Plant-based demand in Asia will surge over 200% in next 5 years, says DuPont N&B
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17 Dec 2020 --- DuPont Nutrition & Biosciences (DuPont N&B) research reveals a significant increase in demand for plant-based meat alternatives in key Asia Pacific (APAC) markets.
In particular, demand for plant-based meat in China and Thailand is forecasted to increase by 200 percent over the next five years, driven by consumer values around health, taste and sustainability.
This trend is replicated more widely across the entire APAC region, with an expected 25 percent increase in the market size for plant-based meat alternatives – to US$1.7 billion – over the next five years.
In China, plant-based meats are increasingly on-trend, backed by celebrity endorsements and links to health and sustainability, growing areas of concern for consumers
Thai consumers are primarily looking for plant-based meat offerings that satisfy the optimum balance of taste, nutrition and convenience.
APAC region is expected to see 25 percent increase in the market size for plant-based meat alternatives – to US$1.7 billion USD – over the next five years.
Meanwhile, Vietnam is pegged as a region that requires more consumer education for stronger awareness on the benefits and availability of meat alternatives.
“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,” says Michelle Lee, regional marketing leader, APAC, DuPont N&B.
“Our Danisco Planit range is a combination of an integrated offering of ingredients, expertise and services, all bundled into one package needed in order to capitalize on this growing market.”
Asian appetites lean toward plant-based
Asia Pacific is home to 4.3 billion people, making up 60 percent of the world’s population, with over a third (36 percent) of consumers already consuming low- or no-meat diets, according to DuPont’s study.
In 2020, the value for plant-based meat was forecasted to increase by 7.4 percent, compared to the previous year. As consumer priorities shift towards health and sustainability, this upward trend is set to continue.
The study from DuPont and IPSOS also revealed that 75 percent of APAC consumers are willing to pay a similar price to meat for plant-based alternatives. Meanwhile, 83 percent rate protein as the most important ingredient.
Meanwhile, 78 percent of consumers in this region believe that plant-based meat alternatives are here to stay, and consumption of plant-based products will continue to grow in the future.
Plant-based industry giants move into Asia
With these trends set to shape Asia’s playing field, industry giants including Bühler and Tyson Foods have made moves to grab a stake in Asia’s plant-based and cellular agriculture sectors, among recent developments.
Last summer, Yum China Holdings partnered with Beyond Meat to introduce the Beyond Burger as a limited-time offering at select KFC, Pizza Hut and Taco Bell locations in mainland China.
Asia Pacific is home to 4.3 billion people, with over a third (36 percent) of consumers already consuming low or no meat diets.
In similar moves, KFC trialed plant-based chicken nuggets at select stores in Chinese cities of Shanghai, Guangzhou, and Shenzhen, while Beyond Meat, through a partnership with Starbucks, rolled out its plant-based meat analogs across the nation.
Plant-Forward into 2021
As plant-based trends reach global phenomenon status, Innova Market Insights’ Top Ten Trends report saw a renewal of 2020’s “Plant-Based Revolution Trend.” As a natural progression, 2021’s “Plant-Forward” theme spotlights expansion to different regions and categories.
The use of alternative proteins features a 1.9 percent year-over-year growth in the comparison between 2019 and 2018 launches, according to Innova Market Insights.
In 2019, the top categories of global product launches tracked with alternative proteins were Bakery (27 percent), Meat, Fish & Eggs (15 percent) and Ready Meals & Side Dishes (14 percent), with wheat gluten being the leading ingredient among the alternative proteins tracked.
The top positionings of global product launches tracked with alternative proteins in 2019 were “High/Source of Protein” (24 percent), “No Additives/Preservatives” (17 percent) and “Gluten-Free” (14 percent).
By Benjamin Ferrer
