Food companies heeding plant-based meat trends

More food companies are heeding plant-based meat trends by offering new products catering to this ever-increasing demand or partnering with other companies to boost their reach.
Recently, CP Kelco, a global provider of nature-based ingredient solutions, unveiled a new portfolio of offerings to support the product development of plant-based meat alternatives. The new range of solutions includes nature-based, cleaner, label-friendly ingredient options for formulating plant-based burger and sausage alternatives and helping deliver a meat-like eating experience. The company said the new range would help makers of plant-based meat alternatives with long and complex ingredient lists.
Meanwhile, Japanese plant-based meat company Next Meats has forged a business alliance with drug store chain Yakuodo.
The Next products are available in Japan at supermarkets like Ito-Yokado, Aeon, and Life. Popular restaurants such as Yakiniku Like and high-end locations such as Palace Hotel Tokyo use Next meat products. 
As part of the partnership, Yakuodo will purchase shares from Next. The alliance will allow Next to use the chain's employee and customer data to help develop more plant-based meat variants. The chain's logistics facilities will also help distribute the manufacturer's plant-based products.
According to a report from Bloomberg Intelligence (BI), the plant-based foods market could make up to 7.7% of the global protein market by 2030, with a value of over US$162 billion. In 2020 the market value was already $29.4 billion.
The report revealed that population growth is causing a strain on resources, contributing to plant-based food growth. BI said the Asia-Pacific region is particularly vulnerable to the limited food supply, with an expected population of 4.6 billion by 2030. As a result, the sector will likely dominate the plant-based protein market reaching $64.8 billion by 2030, up from $13.5 billion in 2020. (Compiled by Kristy Tan)

(Image from Unsplash)

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