Interpretation of the development of plant meat in China: China will occupy half of the global plant meat market in the future

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On March 22, Bloomberg Business Weekly and the Chinese plant meat brand Zhouling jointly released the "2021 China Plant Meat Industry Insight White Paper" (hereinafter referred to as the white paper, 47 pages in total).

This article comprehensively combed and analyzed the technical application, development background, domestic and foreign market conditions, and consumer feedback of the vegetable meat industry.
At the same time, it interviewed a number of experts and scholars in related fields to bring about the development of the vegetable meat industry in 2021.
reference.
Through the release of this white paper, investors will learn about the latest industry trends and intuitive market feedback in the field of plant meat.
At the same time, ordinary consumers can also obtain more complete knowledge in the field of plant meat by reading the white paper.

On March 22, Bloomberg Business Weekly and Chinese plant meat brand Zhouling jointly released the "2021 China Plant Meat Industry Insight White Paper"

Today, FBIF brings you a comprehensive interpretation.

01.

The compound annual growth rate is 15%.
Why is plant meat?

01.
The compound annual growth rate is 15%.
Why is plant meat?

According to research and markets data, the global food and beverage industry's year-on-year growth rate in 2020 will be 2.

9%.
The growth rate of the plant meat industry is eye-catching.
According to a research report by Markets and Markets, the global plant-based artificial meat market in 2019 is about 12.

In today's highly competitive food industry, why can plant meat develop so rapidly?

We can look at it from two perspectives of supply and demand.

Generally speaking, the emergence of top players, the entry of big brands, and the influx of capital are bound to add attention to the track and promote development.

In 2019, Beyond Meat and Impossible Foods have become the top players in plant meat in the United States and even the world by virtue of diversified products and distribution in catering supermarkets and other channels.

In May 2019, Beyond Meat was listed on the stock market.

At the end of July of the same year, its stock price tripled to reach the highest level of US$234 per share.
As the “first share of artificial meat”, it rose by more than 800% at one time.
The Chinese vegetable meat brand Zhouzhi has received four rounds of financing including Angel round, Pre A round, A round and A+ round within 8 months of 2020.
It is currently the domestic vegetable meat company with the largest amount of financing.

Zero financing situation in 2020, source: "2021 China Plant Meat Industry Insight White Paper"

In 2020, the entire plant-based industry (plant meat is one of the landing products) will be frequently bet by capital.

According to media reports, from December 2019 to December 2020, there were as many as 21 domestic investment events for plant-based companies, an increase of 500% year-on-year, accounting for about 10% of the entire food and health products track.

At the same time, large companies are gradually aiming at the plant meat track and vigorously deploying them.

In 2018, Unilever acquired the plant-based meat company Zhizhuo Meatsmith.
In 2019, Nestlé’s plant-based brands Sweet Earth Food and Garden Gourmet launched plant-based meat burgers in the United States and Europe, respectively.
Last year, Nestlé established Asia's first plant-based product production line in Tianjin, China, and launched the plant-based meat brand Jiazhi Delicacy.

And chain restaurants that cooperate with these plant-based meat companies, such as McDonald’s, KFC, and Burger King, have also promoted the growth of plant-based meat consumption.

Plant meat itself is also in line with market trends.

Environmental protection and health are considered the two major characteristics of plant meat.
In addition, since last year, under the influence of the epidemic, food safety attention has reached unprecedented heights.
According to the 2020 Tetra Pak Index survey, 68% of consumers believe that food safety is a major concern for society.
Compared with animal meat, which may have pathogenic bacteria, excessive antibiotics and other problems, plant meat has a prominent advantage in food safety assurance.

The benefits of plant meat, source: "2021 China Plant Meat Industry Insight White Paper"

With the expansion of the market, from the consumer side, do they need plant meat?

China is a "big meat-eating country".

Meat imports have been increasing in recent years.
In 2020, China's meat imports have exceeded 6 million tons.
At the same time, the annual consumption of meat products per capita in China is close to 100 kg, which means that the whole of China will eat about 139 million tons of meat products a year.
The demand for meat in the Chinese market is so great that it gives more opportunities for plant meat.

In addition, in addition to being used as a substitute for animal meat, plant meat itself is a high-quality source of protein.

