Asia is dwelling to numerous meals cultures, with six main cuisines that make the most of totally different protein sorts together with plant proteins corresponding to tofu, tempeh, soy, and seitan-based “mock meats” consumed by the continent’s huge vegetarian and Buddhist inhabitants.
Consumption of typical animal meat in Asia has elevated sharply within the final 30 years. Beef consumption rose in most markets, significantly in South Korea and China. Rooster consumption additionally rose in most markets (besides Thailand). Pork consumption has additionally elevated, and dominates the market in each quantity produced and consumed. In response to the Meals and Agriculture Group (FAO), the worldwide demand for meat will improve by 73% by 2050 as a result of rising inhabitants measurement and prosperity of individuals, significantly in Asia.
Given this trajectory, a report by Meals Frontier, which partnered with Mintel and New Zealand’s meals and fibre sector assume tank Te Puna Whakaaronui emphasizes the necessity for governments and companies to diversify protein choices. The report underscores the emergence of other protein industries, using plant-based meat and mobile agriculture applied sciences. These new choices use vegetation, cell cultivation or fermentation applied sciences as a substitute for large-scale livestock farming and fishing.
In 2023, Asia’s meat substitutes market, encompassing mock meat and plant-based meat, is valued at USD 4.32 billion. This market is projected to develop yearly at a fee of 33.27% (CAGR 2023-2027), reaching USD 13.63 billion by 2027. Moreover, the Asia Pacific (APAC) area noticed USD 652 million invested in different protein corporations in 2022.
Given these developments, the report means that Australia and New Zealand (ANZ) are well-positioned to faucet into these rising markets.
Development alternatives within the area
China has the biggest meat substitutes market measurement of USD 2.13 billion, with a 20% compound annual progress fee (CAGR) predicted by 2027, with world gamers establishing manufacturing vegetation, and pushing for funding for start-ups. Thus, China is probably the most beneficial marketplace for Australian and New Zealand exporters.
Singapore has excessive meat substitute income per capita (USD 2.34 in 2022) and is taken into account the centre of innovation in Asia for different proteins with a business-friendly setting. Singaporeans are additionally multicultural, adventurous customers who dine out often.
South Korea has excessive projected meat substitute income progress at 20% CAGR to 2027 with excessive premiumisation on the power of an increase in single households searching for the comfort of prepared meals and meal kits, and the supply of plant-based meat in native codecs.
Japanese customers are sturdy meat eaters, with little need to scale back meat consumption so progress is predicted to be decrease than different markets at 9% CAGR to 2027. However the meat substitutes market in Japan continues to be massive, with customers aged 18–24, high-monthly-income households, and moral, premium, health-conscious customers which are searching for distinctive merchandise, and usually tend to purchase plant-based meat.
Hong Kong, with its excessive income per capita (USD 3.34) and 17% projected progress (CAGR 2022–27), emerges because the fourth most favorable market. Nevertheless, its smaller inhabitants leads the report back to prioritize markets like Thailand, which is ranked sixth general. Thailand’s sizable meat substitutes market (USD 39.11 million), coupled with a thriving meals manufacturing sector and a inhabitants exceeding 70 million, make it a promising market. Thailand’s reasonable meat substitutes market is predicted to develop at a strong 14% CAGR till 2027. The Thai authorities’s “Future Meals” roadmap additional helps improvements, together with different proteins and 3D meals printing, with substantial non-public sector investments in plant-based and cultivated meat.
Different markets thought-about within the report are Malaysia, Indonesia, Vietnam, the Philippines, and India.
Client insights
Throughout all of the markets studied, vegetarians and vegans comprise a minority, starting from 2- 6% of the inhabitants. Japan boasts the best proportion of self-identified meat eaters (91%), adopted by South Korea (84%). Thailand has the best stage of flexitarianism (38%), indicating a choice for predominantly plant-based diets with occasional animal meat consumption, together with pescetarianism. China (24%) and Singapore (21%) comply with in flexitarian preferences.
Plant-based meat consumption is most vital in China and Thailand. In China, 62% of surveyed customers reported consuming plant-based meat up to now six months. The choice for chilled plant-based merchandise is clear in China, Japan, and Thailand, whereas frozen merchandise are extra fashionable in Singapore and South Korea.
Shoppers throughout all markets go for plant-based meat because of its excessive protein content material, ease of preparation, well being advantages, comparable flavors to meat, pure substances, natural nature, and environmentally-friendly manufacturing strategies.
Greater-income households are extra inclined to buy and eat plant-based meats throughout all markets, besides Thailand. Most customers, barring Thailand, categorical willingness to purchase plant-based meat if the costs are the identical as or decrease than typical meat.
Regulatory panorama
China and Japan are the one international locations among the many studied markets with current definitions for plant-based meats. Singapore has definitions for merchandise of biomass and precision fermentation, whereas each Singapore and Japan have definitions for cultivated meat. Over the subsequent decade, the report predicts that the majority international locations will undertake definitions for these totally different classes.
Singapore has a longtime regulatory framework for cultivated meat and novel meals, making it the primary jurisdiction to approve a cultivated meat product for industrial sale. China, South Korea, and Japan are actively discussing their regulatory approaches for these merchandise. Whereas Thailand is just not at the moment planning regulatory adjustments for cultivated meat and proteins from precision and biomass fermentation, the sector’s investments are more likely to drive regulatory progress. In Japan, current rules might accommodate sure novel proteins if a historical past of consumption may be demonstrated.
Plant-based protein sources
In China, soy is the preferred plant-based protein ingredient used, adopted by pea, rice, and wheat gluten. Different plant substances, mushrooms, different fungi, algae and konjac, are additionally used. China has not allowed genetically modified (GM) crops to be planted domestically however that is altering.
Soy and wheat are generally used protein sources in plant-based meat merchandise in Singapore. South Korea’s plant-based meat market was valued at USD 77.19 million in 2022, with soy, pea, bean, and wheat protein being probably the most prevalent protein substances. Japan, reliant on imports for plant-based meat substances, imports 83% of its wheat and 78% of its soybeans used yearly.
In Thailand, the place 51% of customers are meat eaters, there’s a rising development of incorporating plant-based meals into diets. Soy stays the popular plant protein supply because of its availability, cost-effectiveness, and flexibility.
What we predict
As Asia’s different proteins market thrives, ANZ exporters stand to realize by diversifying their protein exports to the area. It’s crucial to have a well-founded understanding of distinctive customers’ wants and cultural nuances in every market to have the ability to maximise the potential export alternatives for ANZ companies in Asia. They will profit from commerce workplaces, free commerce agreements, and professional import brokers to navigate native rules and enterprise necessities successfully.
You’ll be able to obtain the Various Proteins and Asia report free of charge on Meals Frontier’s web site. For extra insights into Mintel’s analysis on different proteins, discover our choices on the Mintel Retailer. To find how Mintel Consulting can help your small business progress, please don’t hesitate to get in contact with us.
