Plant-Based Meat Demand In Key Asian Markets To Grow 200% Within Five Years, Report Says


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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. 

Source: Impossible Foods

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. 

Source: Kroger

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.

Author

  • Sally Ho

    Sally Ho is Green Queen's former resident writer and lead reporter. Passionate about the environment, social issues and health, she is always looking into the latest climate stories in Hong Kong and beyond. A long-time vegan, she also hopes to promote healthy and plant-based lifestyle choices in Asia. Sally has a background in Politics and International Relations from her studies at the London School of Economics and Political Science.

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