U.S. meat giant Tyson Foods to launch plant-based food in Asia-Pacific

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Impossible Foods Inc, Nestle SA (SIX:NESN), Beyond Meat (NASDAQ:BYND) Inc have already entered Asia with their plant-based meat products, expecting rising demand for the protein from consumers conscious about health, animal welfare and the environment.

Retail sales of meat substitutes in Asia-Pacific reached $16.3 billion in 2020 and are expected to exceed $20 billion by 2025, according to data provided by Euromonitor to Tyson Foods.

“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 biggest U.S. producer of animal meat by sales, said on Tuesday it would first roll out plant-based nuggets, strips, and bites in Malaysia under its First Pride brand, with a view to expand into other markets.

The Jimmy Dean sausage maker launched its plant-based products late last year from its Raised & Rooted brand in Europe.