China

Appetite for plant-based meat is growing in China

Products

The plant-based meat alternatives market is expected to grow at a CAGR of 5.4% to 9.4% between 2021 and 2030.

Posted on Sep 13 ,08:18

Appetite for plant-based meat is growing in China

Taste and price will be the dominant features in expanding the Chinese plant-based meat market over the next 10 years but, nonetheless, it will grow. "Taste is the king; price is the queen," explained Saurabh Bajaj, Asia CEO of Just Asia, in a Rabobank podcast. Therefore, products need to get better and less expensive to move from niche to mass consumption. 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 $17 billion to $24 billion in 2030. Meat imitation products will drive such growth. We expect meat imitation to reach $2.1 billion to USD 9 billion in 2030, representing a 54% to 81% growth (CAGR) in value", said Michelle Huang, Rabobank Analyst – Consumer Foods.

The Chinese plant-based meat industry was worth 6.1 billion yuan ($910 million) in 2018 with a 14.2% year-on-year increase, according to Daxue Consulting. Although some European countries and the US are showing faster growth, China is one of the largest consumers of vegan meat, representing about one-fourth of the world's market.

 NEWSLETTER - Stay informed with the latest news!

Comments





Similar articles

USA

US broiler exports set records in 2022

Broiler exports for the first six months of 2022 were 1,890,807 metric tons, up 6.7 percent from ...


Read more Read more
Spain

Spain: The pig sector maintains its strenght in the international markets

Thus, of the 20 countries to which Spain exports the largest volume of pork, 18 of them have grow...


Read more Read more
Canada

Government of Canada invests in improving animal welfare

With funding under the AgriAssurance Program, the organizations will draw on new research to upda...


Read more Read more
Websolutions by Angular Software and SpiderClass