New research from DuPont reveals “huge demand” for meat alternatives from consumers in key Asia markets.
DuPont Nutrition & Biosciences and market research firm IPSOS published a new research study that showed a “significant increase” in demand for plant-based meat alternatives in key Asia-Pacific markets.
According to the research, 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 Asia-Pacific region, with an expected 25% increase in the market size for plant-based meat alternatives – to US$1.7 billion – over the next five years.
The new study also showed:
- 75% of Asia-Pacific 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.
Michelle Lee, regional marketing leader, Asia-Pacific, DuPont Nutrition & Biosciences, said: “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. Our Danisco Planit range is a combination of an integrated offering of ingredients, expertise and services, all bundled into one package needed to capitalise on this growing market.”