As we all know, China has a very rich soy products, and there are also some products called "vegetarian meat".
Many people regard soy products as an important source of protein.
Therefore, the emergence of plant meat will bring more product choices and experiences to consumers who are accustomed to plant-based vegetarian food.

It can be seen that the demand potential of plant meat actually exceeds the current market supply.
According to the demand and supply matrix, when the market supply power (ie, the turnover) is less than the consumer demand potential, then the market is in the blue ocean track or trend track, so vegetable meat has a lot of room for development in the future.

Demand and supply matrix, source: CBNData

02.
The price is high? Unappetizing? It's time to uncover the truth about plant meat

02.
The price is high? Unappetizing? It's time to uncover the truth about plant meat

Although the future of plant meat is promising, the current consumer awareness of plant meat needs to be improved.

For example, some consumers feel that the price of plant meat is expensive, exceeds the price of psychological expectations, and the nutrition is not balanced.

In fact, this is because consumers do not fully understand the difference between vegetable meat and traditional vegetarian meat, so they expect that the price and nutritional content of vegetable meat should be similar to traditional soy products.

Plant meat and traditional vegetarian meat are very different in technology, nutritional content and taste.

Plant meat mainly uses soybeans, peas, wheat and other crops as raw materials to separate and purify the high-quality plant proteins needed by the human body, and then go through a series of steps such as extrusion, shaping and freezing to improve the texture (chew, elasticity, tenderness, etc.
).
), juiciness, color, fragrance and other aspects simulate the texture, taste and flavor of animal meat.
The vegetarian meat is only through the cooking method, so that the product has a similar appearance to the animal meat dishes, but there is still a big gap between the texture and taste and the animal meat.

The difference between plant meat and vegetarian meat, source: "2021 China Plant Meat Industry Insight White Paper"

In terms of nutrients, plant meat has the advantages of zero cholesterol, zero hormones, zero trans fatty acids, zero antibiotics, and is rich in essential amino acids.
Traditional vegetarian meat is often seasoned with heavy oil and salt, so plant meat is healthier than traditional vegetarian meat.

The benefits of plant meat, source: "2021 China Plant Meat Industry Insight White Paper"

In terms of taste and taste, plant meat companies have shown their respective skills, and raw material formulas, flavor technologies, protein extraction and extrusion technologies are all being upgraded.

03.
What are the key elements of competition in the increasingly lively plant-meat track?

03.
What are the key elements of competition in the increasingly lively plant-meat track?

In fact, consumers' concerns about price, taste and nutrition also hide the key elements of competition in the plant meat industry.

1.
Capacity is the key to supply

The first is capacity.
With stable production capacity, the price of plant meat products will naturally come down.
Production capacity means how large a company can be and how much market it can expand.
At the same time, the stability of the supply chain also affects the quality of products.
As of the end of December 2020, it is reported that the weekly zero available production capacity is about 50,000 tons, and the future reserve capacity is about 500,000 tons.

In terms of specific operation methods, self-built factories can more flexibly control production and save costs, and increase the types of product research and development reserves.
Beyond Meat announced in September last year that it will build a factory in Jiaxing and plans to launch mass production in 2021.
In addition to having a stable and high-quality supply chain alliance, Zhouzhi also has its first self-built large-scale production and research base at the end of 2021.
It was put into production before, covering 3 categories and 9 categories, covering more than 300 kinds of detailed product plans for plant meat products.

2.
Technical patents are barriers to competition

Plant meat is a technology-driven industry, and technology is the key to solving the taste, taste and nutrition issues that consumers care about.

Therefore, exclusive technical patents are the barriers to competition in the plant meat industry.
Brands in various countries compete in intellectual property assets and patent retention.
The patent applications for plant meat mainly focus on three aspects: plant protein fibrosis processing technology, production and application of hemoglobin (because it involves genetically modified technology, it is not used in the domestic market), and the production and application of flavor substances.

