Demand for plant-based meat grows in China

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

Taste and price will be the dominant characteristics in the expansion of the Chinese plant-based meat market over the next 10 years, but IT will grow nonetheless. “Taste is king, price is queen,” explained Saurab Bajaj, CEO of Just Asia, on the Rabobank podcast. Therefore, in order to move from niche to mass consumption, products must become better and cheaper.

Chinese consumers' attention to plant-based meat substitutes is on the rise. Demand is supported, among other things, by a growing preference for healthier diets, novelty and uniqueness of products, and the need to ensure the sustainability of the food sector.

“The market for plant-based meat substitutes, including traditional tofu and meat-simulating products, is expected to grow at a CAGR of 5.4% to 9.4% between 2021 and 2030, reaching $17-24 billion in 2030. We expect the meat substitute market to reach $2.1 billion to $9 billion in 2030, representing a 54% to 81% (CAGR) growth,” said Michelle Huang, Analyst at Rabobank - Consumer Foods.

China's plant-based meat substitutes sector was valued at 6.1 billion yuan ($910 million) in 2018, up 14.2% from last year, according to Daxue Consulting. While some European countries and the US are showing faster growth, China is one of the largest consumers of vegan meat, accounting for about a quarter of the global market.

Read together with it: