phrase ‘breaking bread’ is used to describe a meal tells how important this humble baked product is for humans. Whether they are those that puff up when baked or unleavened, flat ones, breads are the primary source of carbohydrates, the main energy-giving foods, around the world. However, all such edible items are perishable and have a rather short best-before date, typically of 2–3 days from the day of manufacturing/cooking. Therefore, to increase their shelf life, they are now being deep-frozen.

This is why P&S Intelligence predicts significant growth for the frozen bakery market in the coming years. Freezing such products at between –18 to –40 degrees Celsius stops the growth of mold, thereby preventing them from spoilage and raising their shelf life to up to 12 months! Moreover, deep-freezing helps maintain the nutrient content of bakery products for longer. Hence, with people becoming aware of a healthy life and focusing increasingly on improving their diet, the demand for frozen bakery items is rising.

Developed regions, such as Europe and North America, are still the larger frozen bakery markets because of the lifestyle here that is becoming increasingly busy, especially in major cities. Additionally, with the easy and convenient availability of food at restaurants and other food service settings, the trend of cooking at home is diminishing. For instance, as per the Bureau of Labor Statistics, almost half the food budget of the people of the U.S. is spent on eating out. Similarly, as per another study, only 10% Americans love cooking at home.

Many of the cheap restaurants keep frozen food items, which they simply put in a microwave or pan before being eaten. Anyone who has seen Kitchen Nightmares hosted by Gordon Ramsay knows this. And, since not everyone is well-versed in baking from scratch, frozen bakery items go a long way in feeding hungry mouths without much ado. As a result of the growing demand for such eatables, companies, including Associated British Foods, DuPont, Archer Daniels Midland Company, Palsgaard, Puratos Group, Sensient Technologies Corporation, ConAgra Foods Inc., Kellogg Co., David Michael & Co., Kerry Group, and Lonza Group Ltd., are offering new types of frozen bakery products.

Hence, with a shift in people’s food habits, the demand for frozen bakery items will rise further.

Boom Expected in Automotive Infotainment Market in Future

The burgeoning requirement for human machine interface (HMI) systems and booming sales of passenger vehicles are fueling the demand for automotive infotainment systems across the world. For instance, Nissan has announced it has started the development of self-driving cars for replacing human requirement for operating the vehicle. These systems provided various advantages such as improved scheduling and routing, reduced operating costs, and enhanced driver productivity. According to the India Brand Equity Foundation (IBEF), the production of automobiles in India grew at a CAGR of 2.36% from FY16 to FY20 and reached 26.36 million units in FY20. 

Apart from this, the surging deployment of small and medium-sized cars is also propelling the sales of automotive infotainment systems. Additionally, the rapid advancements being made in wireless technologies are also fueling the development of automotive infotainment products and services. The adoption of voice interface systems in vehicles is also creating lucrative growth opportunities for the players operating in the automotive infotainment market. Automotive infotainment systems basically refer to information and entertainment systems such as software platforms, digital versatile disc (DVD) players equipped with video screens, and audio systems such as rear sear entertainment and its accessories, radio, and navigation devices like GPS.

Besides, these systems also provide better connectivity and improved user experience. The usage of these systems is surging rapidly, largely because of the increasing manufacturer demand for highly sophisticated head units in low-cost car models, and they are rapidly becoming unavoidable because of rapid technological advancements. Moreover, the soaring requirement for smaller, less expensive, and compact cars, on account of the escalating fuel prices and increasing traffic, is also positively impacting the worldwide sales of automotive infotainment systems. 

Many original equipment manufacturers (OEMs) have began working with suppliers for developing low-cost and feature-packed infotainment systems, which are particularly priced for low to medium segment cars. Furthermore, many automobile manufacturers are providing software updation kits to their customers for saving cost and time and improving customer experience. The other major factor propelling the demand for automotive infotainment systems is the surging deployment of electric vehicles across the world, as per the observations of the market research company, P&S Intelligence.

According to the International Energy Agency (IEA), the sales of electric cars all over the world increased to 2.1 million in 2019, thereby boosting the global electric car stock to 7.2 million units. Moreover, in 2019, the sales of these cars accounted for 2.6% of the worldwide car sales and around 1% of the global car stock, recording a 40% year-on-year growth. Honda Motor Co. Ltd., Ford Motor Company, General Motors Company, Bose Corporation, Flextronics International, and Volkswagen AG are some of the major automotive infotainment manufacturers. 

Hence, it can be safely said that the demand for automotive infotainment systems will soar in the coming years, mainly because of the increasing deployment of electric vehicles, surging passenger car sales, and growing requirement for HMI systems in vehicles. 

How Are Technological Improvements Driving EV Battery Swapping Demand?

A number of factors, such as the slow charging process at charging stations, need for less time consumption in charging and lower upfront cost of electric vehicles (EVs), less availability of proper charging infrastructure, and rise in investments in the manufacturing of lithium-ion batteries, are driving the electric vehicle battery swapping market, which valued ~$150 million in 2020. The battery swapping technology acts a suitable substitute for supplying power to EVs as it eradicates the requirement of slow-charging stations. 

The market is currently witnessing a trend of technological advancements. The advancements in battery swapping technologies are allowing drivers to swap the discharged batteries at a dedicated swapping center with charged ones. This enhances the EV’s uptime, while reducing its operational costs. Additionally, the increasing sales of EVs, falling prices of batteries, and improving technologies are projected to drive the need for battery swapping technologies across the world.

