TYSON LAUNCHES PLANT-BASED LINES IN GROWING ASIA-PACIFIC
Growing demand for meat alternatives in Asia-Pacific has prompted NYSE-listed Tyson Foods to debut new plant-based products in some retail markets in the region and online under the First Pride brand.
The company is initially launching frozen Bites, Nuggets and Strips made with plants in Malaysia starting this month, and then roll them out to other markets. Pricing for a 420g bags is about $4.80.
First Pride is a household name in Malaysia where it has provided halal-certified frozen chicken, beef, and fish products for nearly 15 years. The new lines are made with regionally-sourced ingredients including bamboo fibre, soy protein and wheat protein.
Tyson Foods APAC president Tan Sun commented: “The Asian market is a natural fit for this category with traditional plant-based products like tofu already entrenched in the culture. The key to meeting consumer preferences with new plant-based protein is through innovation and making locally-relevant products that taste great.”
Tyson enters $16.3 billion market
Market analyst Euromonitor says APAC retail sales of meat substitutes reached $16.3 billion in 2020 and that the plant-based category is still growing there. By 2025 the market is forecast to exceed $20 billion. Boston Consulting Group suggests that alternative proteins could account for 11% of the global protein market by 2035.
Plant-based options have seen accelerated demand during the pandemic as consumers rethink their health and well-being. According to the Good Food Institute, 75% of consumers are open to a diet that includes meat and plant proteins.
Tyson Foods hopes to use its culinary network and scalability to replicate the success it has had in the US with plant-based products in Asia-Pacific. While the products will initially be available in retail stores, the plan is to offer them to foodservice customers in the region as well. The plant-based launch complements other products from poultry to beef that Tyson supplies across Thailand, Malaysia and Australia.