Table of Contents
Executive Summary
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- The market
- The Impact of COVID-19 on Plant-based Diet
- Long-term impact of COVID-19 will be limited
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- Figure 1: Short, medium and long term impact of COVID-19 on plant-based diet, April 2020
- The consumer
- Majority of consumers are omnivores
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- Figure 2: Consumption frequency, December 2019
- Functional purposes driving consumption
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- Figure 3: Purpose of consumption, December 2019
- Potential to expand PPD consumption occasions beyond breakfast
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- Figure 4: Occasions of plant protein drinks, December 2019
- 40-something consumers are drawn to traditional soy-based meat for its perceived health values and familiar taste
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- Figure 5: Usage of traditional soy meat, December 2019
- ‘Organic’ and ‘additives-free’ labels indicate premium quality
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- Figure 6: Expectations of upgraded soy meat, December 2019
- Curiosity in innovative meat alternatives unearthing market potential
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- Figure 7: Interest in new tech meat, December 2019
- What we think
The Impact of COVID-19 on Plant-based Diet
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- Figure 8: Short, medium and long term impact of COVID-19 on plant-based diet, April 2020
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- Figure 9: Consumer spending changes, monthly comparison, 2020
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- Figure 10: Frequencies in doing different activities, by those who have done it, monthly comparison, 2020
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- Figure 11: Frequencies in doing different activities, those who did it a few times a week by generations, Feb 28 – Mar 6, 2020
- Figure 12: Frequencies in doing different activities, those who did it a few times a week by generations, Mar 25 – Apr 1, 2020
- Mid-to-high income households are less affected
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- Figure 13: Confidence in improving financial status in the next three month, by household income levels, Mar 25 – Apr 1, 2020
- How COVID-19 will reshape the industry
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- Figure 14: Wagas and Taco Bell’s plant-based dishes
- Figure 15: Starbucks rolling out plant-based lasagne and bowls using Beyond Meat and Omnipork
- Figure 16: KFC’s plant-based nuggets pop-up event
- Impact on Marketing Mix
- ‘Cleanness’ becomes the priority
- Utilisation of social media to educate the market
- COVID-19: China context
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- Figure 17: Accumulative confirmed cases of COVID-19 in China, January to May 2020
- Figure 18: Status of returning to work, China, March, April and May 2020
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Issues and Insights
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- Plant-protein drinks can be better positioned with functionality claims
- The facts
- The implications
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- Figure 19: Yangyuan’s Six Walnuts latest product Kamuning
- Figure 20: Pop & Bottle’s turmeric almond latte with adaptogens
- Introducing flexitarianism to inspire health-oriented consumers
- The facts
- The implications
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- Figure 21: Omnipork’s corporate catering services, 2019
- Strengthening power to the plants beyond one’s physical body
- The facts
- The implications
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- Figure 22: Beyond Meat’s website banner with environmental impact claims
The Market – What You Need to Know
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- Multinational players betting on ‘future meat’
- Stress and anxiety intensified under COVID-19
- Satisfy cravings through permissible indulgence
Market Drivers
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- Pork consumption lowers as price increases
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- Figure 23: Pork consumption, 2010-19
- Figure 24: China pork price, may 2019 – apr 2020
- Science and technology enabling elevated sensations
- Multinational players see future in plant-based protein
- Meeting demand in health improvement after the COVID-19 outbreak
Market Highlights in Plant-Protein Drinks
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- Almond and soybean lead NPD in drinks and yogurt, while almond and coconut are popular in ice cream
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- Figure 25: % of newly launched plant-protein spoonable yogurts, drinks, and ice cream, by selected ingredient, April 2019 – March 2020
- Global markets continue to reduce sugar; China and Japan favour protein
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- Figure 26: Average sugar (g/100ml) in newly launched liquid type of plant-protein drinks, by selected market, 2015-20
- Figure 27: Average protein (g/100ml) in newly launched liquid type of plant-protein drinks, by selected market, 2015-20
- APAC: enhancing the cleanness of plant-based products using ‘natural’ and ‘organic’ claims
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- Figure 28: Selected ingredient claims in newly launched liquid type of plant-protein drinks, by APAC region, 2015-20
- Figure 29: Plant protein drinks with organic claims in APAC region
- China: drinkable nuts and seeds are sprouting
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- Figure 30: Plant protein yogurt with high protein claims
- Japan: plant elements used to reimage beloved casual drinks
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- Figure 31: Asashi’s Green Calpis (soy-based lactic acid drink) launched in April 2020
