A report by Food Frontier has revealed the five Asian countries with the biggest alt protein market potential, and the opportunities this could bring for Australian and New Zealand manufacturers.
In order of opportunity, the countries are:
- China — Currently has an alt meat market worth $2.13 billion, with a 20% CAGR predicted to 2027. International companies are establishing facilities in the country, while homegrown startups continue to see success. A quarter of consumers in the country identify as flexitarian, while a third intend to reduce their consumption of at least one type of meat.
- Singapore — Per capita alt meat revenue reached $2.34 last year, which is considered high. 39% of consumers say they would be willing to consume cultivated meat — which is already available to buy in the city-state — and awareness of technologies such as precision fermentation is higher than in other Asian countries.
- South Korea — Like China, the alt meat market is expected to grow with a 20% CAGR to 2027.
- Japan — Already has a significant market for meat alternatives, though predicted growth lags behind other countries at 9%.
- Thailand — The Thai government is supporting technologies such as 3D food printing, and there have been significant private investments in alt proteins in the country. A 14% CAGR is expected.