The electric vehicle battery swapping market growth is mainly driven by the increasing need for zero-waiting time for EV charging. The usage of EVs, especially for long-distance traveling, is governed by the time they take to charge their batteries. Across the globe, almost all EVs use slow-charge systems, which take around eight hours for recharging the batteries. Thus, the need for the battery swapping technology is increasing rapidly. The technology significantly reduces the waiting time by allowing the exchange of batteries in around three minutes, which improves the EV’s operational characteristics. 

The vehicle type segment of the electric vehicle battery swapping market is classified into commercial vehicle, passenger vehicle, two-wheeler, and three-wheeler. Among these, the two-wheeler category is projected to lead the market during the forecast period (2021–2030). This can be attributed to the fact that the battery swapping technology improves the electric two-wheelers’ daily operational hours. These vehicles cover, on an average, around 100 km daily. Thus, they require regular charging of their batteries. Therefore, the battery swapping technology acts as the best alternative to solve this problem during operational hours.

According to P&S Intelligence, Asia-Pacific (APAC) is projected to hold the largest share in the electric vehicle battery swapping market in 2030, and the regional market is also projected to observe the fastest growth in the coming years. This can be ascribed to the rising number of research and development (R&D) activities to make advancements in battery swapping technologies, government strategies to facilitate the deployment of EVs, lack of adequate charging infrastructure, rising demand for electric mobility, and surge in investments in this domain in the region.

Thus, the increasing need for zero-waiting time for EV charging and improved run time of vehicles will accelerate the adoption of the battery swapping technology across the globe in the foreseeable future.

Ride-Hailing Market- Rising Environmental Concerns Aiding Market Growth

Around the world, owning a vehicle is becoming more and more costly because of the increasing petrol (gasoline) and diesel prices, insurance premiums, and many other expenses that are associated with it. Therefore, many people in cities are not buying vehicles, while those who own one are using them sparingly. Instead, they are now opting for shared mobility services to enjoy the same facilities as offered by their own vehicle, without actually needing to own them.

As per P&S Intelligence, due to the cost-effectiveness of such services, the ride-hailing market value is projected to rise to $120.2 billion by 2024 from $50.4 billion in 2018, at a high 13.0% CAGR between 2019 and 2024. In the last decade, such shared transportation service providers have received heavy funding, which has helped them expand around the world. For instance, Uber raised $11-million funding in February 2011 and another $37 million in December that year. Similarly, Ola raised funding of $200 million (INR 1,400 crore) in 2019.

Ride-Hailing Industry Outlook - P&S Intelligence

A key reason large investment bankers and other multinational firms are showing interest in ride hailing is the strong government support for this concept. With the increasing number of vehicles on the roads, the problem of air pollution is becoming graver every year. Moreover, this also causes traffic congestion, which, in turn, leads to the loss of productivity at offices, as people are spending long hours in traffic jams. To remedy both these issues, countries are promoting ride hailing and other shared mobility services, so that the number of private vehicles on the roads can be brought down as much as possible.

Since most of the major service providers are based in Asian countries, Asia-Pacific (APAC) has been the largest ride-hailing market till now. Additionally, the burgeoning urban population of India and China is leading to the rising demand for transportation services. However, as a lot of the people in the cities here still cannot afford vehicles, they are opting for shared mobility. Moreover, these are two of the most-polluted countries in the world, which is why their governments are strongly encouraging people to use less of their personal vehicles.

In the coming years, service providers are expected to witness a massive increase in their revenue in the Middle Eastern and African (MEA) and Latin American (LATAM) regions. In these regions too, the urban population is increasing, which is resulting in the surging demand for cheap short-distance transportation. Moreover, the ride hailing space in these countries is almost unexplored, which is why service providers are expected to make rapid inroads here.

Hence, with the rising need for cost-effective urban commute and the increasing environmental awareness, ride-hailing companies will witness a growing ridership in the near future.

Meat Substitutes Market to See Massive Growth by 2030

Factors such as the increasing concerns about food nutrition, security, and sustainability and mounting investments in plant-based protein sources will drive the meat substitutes market growth during the forecast period (2021–2023). According to P&S Intelligence, the market generated ~$2 billion in revenue in 2020. At present, the surging consumer preference for vegan diets has become a prominent market trend, owing to the growing public awareness of healthy eating habits, hygienic food, and weight management. 

One of the key growth drivers of the market is the mounting concerns being raised over food security, nutrition, and sustainability. Food security refers to the state of having reliable access to a substantial quantity of nutritious and affordable food. As per the Climate Change and Land report of the United Nations (UN), food security may be compromised unless there is a transition away from red meat and animal protein sources, such as dairy products, eggs, and pigs to plant-based foods, such as legumes, fruits, and vegetables, which emit lower amounts of greenhouse gases (GHGs) than red meat over their lifetime.

In recent years, companies operating in the meat substitutes market have been introducing new products according to regional preferences. For instance, in June 2019, DuPont de Nemours Inc. launched a new egg white replacement system for plant-based meat alternatives. Similarly, in July 2020, the company introduced a new range of products under the Danisco Planit brand, which includes plant proteins, enzymes, cultures, hydrocolloids, fibers, probiotics, natural extracts, antioxidants, and emulsifiers. The company focused on nutrition, taste, sustainability, and texture when developing this portfolio.   

Whereas, the Asia-Pacific (APAC) region is expected to demonstrate the fastest growth in the meat substitutes market during the forecast period. This can be primarily attributed to the surging food consumption in the region, owing to the growing population and mounting awareness about healthy diets, such as vegetarian and vegan diets. According to the United Nations Population Fund (UNFP), APAC is home to approximately 4.3 billion people and two of the most populous countries in the world— India and China.

Therefore, the rising concerns regarding food nutrition, sustainability, and security and increasing shift toward vegan diets will catalyze the market growth in the forthcoming years.