The technical threshold of plant meat is relatively high, source: "2021 China Plant Meat Industry Insight White Paper"

Facing the advanced technology of foreign giants, domestic plant meat companies can approach from the perspective of technology + customized services to improve consumer experience.
If there are 10 unique patents that are currently applied for and have been obtained, the week zero, according to the "White Paper", is currently in the 2.
0 stage of plant meat, and has cooperated with leading domestic food science colleges to dig deep into molecular sensory technology.
In the use scenario, this technology will simulate the essence of real meat flavor-it can achieve Maillard reaction produced during high temperature cooking without adding artificial flavors, so that plant meat has an attractive aroma comparable to real meat .
At the same time, the 3.
0 stage: the research on the directional oxidation technology of plant fatty acids will give plant meat a lifelike oil aroma and a fuller flavor.
It is expected to complete the iteration within this year.

Weekly Zero’s patented technology, source: "2 021 White Paper on Insights into China's Plant Meat Industry"

3.
Brand positioning and style of play determine your target audience

The positioning and play of the brand will determine its target population, thus forming differentiated competition.

Plant meat is naturally environmentally friendly.
The brand initiates environmentally-related marketing activities to attract consumers' attention to green topics, arouse the sympathy of charity and altruism, and resonate with the spread of the brand.
For example, Week Zero and Tim Hortons held the City Smile green and low-carbon cycling event last year, calling people to live green with actions.

Weekly Zero X TIM Hortons Cycling Activity, Source: Weibo Weekly Zero STARFIELD

Through the analysis of the above three aspects, although the plant meat industry is gradually heating up and competition is gradually fierce, we can see that Chinese brands are doing more and more locally, and their advantages are gradually becoming prominent.

First of all, in terms of production capacity, it is reported that as of the end of December 2020, the weekly zero available production capacity will reach about 50,000 tons, and the future reserve capacity will be about 500,000 tons.
Nestlé’s first plant-based production line in Asia in Tianjin has an annual production capacity of 8,000 tons, which is a significant gap.

Large-scale production makes the products civilianized, so the price advantage of the cooperation products of Zhouzhi is outstanding.
Compared with similar products on the market, the brand that uses ZhouZero vegetable meat as the raw material has certain advantages in pricing.
For example, KFC and Starbucks single products that use Beyond Meat are priced at 40 yuan, the price of Burger King Zhensu Huangbao that uses Zhizhuo meat maker is 25 yuan, and the price of semi-finished products of Nestlé plant food is about 25.
9~67.
5 yuan, and the price of the week is zero.
The plant-based Hey Tea and Dicos-related products are priced at 15-25 yuan, which is very close to the people.

Prices of some well-known brand plant meat products in the market, source: "2021 China Plant Meat Industry Insight White Paper"

In addition to prices that are close to the people, domestic brands have characteristics of being close to the people in terms of product experience, channel layout and brand promotion.

Chinese people are very sensitive to the odor of tofu due to their many years of eating tofu and soy products.
The variety of cooking methods in Chinese food also causes people to have higher expectations for the taste and flavor of meat compared to European and American consumers.
Therefore, since 2019, companies have successively tried to launch plant-based meat products combined with various traditional Chinese cuisines to test the waters.
Localized customization of plant meat products that meet the tastes of the Chinese has become the brand consensus.

As a local vegetable meat brand in China, Zhouling has cooperated with well-known local restaurants such as Guimanlong, Dashouluke, and Ms.
Fu in Chengdu, Super Wenheyou, etc.
to launch vegetable meat skewers, plant meat stinky tofu, plum dried vegetables and vegetable meat.
Dry noodles and other plant meat products with Chinese characteristics and in line with the Chinese stomach.
On the other hand, even the "Green Fairy Plant Chicken Burger" launched by Hedex, also focuses on the "Chinese flavor": using typical Chinese ingredients such as rattan pepper and fresh bamboo shoots for seasoning.

Weekly Zero Cooperative Brand (Part), Source: Weekly Zero

It is precisely because of the cooperation with restaurants that more consumers can learn about plant meat from many aspects.
Zhouling has already cooperated with nearly a hundred catering brands, and it is different from Beyond Meat and Unilever's meat maker in first- and second-tier cities.
Zhouling has expanded its territory to most cities across the country through the cooperation of brands.
For example, in Dicos in Xinjiang, consumers can eat plant-meat burgers with zero weekdays, which is very close to the people.

