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The world’s fastest growing plant-based meat market | Morning Briefing Ep 7

Written by KrASIA Morning Briefing and Decoded Published on     2 mins read

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With an expected 13.9% CAGR from 2020 to 2027 and a projected market value of USD 6.1 billion by 2027, China is a market that plant-based meat brands cannot overlook.

KrASIA’s Morning Briefing is a closed-door presentation that delves into a different industry every first and third Tuesday of the month. Register here for the upcoming episode on plant-based meat, which will be held on June 1, from 9:00 a.m. to 9:30 a.m. (GMT +8)

Tech and innovation isn’t just about computers, chips, and data. Groundbreaking solutions and alternatives are developed for every industry. That includes food and agriculture. Next Tuesday, we’ll take you through the current state of the “meat” industry. In recent years, plant-based meat has left its mark; these protein alternatives are readily available in supermarkets, and some have even made their way onto the menus of fast food restaurants and popular F&B chains. Some consumers have been receptive, enough so that plant-based meat is here to stay.

Brands such as Beyond Meat and Impossible Foods paved the way by formulating alternatives that are made from soy and pea protein, yet mimic the taste and texture of real meat, even replicating the way a beef burger “bleeds.” The stories behind these brands often link up with larger discussions about sustainable food production and eliminating harmful conditions that animals face on factory farms. Just last year, the global market for plant-based meat was estimated to be USD 13.6 billion. It is predicted to nearly triple to USD 35 billion by 2027.

Several domestic brands have emerged in China, including Starfield, Hey Maet, and Zhenmeat. China is slated to be the fastest growing market for pea protein, outstripping major markets like the US, Japan, Canada, and Europe. What can we expect from the country’s plant-based meat makers in the years to come? And what are some of the challenges that local and foreign players have to overcome in a place where diverse culinary traditions run deep?

Join us on June 1, from 9:00 a.m. to 9:30 a.m. (GMT +8). We will cover:

  • Overview and prospects of the plant-based meat market
  • Defining characteristics and challenges for plant-based meat in China
  • Case study of Starfield, the leading domestic brand

Fun fact: China’s Shuangta Food has been Beyond Meat’s main pea protein supplier since 2019.

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