Plantbased price parity with conventional meat may be closer than we think, at least in Asia. OmniPork has dropped prices by 17-22%, achieving price parity with local and imported pork. Pork is currently highly priced due to ASF, but this represents a major short term opportunity for alternative products.
If Asian alternative pork companies can ramp up production and gain market share then they’ll reap cost reduction benefits. They may then be able to follow conventional pork prices as they drop following pork herd recovery.
There’s still a long way to go to achieve parity with US and UK pork prices. But as I’ve pointed out before the experience curve means that volumes double the price of a product drops by 10 – 20 %. The laughs actually on the conventional animal agriculture industries when they laugh off the current small alternative protein volumes. Currently plantbased products still sell well in many markets despite high prices, what will happen at price parity by say 2023?
Add in taste parity (or better, who says meat has the ultimate flavour?), which I predict by 2025, and things will get very, very interesting.
