Global demand for plant-based products projected to reach $74.2 billion by 2027

According to market research firm Mintel, the global demand for plant-based products is set to reach $74.2 billion by 2027.

The Department of Trade and Industry-Export Marketing Bureau (DTI-EMB) is encouraging exporters to seize this opportunity by venturing into plant-based food.

Plant-based food generally consists of ingredients that include vegetables, fruits, whole grains, nuts, seeds, or legumes. Plant-based meat is a popular alternative for vegans and vegetarians.

The demand for plant-based products is rising around the world, not just in Europe and North America. In the Asia Pacific (APAC), the market is expected to reach $30 billion by 2027 with a compound annual growth rate (CAGR) of 18.9%.

According to Mintel, the APAC market growth is due to increasing disposable income, technological innovation in food and beverages, and supportive government policies, particularly in India, Japan, and China.

Plant-based meat manufacturers such as Hong Kong-based producers Right Treat (Omnipork) and South Korea’s Zikooin (Unlimeat) have started partnering with convenience stores to carry their products.

FamilyMart Taiwan announced the launch of Omnipork instant meal cups in early 2020 and recently launched plant-based tomato spaghetti and plant-based cheeseburgers. In South Korea, 7-Eleven debuted plant-based burgers, dumplings, and Korean sushi rolls last year.

In the Philippines, more people are becoming vegans due to the growing awareness of plant-based diets. Century Pacific Food Inc. (CNPF) launched its plant-based meat product unMEAT in February this year.

The company also partnered with Shakey’s Pizza to use UnMEAT in the restaurant’s The Good Burger and is reportedly partnering with more restaurants. Furthermore, it started exporting unMEAT in 80 countries, including China and the United States.

The Philippines has an abundant supply of related agri-products such as bananas, broccoli, cassava, cauliflower, coconut, mango, mung bean, mushroom, peanuts, soybeans, and sweet potato. The Bangsamoro Autonomous Region in Muslim Mindanao, Cagayan Valley, Ilocos Region, and Northern Mindanao are the regions where most of these are produced, according to the DTI-EMB.

The DTI-EMB may be contacted at exports@dti.gov.ph for assistance with or information on exporting plant-based and other products.

SOURCE: Business Mirror