Asia Pacific Plant-based Meat Products Market Forecast to 2028 – COVID

Asia Pacific Plant-based Meat Products Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Patties, Nuggets, Meatballs, Sausages, and Others), Category (Frozen, Refrigerated, and Ambient), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)

Report Code : BMIRE00025598 | Region : Asia Pacific | Industry : Food and Beverages | Published Date : 10/Aug/2022

The APAC plant-based meat products market is expected to grow from US$ 1,293.16 million in 2021 to US$ 3,604.29 million by 2028; it is estimated to grow at a CAGR of 15.8% from 2021 to 2028.

Plant-based meat products cost more than animal meat products due to supply-chain constraints and high ingredient costs and production expenses. For years, meat producers have been producing animal meat products on a large scale while keeping prices low. Companies that manufacture plant-based meat do not have the same economies of scale as animal-based companies. As a result, the production cost of plant-based meat is high. Moreover, plant-based meat manufacturers have to invest high amount in research and development and quality analysis to provide similar texture and flavor of conventional meat to plant-based meat products. This factor also increases the overall cost of the product. Furthermore, plant-based meat manufacturers have to incur the high cost of sourcing the ingredients and raw materials, including soy protein, pea protein, flavors, stabilizers, and texturizers. Thus, the high price of raw materials coupled with lower production volumes increases the overall price of the product, hindering the growth of the market.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC plant-based meat products market in the coming years . The market is expected to grow at a good CAGR during the forecast period.

APAC Plant-based Meat Products Market Revenue and Forecast to 2028 (US$ Million )

APAC Plant-based Meat Products Market Segmentation

The APAC plant-based meat products Market is segmented based on by type, category, distribution channel, and country. Based on type, the APAC plant-based meat products Market is divided into patties, nuggets, meatballs, sausages, and others. The patties dominated the APAC plant-based meat products Market in 2020. Based on category, the APAC plant-based meat products Market is categorized into frozen, refrigerated, and ambient. The frozen segment dominated the APAC plant-based meat products Market in 2020. Based on distribution channel, the APAC plant-based meat products Market is categorized into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment dominated the APAC plant-based meat products Market in 2020. Based on country, the APAC plant-based meat products Market is segmented into China, Japan, India, South Korea, Australia, and Rest of APAC. The China segment dominated the APAC plant-based meat products Market in 2020.

Kellogg’s Company, Tofurky, VBites Foods Ltd, Quorn, and Impossible Foods Inc. by Altair are among the leading companies in the APAC plant-based meat products market.

At 15.8% CAGR, the APAC Plant Based Meat Products Market is speculated to be worth US$ 5,311.09 million by 2028, says The Insight Partners

According to The Insight Partners’ research, the APAC plant based meat products market was valued at US$ 1,293.16 million in 2021 and is expected to reach US$ 3,604.29 million by 2028, registering an annual growth rate of 15.8% from 2021 to 2028. Growing importance of environment sustainability and increasing veganism and vegetarianism trends are the critical factors attributed to the market expansion.

Plant-based meat is experiencing strong demand in emerging APAC region. According to a recent study commissioned by ingredient giant DuPont Nutrition & Biosciences and APAC market intelligence firm IPSOS, the demand for plant based meat substitutes in China and Thailand is expected to climb by 200% by 2025. The rising demand for low or no meat diets owing to shifting consumer priorities toward sustainability and wellness is driving the plant based meat industry across Asia Pacific. Recently, Kerry Group plc, one of the leading flavor and nutrition companies, conducted a study titled ‘Kerry’s APAC Consumer Study 2021,’ which surveyed 3,700 people across 10 countries in Asia Pacific. According to the research, around 62% of customers in this region are interested in plant based meat, and 44% want to increase their intake of plant based meat products. This is expected to drive the market during the forecast period

On the contrary, product price is costly of plant based meat products hurdles the growth of APAC plant based meat products market.

Based on type, the APAC plant based meat products Market is divided into patties, nuggets, meatballs, sausages, and others . The patties segment held 37.6% market share in 2021, amassing US$ 486.75 million. It is projected to garner US$ 1,402.19 million by 2028 to expand at 16.3% CAGR during 2021–2028.

