4 views left Get unlimited views with a free account

Subscribe to GlobalData Explorer

Explore the latest trends and actionable insights on the APAC Meat Substitues market to inform business strategy and pinpoint opportunities and risks

Growing Demand for Meat Alternatives in Asia-Pacific

Industry: Meat Substitutes
Current: Market Sizing & Shares

The demand continues to increase for meat alternatives and Soy-based meat analogues have garnered the largest market share in Asia
The growing concerns about environmental issues provided a fillip to the meat alternative industry
The market value of the meat substitutes in Asia pacific reached $1.5 billion in 2021, growing at a CAGR of 7.7% during 2017-2021
Rising health concerns, awareness regarding animal cruelty, and the need for sustainability are posing a challenge towards the growth of meat sector in Asia pacific, driving the growth of meat substitutes

Animal meat products are high in sodium, saturated fat, and cholesterol and may lead to various cardiovascular diseases and diabetes
Rising awareness regarding animal agriculture and factory farms, have led to more protests against meat products, urging consumers to go vegan
Production of meat leads to over twice the pollution caused by production of plant-based foods, and accounts for nearly 60% of all greenhouse gases from food production
Cattle farming requires larger area, regular food and water supply, health checks, etc., it leads to a much higher carbon, land, and water footprint

Trends in Meat Alternative Market:

Plant-based meat, dairy, and eggs witnessed an unprecedented demand during the lockdown in 2020 as consumers in Asia-pacific stayed at home, cooked, focused on their health, and reconsidered the plate-to-planet impact.

According to GlobalData, the market value of meat substitutes in Asia-Pacific reached $1.5 billion in 2021, growing at a CAGR of 7.9% during 2017-2021, whereas it grew at a CAGR of 10.9 % in China, which is the biggest market in Asia Pacific, during the same period.

Global food giant Nestle launched Harvest Gourmet, its plant-based food brand to target the Chinese market. Restaurant chains are also offering meat alternatives on their menus such as vegan chicken nuggets at KFC, the Impossible Whopper at Burger King, and Impossible Foods and Beyond Meat as well as Swedish vegan brand Oatly products at Starbucks.

In Japan, the second largest market for meat substitutes according to GlobalData, nearly all the plant-based meat and dairy alternatives are soy-based, in contrast to Western countries where there is a much more diversity in the plant-based proteins used in meat alternatives, including pea protein, mung beans or seaweed

India, the third largest market, according to GlobalData, has seen an increase of activity in the plant meat segment. It is observed that majority of people who eat plant-based meats are not vegans or vegetarians. Instead, they’re omnivores who want diversity in their diet.

Startups such as Blue Tribe Foods launched their plant-based chicken nuggets made of soya and peas and Chicken Keema made with soy extracts while Goa based Wakao Foods has been enticing meat eaters with burger patties and stir fries made of jackfruit. Even Bollywood actors Genelia and Riteish Deshmukh have announced a new plant-based venture called Imagine Meats.

Meat alternatives could be environmentally friendly

Food production accounts for a significant portion of all human-caused global warming gases, and the use of animals for meat produces more pollution than the production of plant-based foods. In food production, meat and dairy products are the main reason for greenhouse gas emissions.

Meat alternatives can make a huge difference to the environment by any metric, including the use of land, water use, and climate change. The major reason for interest in meat alternatives is meat’s effect on the environment. Livestock cultivation is one of the most greenhouse gas-intensive activities. Plant-based foods have the potential to the considerably lower carbon footprint.

Hence, with the growing awareness of climate change, environment, and healthy diet options, the market for meat alternatives is expected to grow at a tremendous pace in the new few years with many new players entering the market and operating alongside the existing ones.

Way Forward

Meat substitutes is still an emerging sector, growing at a rate lower than the average growth rate expected for new sectors. Lack of product awareness, low marketing and promotion initiatives, and relatively higher prices of meat substitutes limit high growth.

Since the meat substitutes sector is still in a nascent stage, it is majorly governed by regulations on the labelling/ packaging of products, at present. However, detailed regulations and guidelines are anticipated over the next few years, depending on how strongly the sector grows.

In the near future, we can expect partnerships and integrations between meat substitute manufacturers and foodservice and consumer goods firms, for diversified distribution networks and increased supply.

Explore the latest trends and actionable insights on the APAC Meat Substitues market to inform business strategy and pinpoint opportunities and risks Explore the latest trends and actionable insights on the APAC Meat Substitues market to inform business strategy and pinpoint opportunities and risks Visit Report Store