OTS Holdings has launched a line of plant-based canned luncheon meats under the brand ANEW, the food manufacturer said in a filing to SGX Wednesday.
The three new plant-based products, which were developed in-house, were “inspired” by the company’s luncheon meat products, OTS said.
“Increased awareness of environmental and sustainability benefits have been a key driving force for plant-based alternatives to become a growing part of consumers’ diet around the world,” Ong Bee Chip, managing director of OTS, said in the statement. “With ANEW, we see an opportunity to participate in the fast-growing plant-based foods market.”
The ANEW products are wholly plant-based, the filing said, noting the new products will be sold online and in major Singapore supermarkets.
The company cited Bloomberg data estimating the plant-based food market could make up nearly 8 percent of the global protein market by 2030, with a value of over US$162 billion, up from US$29.4 billion in 2020.
