Plant-based proteins in Southeast Asia- Fad or Future?
Global market for alternative meats (plant based proteins) is projected to reach $450 billion by 2040, according to global consulting firm AT Kearney.
In Southeast Asia, plant-based foods are not new.
What is different now is the increased awareness of health, sustainability and the rise of flexitarians (people who eat meat but would incorporate more vegetarian options into their diets if given a choice).
But is the wave of alternative meats going to change Southeast Asian appetite as well?
Reports suggest that 7 in 10 Southeast Asian consumers have tried plant-based food alternatives
53% of people who have tried plant-based foods have done so because they feel they are healthier
Only 24% made the choice out of concerns of the environmental impact of livestock farming.
Growth of alternative protein in Southeast Asia hinges on 4 key factors converging
1) Growing flexitarian and vegetarian diets
There is growing evidence that consumers in the region are likely to adopt more vegetables in their diet.
2) Youth driven demand
Younger consumers are a lot more conscious of how much meat they eat, where it comes from and how often they choose to indulge
3) Price Parity
While the environmental and food security benefits are encouraging, the key to consumer acceptance is parity. Alternative proteins must taste and feel as good as the conventional foods they replace and cost either the same or less.
4) Expansion of formats and channels
Availability & formats will be another critical pillar to drive growth in this sector to seamlessly integrate with consumer food choices and habits
Demand for plant-based foods is here to stay, as consumers' health consciousness rises and ability to act on it rises with increasing affluence in the region but its still an unproven hypothesis being tested in markets.
However, the taste, nutritional content, and lack of scale of plant-based meats today mean plant-based brands may face strong competition from other technologies to address SEA’s future protein needs in the next 10 years
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We collaborate closely with Founders to build the intrinsic value of their company by building a scalable organization and providing dependable long-term capital.
We have grown to become one of Southeast Asia's largest independent venture capital firms.
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WHO ARE WE?
Jungle Ventures is a Singapore based Venture Capital Firm that invests in regional or global technology category leaders from Asia.
We collaborate closely with Founders to build the intrinsic value of their company by building a scalable organization and providing dependable long-term capital.
We have grown to become one of Southeast Asia's largest independent venture capital firms.
FIND US
Website: https://www.jungle.vc
LinkedIn: / jungle-ventures
Medium: / jungle
Facebook: / jungleventures
Twitter: / jungleventures@jungleventures
Instagram: / jungle.vc