Appetite for plant-based meat is growing in China

Published 2021년 9월 13일

Tridge summary

The Chinese market for plant-based meat alternatives is projected to grow at a CAGR of 5.4% to 9.4% from 2021 to 2030, reaching a value of $17 billion to $24 billion, as per Rabobank. This growth is expected to be driven by meat imitation products, which are anticipated to grow in value from $2.1 billion to USD 9 billion during the same period. The market, which includes traditional tofu and meat imitation products, was valued at 6.1 billion yuan ($910 million) in 2018. The key factors driving this growth are the desire for healthier diets, preference for novel and unique products, and the need for sustainability, alongside the importance of taste and price.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

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 ...

Source: EuroMeat