Plant-based Meat Alternatives Set to Thrive in the Next Five Years
Friday, January 29th, 2021 | 1664 Views
DuPont Nutrition & Biosciences and IPSOS, a global market research firm published a new research study that shows a significant increase in demand for plant-based meat alternatives in key Asia Pacific (APAC) markets.
In China and Thailand, demand for plant-based meat 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 $1.7 billion USD – over the next five years.
“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 Nutrition & Biosciences. “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 capitalise on this growing market.”
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. In 2020, the value for plant-based meat is 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 new study from DuPont and IPSOS also showed:
- 75 percent of APAC consumers are willing to pay a similar price to meat for plantbased alternatives.
- 83 percent rate protein as the most important ingredient.
- 78 percent believe that plant-based meat alternatives are here to stay, and consumption of plant-based products will continue to grow in the future.
- In China, plant-based meats are increasingly on trend with celebrity endorsements and links to health and sustainability.
- Thai consumers are primarily looking for plant-based meat offerings that satisfy the optimum balance of taste, nutrition and convenience.
- Vietnam is a region that requires more consumer education for stronger awareness on the benefits and availability of meat alternatives.
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