Based on category, the APAC plant based meat products Market is categorized into frozen, refrigerated, and ambient . The frozen segment held 69.0% market share in 2021, amassing US$ 892.17 million. It is projected to garner US$ 2,448.80 million by 2028 to expand at 15.5% CAGR during 2021–2028.

Based on distribution channel, the APAC plant based meat products Market is categorized into supermarkets and hypermarkets, convenience stores, online retail, and others . The supermarkets and hypermarkets segment held 59.6% market share in 2021, amassing US$ 770.42 million. It is projected to garner US$ 2,117.60 million by 2028 to expand at 15.5% CAGR during 2021–2028

Based on country, the APAC plant based meat products market has been categorised into the China, Japan, India, South Korea, Australia, and Rest of APAC. Our regional analysis states that China captured 77.7% market share in 2021. It was assessed at US$ 1,004.53 million in 2021 and is likely to hit US$ 2,791.16 million by 2028, exhibiting a CAGR of 15.7 % during the forecast period.

Key players dominating the APAC plant based meat productsmarket are Kellogg’s Company; Tofurky; VBites Foods Ltd; Quorn; and Impossible Foods Inc. among others.

In Sep 2020, Gardein (Conagra Brands, Inc.) debuts a first-ever collection of plant based meat alternative soups .

In April 2022, Beyond Meat expands the availability of beyond chicken tenders at over 8,000 new outlets nationwide, including grocery, pharmacy, and club stores .

