Since its introduction, plant-based meat products have transformed into more appealing and appetising food. Though its acceptance in the Asia-Pacific region is still on the lower side and ranks third globally, China accounts for half of the total market in the Asia-Pacific region, with India as the lowest revenue generator with only a 1.50% market share. The plant-based meat diet has been introduced in the Indian markets lately, even when the western countries' markets were flooded with a variety of options. The penetration rate of companies launching these products remains quite low. Apart from high prices, lack of awareness, advertising, and endorsements further acts as a market restraint. Chicken Burger Patties and Chicken Sausages are the most consumed plant-based meat products made from soy or wheat ingredients. According to the research report "Asia-Pacific Plant-Based Meat Market Outlook, 2027" published by Bonafide Research, the plant-based meat products market is projected to grow rapidly at a CAGR of 16.25% over the forecast period. Since the Asia-Pacific plant-based meat market is still at a nascent stage and has opportunities to grow by leaps and bounds, many key players are expanding their horizons in China and India, along with various new start-ups in the countries. Endorsements of plant-based food diets by famous celebrities in the Asia-Pacific region are further expected to increase demand in the future. Soy-based meat products have the highest market share of nearly 48% in the Asia-Pacific region. Meanwhile, other newer proteins like peas, quinoa, and oats are also showing growth in this region. More than 50% of Japanese consumers have tried plant-based foods for a healthier lifestyle. Australians also follow a similar trend in adapting to a plant-based meat diet. Gen-Z and Millennial consumers are more drawn to eating less meat. In India, Bollywood actors Genelia and Riteish Deshmukh have announced a new plant-based venture called Imagine Meats and have collaborated with famous coffee chain giant Starbucks.
Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globallyDownload Sample
Lack of product awareness, low marketing and promotion initiatives, and relatively higher prices of meat substitutes limit growth in the region. Since the meat substitute sector is still in a nascent stage, it is majorly governed by regulations on the labelling and packaging of products at present. However, detailed regulations and guidelines are anticipated over the next few years, depending on how strongly the sector grows. For diversified distribution networks and increased supply, we can expect partnerships and integrations between meat substitute manufacturers and foodservice and consumer goods firms in the near future. Animal meat products, though high in protein content, are high in sodium, saturated fat and cholesterol and may lead to various cardiovascular diseases and diabetes. Rising awareness regarding animal farming and factory farms' exploiting of animals has 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 also require a larger area, regular food and water supply, health checks, etc.; it leads to a much higher carbon, land, and water footprint. Plant-based foods have the potential to considerably lower carbon footprints. Hence, with the growing awareness of climate change, the environment, and healthy diet options, the market for meat alternatives is expected to grow at a tremendous pace in the future years, with many new players entering the market and operating alongside the existing ones. The pandemic led consumers to become selective about their food options. As a result of the swine flu outbreak, pork supplies became more expensive, prompting consumers to seek out plant-based meat alternatives. During the COVID-19 pandemic, the food industry witnessed significant shifts, but plant-based companies adapted and continued to launch new products and grow sales. Many food companies rapidly increased investments in plant-based products to meet consumer demand for plant-based products and partly to offset risks associated with animal-based products that the COVID-19 pandemic exposed Foodservice channel distribution was significantly impaired, and pantry stocking and panic buying led to a sharp increase in retail sales over the prior year. The COVID-19 pandemic and lockdowns have encouraged consumers to order goods online, and this, in turn, has boosted the online sales channels. Major Companies present in the market Beyond Meat, Impossible Foods Inc., Quorn Foods, Amy’s Kitchen (US), Tyson Foods Inc., Nestle S.A., Kraft Heinz Company, Unilever (The Vegetarian Butcher), Kellogg NA Co.
Considered in this report • Geography: Asia-Pacific • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • Asia-Pacific plant based meat products market with its value and forecast along with its segments • Country-wise plant based meat products market analysis • Various drivers and challenges • On-going trends and developments • Five force models • Top profiled companies • Strategic recommendation Countries covered in the report • China • India • Japan • Australia
By Sources in the report • Soy • Pea • Wheat • Other By products in the report • Burger Pattie • Sausages • Strips & Nuggets • Meatballs • Others By Type in the report • Beef • Chicken • Pork • Fish • Other (lamb, turkey) By End-User in the report • Retail • HoReCa The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to plant-based meat industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.