A soymilk production line. Việt Nam’s plant-based food market is expected to grow rapidly, reaching US$249 million by 2027, according to experts. Photo plo.vn

HCM CITY – The global plant-based food market is expected to quintuple to US$162 billion by 2030, with 40 per cent of the growth coming from countries in the Asia-Pacific, including Việt Nam, an international scientific conference heard in HCM City on July 12.

Trezelene Chan, sustainability director of marketing data, insight and consultancy company Kantar Singapore, said Việt Nam was a promising market for plant-based products that could grow to a size of US$249 million by 2027.

Restaurants and cafes offered plant-based products in their menus, she said.

They were popular among young people, urbanites and the upper-middle class, with Generation Z (comprising of people born between 1996 and 2010) being a promising demographic.

There has been a global trend of using plant-based products post-Covid, and 82 per cent of Vietnamese have been adding foods of plant origin to their diet, according to a report by Kantar Singapore.

Vietnamese and foreign businesses are trying to grasp this opportunity to expand their market. – VNS