2021 Media Kit

Plant-based meat offerings gaining more traction in Asia

Global consumer interest and demand for plant-based meat alternatives are significantly increasing. The global plant-based protein market expected to grow approximately 9% yearly between 2020 to 2025, achieving revenues of over $7 billion by 2025, said a study from Arizton. Yet despite the growth, the Asian market remains largely untapped, the research firm revealed.
To tap into the Asian market, companies are either investing more into the production of plant-based products or starting to add plant-based meat dishes in their menu. Recently, Singapore-headquartered Growthwell, a manufacturer of plant-based alternatives for meat and seafood for the South-east Asian market, raised US$8 million in a funding round led by investment company Temasek. The new funds will accelerate the company’s growth plans into alternative proteins and future food solutions globally.
Plans include the setup of an end-to-end technology centre in Singapore focusing on R&D and manufacturing, an investment in Israeli food-tech start-up ChickP, as well as the launch of chickpea protein-based seafood alternative series using ChickP's proteins. The new facility will have the latest food technology applications, high moisture extrusion (HME) capabilities and a fully automatic manufacturing production line. The company added this strategic setup dovetails with Singapore's food security imperatives.

KFC China rolls out plant-based nuggets
Meanwhile, US fried chicken brand Kentucky Fried Chicken (KFC) has become one of the first national Western quick-service restaurants (QSRs) to introduce a plant-based meat product to China. From April 28-30, KFC offered Plant-Based Chicken Nuggets stores in the cities of Shanghai, Guangzhou, and Shenzhen. The brand partnered with Cargill to test the plat-based chicken nuggets in China, benefitting from Cargill's global supply chain resources and extensive experience in the field of plant-based meat production.
According to KFC China, the promotion was successful, with customers buying 7,000 pre-sale coupons for the chance to taste the plant-based nuggets. In Shanghai, pre-sale coupons for the first day sold out within one hour. KFC also offered plant-based chicken in the US in a limited release last year.

(Photo above: Growthwell Group’s executive team shows off the company’s plant-based meat products.)

Post a Comment