The plant-based meat industry is experiencing significant growth, particularly within the Asia-Pacific (APAC) region, as consumers increasingly seek healthier and more sustainable food options. This shift is driven by a desire for products that offer extended shelf life, minimal processing, and textures that closely mimic traditional meats.

Consumer Preferences in APAC

In the APAC region, there's a notable demand for plant-based foods that cater to busy lifestyles. Consumers prioritize convenience, favoring products that are easy to store and prepare, such as frozen items with extended shelf lives. Additionally, there's a growing preference for minimally processed foods, reflecting concerns about food safety and a commitment to healthier eating habits.

Innovations in Plant-Based Alternatives

To meet these evolving preferences, the industry is expanding its range of plant-based offerings:

• Seafood-Inspired Products: Innovations include plant-based caviar, salmon, and mayonnaise, providing sustainable alternatives to traditional seafood. For instance, plant-based salmon is being developed with efforts centered in Thailand.
• Meat Substitutes: Brands like Impossible Foods and Beyond Meat are leading the way in creating plant-based products that closely mimic the taste and texture of meat. These products are gaining popularity in mainstream establishments, such as Burger King's Impossible Whopper and White Castle's Impossible Slider.

Health and Environmental Benefits

Adopting plant-based proteins offers several advantages:

• Health Benefits: Swapping meat for plant-based options can reduce saturated fat intake while increasing fiber and vitamin consumption, potentially lowering the risk of diabetes, cancer, and heart disease.
• Environmental Impact: Plant-based foods generally require fewer resources like water and land, contributing to efforts to mitigate climate change.

Market Outlook

The plant-based meat sector is projected to grow from USD 7.9 billion to USD 15.7 billion between 2022 and 2027, with a compound annual growth rate (CAGR) of 15%. This growth is expected to be driven by increasing demand for products that offer improved taste and quality, as well as a broader range of options, including alternatives to fish, seafood, and eggs.

As the plant-based movement gains momentum, the industry continues to innovate, offering consumers diverse and appealing alternatives that align with their health and environmental values.

Source: Mintel GNPD, Uniliver Food Solution