Food Frontier Report: Opportunities Abound as Asia's Alternative Protein Market Grows
19% of respondents in key markets surveyed are flexitarian, on average for health reasons
MELBOURNE, Australia, July 25, 2023 /PRNewswire/ -- Food Frontier, an independent alternative proteins think tank, recently released its Alternative Proteins and Asia report, which finds growing demand for meat substitutes in Asian countries — particularly China, Singapore, South Korea, Thailand, and Japan — while offering actionable insights for global companies seeking entry or expansion in these markets. The report is published in partnership with researchers Mintel and New Zealand's food and fibre sector think tank Te Puna Whakaaronui.
The report also identifies foodservice as a viable entry point. For more details, download the free report here: https://www.foodfrontier.org/resource/alternative-proteins-and-asia/
With meat and seafood consumption in Asia slated for 78% growth by 2050, according to a 2018 report from Asia Research & Engagement, regional consumers are increasingly turning to meat substitutes: data from Statista projects that the Asian alternative protein market will reach USD13.63 billion by 2027 from a current baseline of USD4.32 billion.
"Health, environmental and food security concerns are behind the growing regional demand for alternative proteins," notes Food Frontier Executive Director, Dr. Simon Eassom. "More people are becoming interested in a flexitarian diet—one where they regularly swap conventional animal meat for new options like plant-based meat, which provides a familiar eating experience without compromising on nutritional value."
Te Puna Whakaaronui says it's important to have a robust fact-base on potential opportunities for alternative proteins across key markets. Jarred Mair, Te Puna Whakaaronui Executive Director said, "This research provides valuable market insights for conventional protein producers as well as emergent alt-protein ingredient companies worldwide."
About
Food Frontier is the independent think tank on alternative proteins in Australia and New Zealand. Funded by grants and donations, our work is growing our region's protein supply with new, sustainable and nutritious options that create value for businesses, farmers and consumers.
Te Puna Whakaaronui is New Zealand's first fully independent, government funded, food and fibre sector think tank. It helps lead, co-ordinate and accelerate the transformation of the food and fibre sector by providing research, thought leadership, strategic insights and advice to sector participants, industry bodies, Māori agri-business, and agri-business.
SOURCE Food Frontier
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