DuPont Nutrition & Biosciences and IPSOS, a global market research firm, have published a new research study that shows a noteworthy increase in demand for plant-based meat alternatives in key Asia Pacific (APAC) markets.
In China and Thailand, demand for plant-based meat is expected to increase by 200 percent over the next five years, driven by factors such as health, taste and sustainability. The same trend is replicated more widely across the entire APAC region, with a forecast of 25 percent increase in the market size for plant-based meat alternatives – to $1.7 billion – 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 capitalize on this growing market.”
Asia Pacific makes up about 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 highlights the following points:
75% of APAC consumers are willing to pay a similar price to meat for plant-based alternatives
83% rate protein as the most important ingredient
78% 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
These findings are encouraging for businesses looking to increase their plant-based meat offerings, with positive consumer demand, pricing and long-term gains forecast.