What's Driving Plant-Based Meat Sector in APAC

Plant-based meat was first developed in Asia and now, plant-based seafood is in demand in the region. According to a recent report by the Good Food Institute APAC, consumers in Asia are increasingly changing their dietary habits to include plant-based seafood due to concerns about heavy pollution in the ocean. Plant-based seafood or alternative seafood is emerging as a new source of food in Asia.

- Shraddha Warde

Plant-based seafood is made from legume proteins, soya protein, wheat protein, rice, vegetables, seaweed and plant oils. The global plant-based seafood market is projected to reach $1.3 billion by 2031, growing at a 42.3 per cent Compound Annual Growth Rate (CAGR) from 2022 to 2031. The market size for plant-based seafood was valued at 42.1 million in 2021, accounting for 62.7 per cent market share. The seafood segment is expected to remain dominant during the estimated period, with products like burgers, fillets, cutlets and tenders in high demand. As the numbers and outlook for the future are looking optimistic for the industry, let's examine this growing Alt-food source.

The Food and Agriculture Organisation’s (FAO) The State of World Fisheries and Aquaculture report 2022 states that fisheries and aquaculture production globally has reached 214 million tonnes, including 178 million tonnes of aquatic animals and 36 million tonnes of algae. Since 1961, per capita consumption of seafood has increased by 3 per cent annually. Although global seafood production is in better condition, environmental concerns, health issues, and overfishing of certain species have led to a surge in demand for alternative seafood or plant-based seafood.

According to a Good Food Institute survey, seven of the top ten seafood-consuming countries are in Asia, including China, Myanmar, Vietnam, Japan, India, Malaysia and Indonesia. This indicates a significant potential market for plant-based seafood products. Investors are also ready to invest in plant-based seafood products. In 2021 plant-based seafood companies raised $175 million and more than 120 companies are manufacturing and developing plant-based seafood mostly from, East and Southeast Asia.