Chinese plant-based artificial meat company OmnniFoods has just released two new fake meat products, specially created for the Chinese market. The Hong Kong-based company unveiled two new products on Monday, namely its new OmniPork Luncheon Meat and its OmniPork Strip.
OmniFoods is banking on its new products to increase its market share of the country's rapidly growing plant-based meat market. Demand for meat alternatives has grown substantially over the past few months, following the continued surge in meat prices and the growing health trend.
According to the company's founder, David Yueng, its new products were specifically made for the Asian market. Asian households do consume large amounts of canned meats, particularly luncheon meat. In Hong Kong, luncheon meat is considered to be one of the most popular processed meats.
A report from Global Info Research, which had studied the consumption of Luncheon Meat around the world, revealed that the global sales of the product had reached more than $3.1 billion last year. That number is expected to increase by more than 29 percent over the next five years, with sales reaching as high as $4 billion by 2025. The report revealed that the countries that consume most of the product include China, South Korea, India, Japan, and countries in Southeast Asia.
The total consumption of luncheon meat last year reached a staggering 374,000 metric tons. Based on the average can size of 340 grams, this equates to about 1.1 billion cans sold globally last year, with 400 million cans sold in the Asia-Pacific region alone.
Yueng added that pork is an indispensable ingredient in Asian cuisines and it has a wide array of applications, which is why the company has chosen to focus on producing plant-based pork. The company is also taking advantage of the fact that there is a growing concern about the potential health risks in eating too many canned meats. The executive stated that its products should provide these types of customers with a more healthy option.
OmniFoods claims that its unique blend of plant-based proteins is strikingly similar in both taste and appearance to real pork. The company is confident that its products will win the heart of meat lovers in China and abroad. By the end of the year, the company hopes to make its products available in at least 20 regional markets.
While the majority of the company's research and development is being done in Canada, OmniFoods stated that it is planning to establish new facilities in mainland China. This will include the establishment of a dedicated production facility and a number of new research and development centers.