DuPont says plant-based demand to surge 200% in Asia12 Jan 2021
A new study from DuPont and IPSOS revealed that the consumption of plant-based meat substitutes in key Asia Pacific markets is poised to soar 200% over the next five years as consumer choice continues to be driven by health, taste and sustainability.
China and Thailand are predicted to see the largest jump in growth with triple-digit increases, while demand for plant-based meat across the entire Asia Pacific region is forecast to grow 25% by 2025 to reach $1.7 billion. Vietnam was listed as a country that needs additional consumer education in order to deliver the substantial market growth gains predicted in other areas in the region.
This predicted growth is in addition to the 7.4% increase in plant-based meat that the region saw over the course of 2020.
Asia is home to 60% of the world’s population or 4.3 billion people. Already the DuPont study found that 36% of those living in the Asia Pacific region follow diets that are either low meat or no meat and, therefore, the region is particularly well positioned to become a thriving hub for plant-based meat alternatives.
Not only is meat-free eating widely accepted in this area of the world, but the study found that 75% of these consumers are willing to pay similar prices for meat-free alternatives and animal-based protein. As 83% of those in the study consider protein — both plant and animal-derived — to be the most important ingredient in diets, the Asia Pacific region represents a potentially fruitful investment for companies with plant-based products that are looking to expand.
Already, large corporations are moving into the area to test out the popularity of plant-based offerings. KFC trialed its plant-based chicken nuggets in select stores across China and Starbucks partnered with Beyond Meat to offer plant-based meat products across China. Yum China Holdings, which owns KFC, also trialed Beyond Burger products at Pizza Hut and Taco Bell locations in mainland China.
Tyson Foods and Bühler are also working in the region to gain market share in Asia, and Singapore recently became the first country to approve the sale and distribution of cell-based meat by Eat Just.
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