Asia-pacific Meat Substitute Market Forecast 2023-2032

Asia-pacific Meat Substitute Market Forecast 2023-2032

KEY FINDINGS

The Asia-Pacific meat substitute market is predicted to record a CAGR of 15.30% during the forecast period, 2023-2032. There is a high demand for soy-based meat substitutes due to the popularity of tofu. Tofu is majorly consumed in China as a staple food. In addition, it has increasing applications in different cuisines.

MARKET INSIGHTS

South Korea, Australia, Japan, India, China, and Rest of Asia-Pacific are evaluated for the Asia-Pacific meat substitute market growth analysis. In South Korea, the market growth is attributed to the increasing number of restaurants adding tofu dishes. Also, Koreans increasingly prefer organic, slow, and natural foods. This raises the demand for vegetarian foods. Besides, the Korean population is making conscious efforts to reduce meat consumption, offering growth opportunities for the analyzed market.

In Australia, the rising environmental & health concerns propel market growth. Consumers are conscious of their food habits and their health impacts. Moreover, the adoption of a flexitarian lifestyle promotes the consumption of meat substitutes. Additionally, meat or protein alternatives are viable markets for Australian manufacturers and growers, with the Australian population increasingly inclined to plant-bead diets.

Furthermore, jackfruit is the latest addition to the meat substitute category in the Australian market. It has become a central ingredient in several restaurants and cafes in the country, replacing pork. For instance, mushroom patties in burgers are gaining traction in burger chains like Burger Project and Grill’d. Also, supermarkets are taking the rising number of flexitarians, vegetarians, and vegans into consideration as they launch new lines of vegan food products. Such factors boost growth opportunities in these countries.

COMPETITIVE INSIGHTS

Some of the eminent market players are Wilmar International Limited, The Nisshin OilliO Group Ltd, Shandong Jianyuan Group, etc.

Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation caters to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• The competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments