Growing demand in Asia for plant-based meat

29 April 2021

As consumers increasingly seek for more sustainable alternatives, the substitute meat market in the Asia-Pacific region is rapidly growing. COVID-19 has further accelerated this trend, presenting both local and international players with a unique opportunity. The following two articles explore how Asian companies navigate the space.

Veggie 'meat' maker sets sights on Indonesia and South Korea

The Asian market for alternative protein is forecasted to grow 15.9% annually until 2026, making it the most important region for the category. To exploit this opportunity Green Monday, a Hong Kong-based company, is planning to add facilities in Taiwan and China to its existing ones in Thailand. This move will increase the company’s total production capacity tenfold. The expansion will also allow Green Monday to enter new Asian markets and grow their presence in the U.S., Australia, the U.K., and Japan. While direct sales to consumers currently dominate the total demand, the company expects food-service industries and retail channels to rapidly pick up when the pandemic is over.

International substitute meat producers are also making their moves to avoid being sidelined by local competitors. Having entered the Chinese market a few years ago, both Beyond Meat and Impossible Foods, U.S.-based producers, are now planning to open manufacturing facilities in China. Green Monday, however, is confident in its ability to gain a strong position, stating that the local insights into the market are key. For instance, in Asia, the most consumed meat is pork, while Western producers focus more on beef substitutes.

Read the full article on the Asia Nikkei website

Filipino food giant seeks a slice of the meat-free market

Century Pacific Food (CPF), one of the biggest food groups in the Philippines, managed to sustain double-digit growth through the pandemic despite the country suffering one of the biggest drops in GDP in the region. The company benefited from its focus on affordability as its core product lines, tuna, corned beef and luncheon meat saw robust demand from housebound consumers. Leveraging their success, CPF has recently launched unMEAT, a meat substitute that is available as patties, sausages, nuggets, or ground beef. This product is set to satisfy local consumers’ demand for a healthier, more sustainable, and more affordable product. This move is part of the company’s broader commitment to sustainability. In addition to unMEAT, CPF is revamping its production to reduce water usage and carbon emissions. With new product lines and acquisitions, CPF hopes to remain one of the fastest growing companies in the region.

Read the full article on the Financial Times website

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