A visitor tries a plant-based meat substitute product at the Restaurant & Bar and Gourmet Asia expo at the Hong Kong Convention and Exhibition centre in Hong Kong on November 11, 2020.
Peter Parks | AFP | Getty Images
SINGAPORE — Demand for meat alternatives has grown and will continue to rise, but the industry still has hurdles to overcome in different parts of the world, analysts said.
Worldwide search interest for the term “plant-based meat” skyrocketed in early 2019 months before Beyond Meat’s initial public offering, according to Google Trends.
The global meat substitutes sector is worth $20.7 billion, and is set to grow to $23.2 billion by 2024, market research company Euromonitor told CNBC.
That growth is being spurred by concerns ranging from animal welfare to food security and the Covid-19 pandemic.
“In this era of shocks and instability, building a low-risk value chain means focusing on where the opportunities are, and the shift towards plant-based meat shows no signs of slowing down,” said Elaine Siu, managing director of The Good Food Institute Asia Pacific.
But obstacles remain for the burgeoning market.
The plant-based meat market in Asia may be limited by established perception issues, said