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Rapid Development of Plant-Based Meat Industry after 2021, Huge Development Potential in China Market

Rapid Development of Plant-Based Meat Industry

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China's plant-based meat industry has been rapidly developing with a 25% growth rate in the past two years, higher than the United States plant-based meat industry.

Rapid Development of Plant-Based Meat Industry (2)

1. U.S. Plant-Based Meat Market

The U.S. market has a high consumer demand for plant-based meat, and in the past three years, the retail scale of plant-based food in the U.S. has been expanding, reaching $6.2 billion by 2020, of which the plant-based dairy market is relatively mature, but there is still room for the development of the plant-based meat market.

Rapid Development of Plant-Based Meat Industry (1)

2. China Plant-Based Meat Market

According to the latest report from the New Sijie Industry Research Center, China's plant-based meat industry started late and existed mainly in the form of vegetarian meat before 2018, and the market demand was small and the industry developed slowly. However, after 2019, driven by the development of the global plant-based meat industry and the shortage of pork supply, China's plant-based meat industry has been rapidly developing, the domestic plant-based meat industry growth rate in the past two years was up to 25%,, higher than the United States plant-based meat industry, the industry is in rapid development.

Rapid Development of Plant-Based Meat Industry (3)

3. Plant-Based Meat Ingredients and the Their Origin

At present, soy protein and pea protein are the main raw materials of plant-based meat products.

From a global perspective, the United States, Brazil and Argentina are the main supply areas of soybeans, while Canada and Russia are the main supply areas of peas.

Compared with soybeans, the origin of peas is more dispersed. China is a major producer of soy protein and pea protein, with global production of more than 2.1 million tons of soy protein per year in 2020, with half of the capacity concentrated in China.

Compared with soy protein, the global production capacity of pea protein is low, with a global production capacity of only about 170,000 tons in 2020, and China's pea protein production is the first in the world.

China's soybeans for plant meat are non-GMO soybeans grown in China, and dependence on imported soybeans is low. Compared with soy protein, pea protein has high nutritional value, non-allergenic, light bean odor and other characteristics, favored by plant meat enterprises. At present, China's pea protein processing market concentration is relatively high, the main representative enterprises are Shuangta, Oriental, Jianyuan, can meet the market demand.

4. Plant-Based Consumer Trends & Consumption Type

In the United States, meat consumption is mainly meat patties and sausages, and consumers' acceptance of plant meat is very high, so the sales of plant meat in the United States are mainly in retail and catering channels.

China's plant meat industry is relatively young, consumer acceptance is low, so at present, China's plant meat mainly depends on the restaurant industry to drive, in 2020 China's plant meat market size reached 4.5 billion yuan.

5. Plant-Based Meat Market Demand

According to New World analysts, with the influence of the consumer concept, plant-based meat is recognized in the world, and the market demand continues to rise,

The market scale is expanding, and the industry is developing rapidly. In terms of production, compared to soy protein, pea protein has more production

In the future, pea protein will be widely used in the production of vegetable meat.

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