CHINA, Shanghai. DuPont Nutrition & Biosciences 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% 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% increase in the market size for plant-based meat alternatives – to $1.7 bn. – 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.
Meanwhile, Vietnam is pegged as a region that requires more consumer education for stronger awareness on the benefits and availability of meat alternatives.
Asia Pacific is home to 4.3 bn. people, making up 60% of the world’s population, with over a third (36%) 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%, 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% of APAC consumers are willing to pay a similar price to meat for plant-based alternatives. Meanwhile, 83% rate protein as the most important ingredient. Another 78% 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.