Rabobank has produced a report in which it tries to establish what share of the food market can be covered by alternative products to meat in the coming years. Specifically, it analyzes market opportunities in China, the key players in the value chain, and what the future may hold.
Overall, Rabobank analysts believe that the adoption of these products will largely depend on improvements in taste, texture, price, and other factors. Because while Chinese consumers’ appetite for plant-based meat alternatives is growing, data shows that to reach mass-market penetration, suppliers need to improve the product and lower the cost.
According to Saurabh Bajaj, Asia CEO of Just Asia: “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 any case, demand is driven by, among other things, the increasing preference for healthier diets, novelty products and uniqueness, and the need for sustainability. This is why the plant-based meat alternatives market, including traditional tofu and meat imitation products, is expected to grow at a compound annual growth rate (CAGR) of 5.4% to 9.4% between 2021 and 2030, reaching 17 to 24 billion USD in 2030.
Meat imitation products will drive such growth. Rabobank expects meat imitation to reach 2.1 to 9 billion USD in 2030, representing a 54% to 81% growth (CAGR) in value.
The full report can be downloaded here (exclusively for Rabobank clients).
Source: Carnica News