Tyson Foods, the world’s largest meat company, launching plant-based food line in Asia-Pacific.

Business

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.

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