U.S. meat processor Tyson Foods Inc is set to launch its plant-based food in select Asia-Pacific markets from this month in its bid to cash in on the burgeoning demand for meat substitutes in the region.
Nestle SA, Impossible Foods Inc, and Beyond Meat Inc have already entered the Asian market with their plant-based meat substitutes, following growing demand from health conscious consumers about animal welfare, health and the environment.
In 2020, retail sales of meat substitutes in the Asia-Pacific region touched $16.3 billion in 2020 and is expected to exceed $20 billion by 2025, according to Euromonitor.
“The Asian market is a natural fit for this category with traditional plant-based products like tofu already entrenched in the culture,” said Tan Sun, president, Tyson Foods Asia-Pacific.
On Tuesday. Tyson Foods, the biggest U.S. producer of animal meat by sales said, it would first roll out plant-based nuggets, strips, and bites in Malaysia under its First Pride brand, and later on expand to other markets.