Plant-Based Meat in China: What Does the Future Hold?
Chinese consumers' appetite for plant-based meat alternatives is growing. The demand is buoyed up by, among other things, the increasing preference for healthier diets, novelty products and uniqueness, and the need for sustainability. The plant-based meat alternatives market, including traditional tofu and meat imitation products, is expected to grow at a CAGR of 5.4% to 9.4% between 2021 and 2030, reaching USD 17bn to USD 24bn in 2030. Meat imitation products will drive such growth. We expect meat imitation to reach USD 2.1bn to USD 9bn in 2030, representing a 54% to 81% growth (CAGR) in value.
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Adoption of these products will largely depend on improvements in taste, texture, price, and other factors. To reach mass-market penetration, suppliers need to improve the products and lower the cost. In our recently published podcast, The Future of Alternative Protein in Asia, Saurabh Bajaj, Asia CEO of Just Asia, says, "Taste is the king; price is the queen." Therefore, products need to get better and less expensive to move from niche to mass consumption.
In this report, we analyze the market opportunities in China, key players in the value chain and how they play, and how to succeed in the future.