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Alternative meat market in Asia Pacific region will reach 17.1 billion US dollars in 2020 From Euromonitor International

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The following is the Alternative meat market in Asia Pacific region will reach 17.1 billion US dollars in 2020 From Euromonitor International recommended by recordtrend.com. And this article belongs to the classification: Investment & Economy, Consumer research.

Chinese consumers, who account for 28% of global meat consumption, are a huge market for artificial meat manufacturers.

American producer impossible foods began offering beef burgers as an alternative to meat in Asian restaurants two years ago. Since October 20, they have been sold in 200 supermarkets in Hong Kong and Singapore, the first time outside the United States.

The coronavirus pandemic has accelerated the trend of eating at home, and consumers’ interest in healthy lifestyle is also growing, which has stimulated the rapid development of alternative meat market.

At present, the price of improbable foods products in Hong Kong is nearly $12 per box, which may be too high for many shoppers.

However, according to “Nikkei Asia”, supermarket initiatives are widely regarded as the pioneers of introducing plant meat into mainland China.

“China can rely entirely on domestic ‘meat’ supply, which will be good news for food supply, better from a public health perspective, and greatly reduce the environmental footprint,” Pat Brown, chief executive of impossible foods, said at a news conference

He added that with the support of the private investment arm of Hong Kong’s richest man, Li Ka Shing, the company hopes to establish a complete product supply chain in China.

Meanwhile, beyond meat, a competitor of impossible foods, is also focusing on this market. According to Nikkei Asia, the company said in the summer that it plans to work with Alibaba’s freshippo supermarket chain to bring its meat substitutes to Chinese consumers and is building a processing plant near Shanghai.

Green Monday Holdings is a Hongkong based vegetable meat manufacturer, planning to open stores in Singapore and Chinese mainland. It produces pork substitutes, the most popular meat in Chinese mainland, while Impossible Foods and Beyond Meat provide vegetable beef products.

Euromonitor International forecasts that the alternative meat market in the Asia Pacific region will grow by 11.6% this year, worth US $17.1 billion. More than US $15 billion, and even more than 75.4% of consumers worry about the value of health in 2019.

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