Tyson Foods Inc (NYSE:TSN), a U.S. meat processor, will introduce its plant-based meals in key Asia-Pacific regions starting this month, hoping to capitalize on the region’s rising demand for meat replacements, which its competitors have set out to grab.
Impossible Foods Inc, Nestle SA (SIX:NESN), and Beyond Meat (NASDAQ:BYND) Inc have already launched plant-based meat products in Asia, anticipating increased demand from health-conscious customers concerned about animal welfare and the environment.
According to Euromonitor statistics supplied to Tyson Foods, retail sales of meat replacements in Asia-Pacific hit $16.3 billion in 2020 and are predicted to top $20 billion by 2025.
“The Asian market is a natural fit for this category with traditional plant-based products like tofu already entrenched in the culture,” Tan Sun, president, Tyson Foods Asia-Pacific, said in a statement.
Tyson Foods, the world’s largest producer of animal meat by sales, announced on Tuesday that it will launch plant-based nuggets, strips, and bits under its Initially Pride brand in Malaysia first, with plans to expand into other regions.
Jimmy Dean introduced its plant-based goods under the Raised & Rooted brand in Europe late last year.