This month, the world's second largest processor and marketer of chicken, beef, and pork, US meat processor, Tyson Foods, will launch its plant-based food in select Asia-Pacific markets.
Tyson Foods says the initial launch under its First Pride brand will introduce frozen Bites, Nuggets and Strips made with plants to consumers in Malaysia and will roll them out to other markets in the region in the coming months.
Tyson Foods’ First Pride Bites, Nuggets and Strips made with plants. Each product is pre-fried, cooked, and frozen and a 420g bag will be priced at RM19.90 (US$4.65). Photo: Tyson Foods
A rising demand for plant-based protein is expected from consumers conscious about health, animal welfare and the environment, says Reuters, noting that Impossible Foods, Nestle and Beyond Meat have already entered Asia with their plant-based meat products.
Popularity of plant-based meat
Plant-based options have seen a rise in popularity across the region in recent years and have further accelerated during the pandemic. Some 75% of consumers open to a diet that includes meat and plant proteins, according to Consumer Insights, Good Food Institute.
Data provided by Euromonitor to Tyson Foods notes retail sales of meat substitutes in Asia-Pacific reached US$16.3 billion in 2020 and are expected to exceed US$20 billion by 2025.
Alternative proteins could account for 11% of the global protein market by 2035, according to Boston Consulting Group. While the category in Asia is still growing, Asia-Pacific retail sales of meat substitutes reached US$16.3 billion in 2020 and are expected to exceed US$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 of Tyson Foods Asia-Pacific, said in a statement.