Visitors attempt plant-based meat substitutes at restaurants and bars and gourmet Asia Expo on November 11, 2020 at the Hong Kong Convention and Exhibition Center in Hong Kong.
Peter Parks | AFP | Getty Images
SINGAPORE – Demand for meat alternatives has increased and will continue to grow, but there are still obstacles to overcome the industry in different parts of the world, analysts said.
According to Google Trends, the initial public offering of meat has skyrocketed worldwide search interest for the term “plant-based meat” in early 2019.
Market research firm Euromonitor told CNBC that the global meat substitute sector is valued at .7 20.7 billion, and by 2024 it has grown to .2 23.2 billion.
That growth is being fueled by concerns ranging from animal welfare to food security and the Covid-19 epidemic.
“In this age of shock and instability, creating a chain of low-risk value means focusing on where the opportunities are, and there’s no sign of a slowdown in the shift to plant-based meat,” said Elaine Cue, managing director of The Good Food. Organization Asia Pacific.
But obstacles remain in the bullish market.
Cultural barriers
The plant-based meat market in Asia may be limited by established assumption issues, the CU said.
For example, mock meat or vegetarian meat is mainly eaten by followers of Buddhism in China, she said.
“The imitation of the taste and texture of the meat has never been promoted to a relatively basic level,” he added, adding that these traditional products serve a specific purpose and are seen as “limited” to certain groups.
“In order for plant-based meat to reach its full market potential in Asia, the sector must continue to break with its association with traditional mock meat, which is sold at lower prices and is expected to carry the image of historical image,” the CU said.
Objections to the traditional meat industry
Simon Powell, global head of thematic research at American Bank Jefferies, said that especially the U.S. In the way of alternative protein field can also be tle bha.
The U.S. Cattlemen’s Association filed an application in 2018 seeking an official definition of the terms “beef” and “meat” to keep plant-based proteins out of the description.
A herd of meat cattle gathers in the shade of an old barn on May 4, 2020 in Wings, Maryland.
Mark Wilson | Getty Images News | Getty Images
Powell told CNBC via Zoom that “provocative manufacturers will run their government’s hard line to change labeling, mess with consumer advertising.” “I think that’s probably one of the biggest obstacles.”
The European Union rejected a proposal in October to ban restaurants and shops from using terms such as sausage or burgers when describing meat alternatives.
Consumer confidence, consumer fatigue
Powell added that if any of the plant-based meat companies had “some kind of accident” or a problem with their recipe that resulted in a “massive call”, consumers would be afraid to eat these options.
“This is a big ‘if’ … but if they have a big product recall customers’ confidence may go down.” “At some point, you’re going to get these events. This will set the industry back a bit. “
Separately, Powell said the “Instagram potential” of plant-based foods is one reason the market is “everywhere in the world.” Is increasing. Market growth is hampered if the innovation of meat alternatives is removed or worn, he said.
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