- Global: guilt-free indulgence rebranding in ice cream sector
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- Figure 32: Plant-based ice-cream positioning as guilt-free treat
The Consumer – What You Need to Know
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- Majority of the population identify as omnivore
- Functional benefits driving consumption
- Curiosity opening up potential alternative meat market
Consumption Frequency
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- Grains, vegetables, and fruits predominant components of daily diet
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- Figure 33: Consumption frequency, food and drink of plant origin, December 2019
- Dairy tops animal-sourced consumption; poultry or eggs follows
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- Figure 34: Consumption frequency, food and drink of animal origin, December 2019
- Vast majority could identify as omnivores
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- Figure 35: Consumption frequency, December 2019
- Vitamins, fibre, and protein driving frequent consumption among women in their 40s
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- Figure 36: Consumption frequency, by gender and age, December 2019
Purpose of Consumption
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- Functional purposes driving consumption
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- Figure 37: Purpose of consumption, December 2019
- Potential opportunity to target women in their 30s with nutrition supplements
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- Figure 38: Purpose of consumption, by gender and age, December 2019
- Generational differences reflected in dietary priorities
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- Figure 39: Purpose of consumption, by generation, December 2019
Occasions of Plant Protein Drinks
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- Cultivating habitual usage beyond breakfast
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- Figure 40: Occasions of plant protein drinks, December 2019
- High earners enjoy PPD as casual drinks at more times
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- Figure 41: Occasions of plant protein drinks, by monthly personal income, December 2019
- Mid-to-high income households looking for quick and healthy fix
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- Figure 42: Occasions of plant protein drinks, by monthly household income, December 2019
Usage of Traditional Soy Meat
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- Common soy-based meat attracting half of consumers
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- Figure 43: Usage of traditional soy meat, December 2019
- Traditional soy-based meats facing difficulty differentiating
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- Figure 44: User satisfaction of traditional soy meat, December 2019
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- Figure 45: Interest from non-users, December 2019
- Male consumers dissatisfied with traditional soy meats present an opportunity for texture and flavour innovation
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- Figure 46: Usage of traditional soy meat, by gender, December 2019
- Traditional soy meat attracting the most health-conscious consumers
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- Figure 47: User satisfaction of traditional soy meat, December 2019
- Figure 48: Interest from non-users, by gender and age, December 2019
- Expand the reach to become more inclusive
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- Figure 49: Usage of traditional soy meat, by monthly personal income, December 2019
Expectations of Upgraded Soy Meat
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- Clean label tops consumers’ expectations towards premium version
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- Figure 50: Expectations of upgraded soy meat, December 2019
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- Figure 51: Typical traditional soy meat packaging
- Reassuring premium quality to females in their 30s and 40s
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- Figure 52: Expectations of upgraded soy meat, by family structure, December 2019
Interests in New Tech Meat
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- Forward-thinking meat alternatives generating hype and interest
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- Figure 53: Interest in new tech meat, December 2019
- New tech meat intrigues mid-to-high income households and parents
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- Figure 54: Interest in new tech meat, by monthly household income and family structure, December 2019
- Figure 55: Interest in new tech meat, by family structure, December 2019
Meet the Mintropolitans
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- MinTs are experienced while non-MinTs show curiosity
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- Figure 56: Usage of traditional soy meat, by consumer classification, December 2019
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- Figure 57: Usage of traditional soy meat, by consumer classification, December 2019
- MinTs have high expectations of upgraded soy meat
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- Figure 58: Expectations of upgraded soy meat, by consumer classification, December 2019
- MinTs enjoy varied consumption occasions of plant-protein drinks
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- Figure 59: Occasions of plant protein drinks, by consumer classification, December 2019
- New tech meat interests more MinTs
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- Figure 60: Interest in new tech meat, by consumer classification, December 2019
Appendix – Methodology and Abbreviations
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- Methodology
- Abbreviations
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