Thai agro-industrial and food conglomerate CP Foods is investing in alternative protein products. In a recent interview, the company´s Executive Vice President for International Trade and Business Development highlighted how food safety issues are driving the growth of the market.
While the Thai food giant ranks as one of the biggest producers of pork, poultry and shrimp globally, it recently launched its own plant-based line of products under the Meat Zero brand, developing a large range of products such as chicken nuggets, burger patties and crispy pork alternatives.
According to CP Foods’ own estimates, growth in the alternative protein market will be very significant over the next five years, projected to experience an annual increase between 6-20%, thus outpacing the growth of traditional meat.
While sales of alternative protein products are still contained in Thailand, the company turned to the growing export market, selling to Asia, in geographies such as Singapore and Hong Kong, while also exploring the more developed markets of Europe.
While CP Foods intends to expand its range of meatless products to alternative seafood and beef, it also wants to innovate in the areas of taste and variety, developing whole muscle technology in order to make products with the texture of different animal parts, such as chicken breast or chicken fillets.
(Sources: Food Navigator-Asia; Nutra Ingredients)