March 14, 2024 – The plant-based food market is growing globally, and Asia Pacific is no exception. Consumers in the region are increasingly embracing plant-based alternatives to meat and dairy products, driven by a variety of factors including health, sustainability, and ethical concerns. Innova Market Insights looks at opportunities for food and beverage companies looking to tap into this growing market.
This article is based on Innova’s Now & Next for the Plant-Based Consumer in Asia – Dec 2024 report. This report is available to purchase or with an Innova Reports subscription. Reach out to find out more
Plant Based Consumer Drivers in the Asia Pacific
The growth of the plant-based food market in the Asia Pacific region is influenced by several key factors. Increased health consciousness among consumers has led to a greater awareness of the benefits associated with a plant-based diet, particularly its potential to reduce the risk of chronic diseases and enhance overall well-being.
Additionally, consumer trends indicate that environmental sustainability is a concern for many, prompting individuals to choose plant-based options to lessen their ecological footprint. Ethical considerations, particularly regarding animal welfare, also play a role, as more consumers seek alternatives to animal products that align with their values.
Finally, innovations in taste and convenience have transformed plant-based offerings, making them appealing and flavorful, which has further driven interest and demand in this market.
Consumer Insights in Plant Based
Plant-based trends reveal that 29% of Asian consumers choose dairy alternatives, with non-dairy milk drinks being the most popular. While health benefits are a key factor, taste and convenience are also important considerations. Many consumers are looking for plant-based products that mimic the taste and texture of traditional dairy products, and they are willing to pay a premium for high-quality options.
The meat substitute market is also showing strong growth in Asia Pacific, with half of consumers purchasing these products for sustainability reasons. This trend is particularly strong among younger generations, such as Gen Z and Millennials, who are more likely to be flexitarian and have a higher income.
Rising Demand for Familiar Plant-Based Asian Cuisine
Consumers in Asia Pacific are increasingly seeking familiar and recognizable plant-based options. One of the most prominent consumer trends is the emergence of plant-based versions of traditional Asian dishes and formats. These products offer consumers comfort and ease, as they are familiar and comforting, yet cater to their desire for healthier choices. This plant-based trend is particularly reflected in the rise of plant-based versions of popular Asian dishes, such as curries, stir-fries, and dumplings.
Consumer Awareness of Sustainability
Consumer trends show that sustainability is a major factor driving consumer demand for plant-based products. For example, 58% of Asian consumers believe that plant-based products are a way to live more sustainably. Consumers are actively looking for products that promote increased biodiversity, reduce water pollution, and improve worker conditions.
Companies that emphasize these benefits in their marketing are more likely to attract environmentally conscious consumers.
Prioritizing Prevention in Plant-Based Food Choices
Plant-based trends show that consumers in Asia Pacific are increasingly prioritizing preventative health measures. 60% of consumers are willing to pay more for plant-based products that offer added health benefits. This presents an opportunity for companies to develop premium plant-based products that cater to this growing demand.
Product Launch Trends in Plant-Based Asia Pacific
In the Asia Pacific region, there is a noticeable increase in the launch of plant-based products that emphasize familiar flavors and formats, catering to consumers’ demands for clarity and comfort in their food choices. Notable examples include PFC Foods’ introduction of a plant-based chicken seekh kebab in India, which offers a recognized taste in a plant-based format, and Green Rebel’s halal-certified Rasa Ayam Karage chickn karaage in Indonesia, providing convenient alternatives to local favorites.
There is also a noticeable emphasis on added health benefits, with consumers seeking products that not only mimic the taste of original ingredients but also offer additional nutritional value. While traditional ingredients like rice, soy, and coconut remain popular, there is growing interest in niche ingredients such as chickpeas, lentils, and quinoa, expanding the variety available to consumers.
What’s Next in Plant Based in Asia Pacific?
The plant-based food market in the Asia Pacific region is projected to continue growing in the coming years. Key plant-based trends shaping this development include increased innovation in product offerings, focusing on enhanced flavors, textures, and formats.
Additionally, consumers are increasingly demanding transparency from food companies, leading to a heightened emphasis on clean labels, sustainable sourcing, and ethical production practices. There is also a notable rise in demand for premium plant-based products, with consumers willing to pay more for options that provide health benefits and sustainability credentials.
Overall, brands that cater to the rising demand for healthier, sustainable, and delicious plant-based foods will be well-positioned for success in the evolving plant-based market in the Asia Pacific region.
This article is based on Innova’s Now & Next for the Plant-Based Consumer in Asia – Dec 2024 report. This report is available to purchase or with an Innova Reports subscription. Reach out to find out more
