A new report, “Global Poultry Meat Market 2019-2023” demonstrates that the global poultry meat market, although being currently driven by inrease in demand from countries such as Japan and China, is being hindered by the rise of plant-based protein.
The report, published by ResearchAndMarkets.com, shows increasing export and import activities of poultry meat such as chicken, driven by developing countries who are accelerating in terms of disposable income and appetite for meat products.
However, the study finds that, “The growing popularity of plant-based protein products such as soy protein is expected to have a negative impact on the growth of the global poultry meat market. Several leading food brands across the world are investing heavily in the development of sustainable plant-based foods.”
In terms of this changing marketplace, Rabobank asked its food industry customers: “In the world of food, what surprised you the most over the last twelve months?” The overwhelming response: “The breakneck advancement of plant-based food and beverages was easily the biggest surprise to our readership.” Rabobank estimated retail sales of plant-based meat alternatives increased by a quarter to an estimated $770 million in the twelve months up to August 2018,” and “the wider range of plant-based alternatives to conventional animal foods … up 17 percent in the past twelve months. Equally impressive are the number of new entrants and players in the “new protein landscape.”