Meatless diet expansion: Plant-based meat company eyes Asia market

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.

Put side by side, the meatless patty is like a more finely-ground version of the real beef burger. But when fired up on the grill, it's hard to tell any difference at all.

“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 Liberty.

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

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.

Veggie burgers sizzle on the grill. A molecule called Heme helps the patty behave and taste like meat. /Impossible Foods Photo

Beef Liberty said that over the past year it's been slowly expanding its meatless meat offerings, and the meat helped it to attract an entirely new customer base altogether.

Impossible Foods plans to launch an entirely meatless chain of outlets. When the company first ventured into Hong Kong last year, it was available in just four restaurants. It's now on menus in over 150. It 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 meat consuming area in the globe,” said Nick Halla, senior vice president of Impossible Foods International.

Impossible Foods is yet to gain access to the Chinese mainland market. Halla considers going through the Chinese mainland and throughout Asia as "imminently important" for the company.

Under dietary guidelines released in 2016, China is aiming to cut individual meat consumption by half as part of efforts to fight greenhouse gas emissions. If Impossible Foods can gain a foothold in the country, it could take a big bite out of the growing market with more than a billion consumers.