ASIA-PACIFIC MEAT SUBSTITUTE MARKET FORECAST 2023-2032

The Asia-Pacific meat substitute market growth study entails the analysis of China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific. The consumption of meat as well as meat substitutes in China is predominantly influenced by religious and cultural factors. The country’s meat alternative demand and consumption patterns are also witnessing a growing trend on account of the health concerns associated with the over-consumption of meat as well as the increase in the Buddhist population. Furthermore, upon the recommendation of the country’s Health Ministry, the government of China issued novel dietary guidelines which aim to minimize national meat consumption by half by the year 2030.

On the other hand, the meat substitute market in Japan is augmenting due to the rising supply of plant-based protein in order to meet the growing demand for meat alternatives. In this regard, Otsuka Foods, a Japan-based firm, is entering the country’s meat substitute market with a line of burgers termed Zero Meat. The burger range is mainly targeted toward Japanese consumers turning to vegetarian as well as vegan diets. The company’s burger patties are made from soybeans and are characterized by a meaty taste, structure, and smell. Hence, the abovementioned factors are anticipated to fuel the meat substitute market growth in the Asia-Pacific over the projection period.

The Asia-Pacific meat substitute market is segmented into product type, category, and source. The category segment includes frozen, refrigerated, and shelf stable. The frozen category comprises frozen burgers, sausages, patties, strips, crumbles, nuggets, pizza, etc. These products are gaining significant traction, mainly owing to their longer shelf life. The market for frozen meat substitutes is propelled by fluctuating consumer preferences from small grocery shops to super and hypermarkets, in addition to flexible purchasing patterns.

On the other hand, products like meat substitute burgers and patties are also available in refrigerated forms. However, they have a shorter shelf life compared to products under the frozen category. A top factor contributing to the growth of the refrigerated segment includes the rise in ventures by the key players operating in the meat substitute market. 

Some of the leading companies operating in the Asia-Pacific meat substitute market include Shandong Jianyuan Group, The Nisshin OilliO Group Ltd, Wilmar International Limited, etc.

Shandong Jianyuan Group, headquartered in China, is one of the world’s largest manufacturers of pulse ingredients. The company integrates cutting-edge technology as well as services to offer the finest quality field pulse ingredients. With a significant capacity to manufacture, develop, trade, extract, and finance pulse products, it is also a leading exporter, owing to the expansion of emerging markets and partnerships with leading companies in the global food industry.