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The demand for plant-based meat is set to skyrocket an estimated 200% over the next five years in major Asia-Pacific markets, according to a new research report. Highlighting consumer concerns about health and sustainability as key drivers of growth, the research also predicts a sustained increase in the market size for plant-based meat alternatives across the entire Asia-Pacific region.
Conducted by DuPont Nutrition & Biosciences in collaboration with global market research firm Ipsos, a new research study has revealed a significant increase in demand for plant-based meat across major Asia-Pacific markets. Specifically, in China and Thailand, plant-based meat demand is expected to grow a whopping 200% over the next five years, while the broader trend across the region will see the overall Asian plant-based meat market grow to US$1.7 billion, representing a 25% increase within half a decade.
We are about to see a dramatic increase in demand for plant-based alternatives to meat which food businesses need to start preparing right now.Michelle Lee, Regional Marketing Leader, DuPont Nutrition & Biosciences
According to the report, the main factors behind the strong growth is rising consumer interest in sustainability and health, as well as significant improvement in taste of available plant-based meat products on the market over time. When looking at country-specific motivations for rising consumer demand, the research found that celebrity endorsements and a focus on health are propelling Chinese consumers to choose plant-based meats, while Thai consumers are encouraged due to nutrition and convenience.
These findings are encouraging for businesses looking to increase their plant-based meat offerings, with positive consumer demand, pricing and long-term gains forecast.Dupont-Ipsos Report
Commenting on the findings, Michelle Lee, regional marketing leader at DuPont Nutrition & Biosciences, said: “We are about to see a dramatic increase in demand for plant-based alternatives to meat which food businesses need to start preparing right now.”
Among the other key findings pointing to the enormous potential of the plant-based market in Asia are that more than three-quarters of Asian consumers (78%) now believe that plant-based meats are “here to stay” and that the trend will continue to last into the long-term.
“These findings are encouraging for businesses looking to increase their plant-based meat offerings, with positive consumer demand, pricing and long-term gains forecast,” wrote the analysts.
The Ipsos-Dupont report follows a number of confident predictions published about the plant-based meat market in the years ahead that notes Asia as a key region poised for major growth.
A number of other reports published in recent weeks are confident about the plant-based meat market in the years ahead. Last year, Zion Market Research released its report finding that the global plant-based meat market will grow by 8.6% annually to reach US$21 billion by 2025, with Asia-Pacific to hold the largest share of the market due to the familiarity with soy-based vegan proteins such as tofu and tempeh and growing consciousness about the environmental footprint of foods.
Health-related consumer priorities are likely to become one of the most important motivations driving plant-based meat sales globally, as the coronavirus pandemic continues to bolster awareness of the link between high meat consumption and non-communicable diseases, and greater interest in health and nutrition.
A study published late last year by New York-based market intelligence and consultancy firm Polaris Market Research estimated that the overall market size of the global plant-based meat industry will register a 15.8% annual growth rate to reach US$35.8 billion by 2027, compared to US$11.1 billion in 2019, citing health, concerns about food-borne illnesses and nutrition as the top factors behind the bullish forecast.
Lead image courtesy of Green Monday.