Appeal of plant-based foods wanes, but Asian startups and investors still in for the long haul
Add BT as a preferred sourceBernadette Toh
ASIAN players are now pushing into plant-based food, but may be late to the alt-protein party, as investors are starting to back away from the hype.
The industry is struggling with slow mass adoption in the region, even as Asian consumers become increasingly aware of the global food crisis that is behind the growth of the plant-based movement.
Put off by the price premium, excessive processing and taste issues, consumers in Asia have been hesitant to switch to alternative protein options. Plant-based meat sales made up a mere 0.05 per cent of overall meat sales in the Asia-Pacific (Apac) in 2020, reported The Good Food Institute Apac. In comparison, the report said plant-based meat accounted for 1.4 per cent of total meat sales in the US that year.
TRENDING NOW
Two-thirds of Sentosa Cove resales in the red, with average loss topping S$1 million since 2023
Singapore at 61: How we can ensure opportunity, security and ownership for the next generation
Too little, too late? Manila’s billion-dollar bid to ignite its sputtering EV industry
How BYD disrupted Singapore’s car market – and why the strategy is turning on itself
