Processed Meat, Seafood and Alternatives to Meat in Asia Pacific

Delivery

This report comes in PPT.

Key findings

Pandemic boosts sales in 2020…

The closure of workplaces and schools and the imposition of enforced home seclusion at the height of the COVID-19 pandemic in 2020 resulted in an increase in at-home food consumption, helping to drive retail sales of processed meat, seafood and alternatives to meat in Asia Pacific in this year.

…but growth stalls in 2021

In 2021, sales of staple foods started to normalise, due to good control of COVID-19 in much of the region and the lifting of many restrictions. This led to a return to consumption outside of the home, and therefore a recovery in foodservice sales, with the knock-on effect of negatively impacting the retail performance. However, retail sales remained above pre-pandemic levels in 2021.

E-commerce still a relatively minor channel

While e-commerce gained share during the pandemic, it still remains a relatively small sales channel, with store-based retailing continuing to dominate. While modern grocery retailers lead the way in Japan and China, the two biggest markets, traditional grocery retailers still dominated in India.

Strong meat and seafood substitutes sales in Japan

Meat and seafood substitutes continued recording strong growth in Japan in 2021, driven by the growing healthy living trend. With consumers increasingly concerned about weight management due to the amount of time being spent at home in 2020, those who had never had meat and seafood substitutes before started to try them as a healthy meal option, as plant-based products are generally considered healthier, with this trend continuing to be seen in 2021.

Modest growth rates expected in 2021-2026

Sales are expected to grow at around 1% a year in real value terms from 2022, with China leading the way in the addition of actual new sales, and Pakistan the most dynamic market, while Japanese sales will be stagnating.