Even though most plant meat companies currently enter the market from the B-end, consumer education and publicity at the C-end are also very important.

In this regard, we found that Zhouli is a plant meat company as well as a content company.
Zhou Ling once said in an interview, "For co-branded brands, we have a full-link customized service, from research and development, promotional material design (retail products can also be customized packaging), promotional copywriting, including communication activities and channels.
Anything can be done.
"

These creative propaganda texts and posters will be exposed on their official WeChat, Weibo and other accounts, so they can directly convey the value of plant meat and the concepts contained in plant meat to them in a way that young people like.

Offline is also a good channel for in-depth communication with consumers.
Zhou Ling participated in 14 offline events last year, including industry summits, brand cooperation, and catering carnivals.
For example, last year, Weekly Zero co-organized a “recyclable market” with Oatly and Wood Eater.
People only need to bring idle old clothes and donate them to exchange for plant-based meat dishes.
Chinese, Japanese, and Western-style plant-based meat dishes bring a different experience to young people who advocate a sustainable lifestyle.

It is reported that Zhouzhi will also launch the "Urban Planting Flavor Program" this year, which is expected to be launched in first- and second-tier cities across the country, including Beijing, Shanghai, Guangzhou, and Shenzhen, covering hundreds of stores.
To support restaurant promotion, Weekly Zero will provide online and offline media promotion resources, such as posting on Xiaohongshu and Weibo.

The price is close to the people, the products are friendly, the brand activities can be bought everywhere, and the creative brand activities have laid the foundation for Zhouling to become the top vegetable meat brand in China.
Weekly Zero’s B2C play, the product idea of ​​capturing the Chinese stomach with Chinese flavor, and the creative way of communicating with young people are all worthy of reference for the Chinese plant meat industry.

04.
The "tomorrow" of plant meat in China? Insights into Chinese plant meat consumers

04.
The "tomorrow" of plant meat in China? Insights into Chinese plant meat consumers

According to Euromonitor International's forecast, by 2023, China's artificial meat market will reach 13 billion U.
S.
dollars.
In other words, China's vegetable meat market will account for almost half of the global market in the next few years.

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The scene is one of the elements of whether plant meat products can capture consumers.
According to the survey, the plant meat consumption scenarios envisaged by Chinese plant meat consumers are: 46.
39% of consumers believe that plant meat products should appear in light food restaurants, 18.
97% believe they appear in Western-style fast food, and 10.
77% believe they appear in convenience store fresh food areas , 13.
1% in coffee and tea shops, 5.
88% in online shopping or pre-packaged food on fresh food platforms, and 4.
9% in offline boutique supermarkets.

Observing the channels of plant meat products in China today, Beyond Meat has cooperated with Starbucks, KFC, Pizza Hut, Unilever’s Zhizhuo meat maker stationed in Burger King, and Zhou Ling has cooperated with more than 100 brands such as Hey Tea and Naxel’s tea.
, Covering 7,000 stores across the country, created many hot meals, such as the "Green Fairy Plant Chicken Burger" launched in cooperation with Dicos, which achieved sales of more than 100,000 copies in 5 days.
Nestlé’s Jiazhiyao opened a flagship store on Tmall, and Beyond Meat signed a cooperation agreement with Hema Fresh.

It can be seen that plant meat is rapidly covering the scene of reaching consumers in all directions, from catering stores to new retail.

05、Conclusion

05、Conclusion

Li Chen, deputy director of Mintel Food and Beverage, said that with the growth of consumer demand for high-quality protein, the goal of stabilizing the meat supply market, and the trend of environmental protection and national health, plant meat will definitely become a large-scale category in the future.

Plant meat will become a large-scale category in the future, source: "2021 China Plant Meat Industry Insight White Paper"

If in the future, the world uses plant meat to replace 10% of animal meat consumption, we will save 176 million tons of carbon dioxide emissions and reduce 8.
6 billion cubic meters of water.

Plant meat promotes a green world, source: "2021 China Plant Meat Industry Insight White Paper"

I hope our earth can be a little greener.

Source: FBIF Food and Beverage Innovation

Note: All pictures in the article are reprinted on the Internet, and infringement will be deleted!

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