Singapore’s meat substitute market to grow at CAGR of 5.1% by 2024

Bühler and Givaudan aim to address nutrition challenges

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Switzerland-based food technology company Bühler and flavor and fragrance company Givaudan have partnered to set up a plant-based food innovation center in Singapore.

Nabila Azmatulla, consumer insights analyst at GlobalData, offers her view, “The innovation center, which is scheduled to open in Q4 2020, will have experts from the two companies working together to positively impact the climate and nutritional habits and explore more sustainable ways to produce food. The focus will be to utilize Bühler’s equipment and processing expertise combined with Givaudan’s flavor and ingredient expertise to provide an optimal offering.”

According to GlobalData, Singapore’s meat substitute market currently stands at US$ 2.85 million (approximately Rs 20 crore) in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 5.1% between 2019 and 2024. The growth potential is comparable to Asia, which is projected to grow at a CAGR of 6.8% during the same period and reach an estimated US$ 1.38 billion (approximately Rs 10,000 crore) by 2024.

“The opportunity the Asian market offers makes it imperative for meat substitute manufacturers to explore plant-based foods while experimenting with local palettes and taste expectations. With the ever-growing population, increasing income, and craving for convenience-based lifestyles, sustainability is the need of the hour.”

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