Study predicts that demand for plant-based protein alternatives in Asia Pacific will increase by 200% in the next five years.
DuPont Nutrition & Biosciences (DuPont) and global market research firm IPSOS, published a new research study that shows a significant increase in demand for plant-based meat alternatives in key APAC markets. In the study, DuPont predicts demand for plant-based meat in China and Thailand will 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.
The study also showed that 75 percent of APAC consumers are willing to pay a similar price to meat for plant-based alternatives. 78 percent believe that plant-based meat alternatives are here to stay, and that consumption of plant-based products will continue to grow in the future.
Asia Pacific is home to 4.3 billion people, making up 60 percent of the world’s population. According to Statista, Asia Pacific (APAC) has 9 percent of the world’s plant-based population (2016), with India (39 percent) and Taiwan (12 percent) leading the way with the highest percentage of vegans in the region.
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, however, is a region that requires more consumer education for stronger awareness on the benefits and availability of meat alternatives.
Asia Pacific is expected to witness the fastest growth at a CAGR of 12.1% from 2019 to 2025 on account of rising health consciousness among consumers. Moreover, increasing per capita income levels in developing countries including China, India, Thailand, Taiwan, and Bangladesh will contribute to market growth. Key manufacturers in the market have been focusing on expanding business in APAC due to high growth opportunities (Grand View Research).
These findings are encouraging for businesses looking to increase their plant-based meat offerings, with positive consumer demand, pricing and long-term gains forecast.