Alternative Proteins industry think tank Food Frontier says its latest report Alternative Proteins and Asia highlights the opportunities for Australian and New Zealand markets in the region.
Food Frontier and research partner Te Puna Whakaaronui, New Zealand’s independent food and fibre sector think tank, based the report on research by Mintel. Assessing 11 countries across Asia, Mintel ranked their market suitability on market size and innovation, market entry and operations, and consumer intelligence.
The top five countries with the greatest market potential, listed in order of opportunity, were: China, Singapore, South Korea, Thailand, and Japan. The report includes primary research from 5000 consumers across these markets, in-depth industry interviews with 21 manufacturers, retailers, and food industry leaders; a deep dive into labelling and regulatory requirements for plant-based meat, cultivated meat, and products of precision and biomass fermentation; and product intelligence from 502 plant-based meat products in-market.
Food Frontier said the report was designed to equip alternative protein businesses with insights to guide their engagement and export strategies for Asia and provide investors, policymakers, and other industry stakeholders with information to catalyse their engagement in the sector.
It also provides information about the relative pricing of current products, innovation trends and new opportunities, cultural influences, and consumer awareness and attitudes to eating plant-based meats and products of cellular agriculture. The report identifies key barriers, drivers, gaps and opportunities, including the perceived provenance of brand Australia and brand New Zealand in each market.
While Asia has a long history of eating traditional plant proteins – tofu, tempeh, soy- and seitan-based mock meats – conventional animal meat consumption has risen sharply in Asia over the last 30 years. According to the Food and Agriculture Organisation (FAO), the global demand for meat will increase by 73 per cent by 2050, driven largely by growing population and prosperity in Asia.
Good Food Institute APAC found in 2023, Asia’s market for meat substitutes (mock meat and plant-based meat) is worth US$4.32 billion. That market is expected to grow annually by 33.27 per cent (CAGR 2023-2027) and reach US$13.63 billion by 2027.
In 2022 alone, US$652 million was invested in alternative proteins companies in the Asia Pacific (APAC) region.
Report snapshots
China presents the largest meat substitutes market size of US$2.13 billion, with 20 per cent compound annual growth rate (CAGR) predicted to 2027, with global players establishing manufacturing plants, and accelerating funding for start-ups.
Singapore has high meat substitute revenue per capita (US$2.34 in 2022). Singapore has the highest awareness of cultivated meat and precision and biomass fermentation and research revealed that 39 per cent of consumers will or are likely to consume cultivated meat.
South Korea has high projected meat substitute revenue growth at 20 per cent CAGR to 2027 with high premiumisation.
Japan has a large meat substitutes market; however, growth is predicted to be lower than other markets at 9 per cent CAGR to 2027.
Thailand presents a moderate meat substitutes market with strong growth of 14 per cent CAGR expected to 2027. The Thai Government has a ‘Future Food’ roadmap to support innovations including alternative proteins and 3D food printing, and the private sector has invested substantially in plant-based and cultivated meat.
For the full report click here.
