Chan Ye Xin Xi Wang·2025-12-10 01:23Core Insights - The plant-based meat industry is gaining attention due to increasing consumer awareness of healthy eating and sustainability, with unique taste and nutritional value driving demand [1][9] - The market for plant-based meat in China saw a decline in 2022, with a 5.6% year-on-year decrease, but is expected to recover, reaching a market size of 10.5 billion yuan by 2025, a 10.5% increase [1][9] Industry Overview - Plant-based meat is made from plant proteins like soy and peas, mimicking the texture and flavor of animal meat, and offers health benefits such as zero cholesterol and high essential amino acids [1][3] - The industry has evolved through five stages, from early exploration (1970s-2008) to commercialization (2009-2018), explosive growth (2019-2021), a cooling adjustment period (2022-2024), and now a phase of transformation and standardized development [4][5][6] Market Dynamics - The global plant-based meat market is projected to grow from $12.1 billion in 2019 to $16.5 billion in 2024, with a compound annual growth rate (CAGR) of 6.4% driven by health and sustainability concerns [9] - In China, the market is expected to recover and grow, with companies diversifying their product offerings to adapt to local tastes and preferences [1][9] Competitive Landscape - Major players in the global market include Beyond Meat and Impossible Foods, while in China, companies like Yantai Shuangta Food Co., Ltd., Jinzi Ham Co., Ltd., and Shenzhen Qishan Food Co., Ltd. are key competitors [2][10] - Jinzi Ham has developed various plant-based products and was the first to sell plant-based meat in China, while Shuangta Food focuses on pea protein and has established a dedicated plant-based meat team [10][12] Development Trends - The industry is expanding into Chinese culinary contexts, with products like dumplings and hot pot meatballs emerging, while technological advancements are improving taste and texture [13] - A standardized labeling and safety framework is expected to enhance consumer trust and market growth, alongside a diversification of raw materials beyond soy and peas to include microalgae and yeast proteins [13][14]