Plant Protein Startups Vie To Tap China’s Hungry Market
Start-ups specialising in alternative protein, from eggless eggs to pea-stuffed burgers and cell-grown fish products, are piling into the Chinese territory of Hong Kong to tap the mainland's booming multi-billion dollar food market.
At a time when traditional meat farmers have seen profits hurt by the U.S.-China trade war and the spread of swine fever, companies such as Impossible Foods, JUST and Beyond Meat are luring affluent Asian consumers with products they say are more sustainable and environmentally friendly than conventional meat.
The global meat substitutes market was estimated at $4.6 billion last year and is predicted to reach $6.4 billion by 2023, according to research firm Markets and Markets. Asia is the fastest growing region.
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