Plant-based meat company eyes Asia expansion after Hong Kong launch

2018 was a big year for plant-based meats, but 2019 could mark an even bigger turning point for the market. According to the Good Food Institute, sales of plant-based meats grew by more than 23 percent to around 760 million U.S. dollars last year. Much of that growth came from Asia. Now one of the industry's leading players, U.S.-based Impossible Foods is aiming to expand its footprint into the region to capitalize on a growing appetite for meat alternatives.

Placed side by side, real and meatless patties do look a little different. The meatless patty looks like a more finely ground version of the real beef burger. But it's hard to tell any difference when fired up on the grill.

"It's so close to the real thing in terms of the way it handles, the way it cooks, the way it tastes," said Uwe Opocensky, group executive chef of Beef and Liberty.

The restaurant Beef and Library in Hong Kong began serving plant-based burgers made by Impossible Foods about a year ago when the company made its first foray into the market.

The restaurant said that over the past year it's been slowly expanding its meatless meat offerings, and says it's actually helped it attract an entirely new customer base. It's also at the heart of the company's plans to roll out an entirely meatless chain of outlets.

Workers assemble plant-based hamburger patties at Impossible Foods in the U.S, October 6, 2016. /VCG Photo

It's not the only brand of plant-based meat available in Hong Kong, but it's the one that's arguably gotten the closest to replicating the real thing.

The key ingredient that helps it achieve that is a molecule called heme. Rich in iron, it's found in all animals and plants, and it's what gives the Impossible Burger its meaty flavor.

When Impossible Foods first ventured into Hong Kong last year, it was available in just four outlets. It's now on menus in over 150 restaurants in Hong Kong. It has recently launched in Singapore as part of its expansion into Asia.

"Asia was a target from day one at Impossible, many people don't realize Asia is the biggest consuming meat area in the globe," said Nick Halla, senior vice president of Impossible Foods.

But Impossible Foods is yet to crack the Chinese mainland, where it still needs regulatory approval.

"We've started in Hong Kong and places like Singapore where we can really build credibility as a high-quality food, and food brand, but really going through China (mainland) and throughout Asia are imminently important," Halla said.

Under dietary guidelines released in 2016, China is aiming to cut individual meat consumption by 50 percent in an effort to fight greenhouse gas emissions.

If Impossible Foods can gain a foothold in the country, it could take a big bite out of a fast-growing market with more than a billion consumers.