Growing environmental concerns increase demand for alternative meats in booming Asia
Customers, some wearing face masks as a preventive measure against the COVID-19 novel coronavirus, queue to buy meat at a market in Singapore. March 22, 2020
Demand for plant-based meat alternatives is still nascent in Asia, but is nevertheless rising by about 30 percent annually and is particularly strong in developed markets such as South Korea, Hong Kong and Singapore, industry players say. But they face competition from local startups, who are thinking beyond simply making faux burgers, and may be better in tune with what consumers want in a diverse region that is fiercely proud of its culinary traditions.
They plan to convert the algae to protein powder, which will then be used to make imitation seafood products, such as fish balls and crab. "If you want to market to these people, you want to sell it in a burger format? No way," said Wang, whose company received US$700,000 funding from the city-state's sovereign wealth fund Temasek.
Still, such companies may have a hard time convincing consumers with traditional tastes to change to their products.
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