Foreign Trade Service Corp. of the Department of Trade and Industry called on Filipino exporters to seize the huge business opportunity offered by the growing plant-based meat substitute market in Thailand and other countries.
FTSC commercial attache Enrico Mariano said the plant-based meat alternative market was valued at about $8 billion globally in 2020.
Citing Barclays report, Mariano said the global market is projected to increase up to $140 billion by 2029 with other sources estimating a revenue of $11 billion to $50 billion in 2024 and 2025, respectively.
“If we are able to just have a 1-percent share of that, that’s going to be $1.4 billion and that’s a lot for the Philippines,” he said.
Mariano identified his top three “actionable trends” that include meat/dairy substitutes, sustainability, and healthy convenience and functional food for adults and children.