TABLE OF CONTENTS

1. Introduction

1.1 Study Scope

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

3.1 Scope of the Study

3.2 Research Methodology

3.2.1 Data Collection:

3.2.2 Primary Interviews:

3.2.3 Hypothesis Formulation:

3.2.4 Macro-economic Factor Analysis:

3.2.5 Developing Base Number:

3.2.6 Data Triangulation:

3.2.7 Country Level Data:

4. APAC Plant Based Meat Products Market Landscape

4.1 Market Overview

4.2 Porter's Five Forces Analysis

4.2.1 Bargaining Power of Suppliers

4.2.2 Bargaining Power of Buyers

4.2.3 Threat of New Entrants

4.2.4 Competitive Rivalry

4.2.5 Threat of Substitutes

4.3 Expert Opinion

4.4 Value Chain Analysis

4.4.1 Raw Material

4.4.2 Manufacturing/Processing

4.4.3 Packaging

5. APAC Plant Based Meat Products Market – Key Market Dynamics

5.1 Market Drivers

5.1.1 Growing Importance of Environment Sustainability

5.1.2 Increasing Veganism and Vegetarianism Trends

5.2 Market Restraints

5.2.1 Product Price is Costly

5.3 Market Opportunities

5.3.1 Surging Demand in Emerging APAC Region

5.4 Future Trends

5.4.1 Development of New Products

5.5 Impact Analysis of Drivers and Restraints

6. Plant Based Meat Products – APAC Market Analysis

6.1 APAC Plant Based Meat Products Market –Revenue and Forecast to 2028 (US$ Million)

7. APAC Plant Based Meat Products Market Analysis – By Type

7.1 Overview

7.2 APAC Plant Based Meat Products Market, By Type (2020 and 2028)

7.3 Patties

7.3.1 Overview

7.3.2 Patties: Plant Based Meat Products Market – Revenue and Forecast to 2028 (US$ Million)

7.4 Nuggets

7.4.1 Overview

7.4.2 Nuggets: Plant Based Meat Products Market – Revenue and Forecast to 2028 (US$ Million)

7.5 Meatballs

7.5.1 Overview

7.6 Meatballs: Plant Based Meat Products Market – Revenue and Forecast to 2028 (US$ Million)

7.7 Sausages

7.7.1 Overview

7.7.2 Sausages: Plant Based Meat Products Market – Revenue and Forecast to 2028 (US$ Million)

7.8 Others

7.8.1 Overview

7.8.2 Others: Plant Based Meat Products Market – Revenue and Forecast to 2028 (US$ Million)

8. APAC Plant Based Meat Products Market Analysis – By Category

8.1 Overview

8.2 APAC Plant Based Meat Products Market, By Category (2020 and 2028)

8.3 Frozen

8.3.1 Overview

8.3.2 Frozen: Plant Based Meat Products Market – Revenue and Forecast to 2028 (US$ Million)

8.4 Refrigerated

8.4.1 Overview

8.4.2 Refrigerated: Plant Based Meat Products Market – Revenue and Forecast to 2028 (US$ Million)

8.5 Ambient

8.5.1 Overview

8.5.2 Ambient: Plant Based Meat Products Market – Revenue and Forecast to 2028 (US$ Million)

9. APAC Plant Based Meat Products Market Analysis – By Distribution Channel

9.1 Overview

9.2 APAC Plant Based Meat Products Market, By Distribution Channel (2020 and 2028)

9.3 Supermarkets and Hypermarkets

9.3.1 Overview

9.3.2 Supermarkets and Hypermarkets: Plant Based Meat Products Market– Revenue and Forecast to 2028 (US$ Million)

9.4 Convenience Stores

9.4.1 Overview

9.4.2 Convenience Stores: Plant Based Meat Products Market– Revenue and Forecast to 2028 (US$ Million)

9.5 Online Retail

9.5.1 Overview

9.5.2 Online Retail: Plant Based Meat Products Market– Revenue and Forecast to 2028 (US$ Million)

9.6 Others

9.6.1 Overview

9.6.2 Others: Plant Based Meat Products Market– Revenue and Forecast to 2028 (US$ Million)

10. APAC Plant Based Meat Products Market – Country Analysis

10.1 Asia Pacific Plant Based Meat Products Market Revenue and Forecasts to 2028

10.1.1 Asia Pacific Plant Based Meat Products Market Breakdown, by Key Countries

10.1.1.1 Australia Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)

10.1.1.1.1 Australia Plant Based Meat Products Market Breakdown by Type

10.1.1.1.2 Australia Plant Based Meat Products Market Breakdown by Category

10.1.1.1.3 Australia Plant Based Meat Products Market Breakdown by Distribution Channel

10.1.1.2 China Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)

10.1.1.2.1 China Plant Based Meat Products Market Breakdown by Type

10.1.1.2.2 China Plant Based Meat Products Market Breakdown by Category

10.1.1.2.3 China Plant Based Meat Products Market Breakdown by Distribution Channel

10.1.1.3 India Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)

10.1.1.3.1 India Plant Based Meat Products Market Breakdown by Type

10.1.1.3.2 India Plant Based Meat Products Market Breakdown by Category

10.1.1.3.3 India Plant Based Meat Products Market Breakdown by Distribution Channel

10.1.1.4 Japan Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)

10.1.1.4.1 Japan Plant Based Meat Products Market Breakdown by Type

10.1.1.4.2 Japan Plant Based Meat Products Market Breakdown by Category

10.1.1.4.3 Japan Plant Based Meat Products Market Breakdown by Distribution Channel

10.1.1.5 South Korea Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)

10.1.1.5.1 South Korea Plant Based Meat Products Market Breakdown by Type

10.1.1.5.2 South Korea Plant Based Meat Products Market Breakdown by Category

10.1.1.5.3 South Korea Plant Based Meat Products Market Breakdown by Distribution Channel

10.1.1.6 Rest of Asia Pacific Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)

10.1.1.6.1 Rest of Asia Pacific Plant Based Meat Products Market Breakdown by Type

10.1.1.6.2 Rest of Asia Pacific Plant Based Meat Products Market Breakdown by Category

10.1.1.6.3 Rest of Asia Pacific Plant Based Meat Products Market Breakdown by Distribution Channel

11. Industry Landscape

11.1 Overview

11.2 Market Initiative

11.3 New Product Development

12. Company Profiles

12.1 Kellogg's Company

12.1.1 Key Facts

12.1.2 Business Description

12.1.3 Products and Services

12.1.4 Financial Overview

12.1.5 SWOT Analysis

12.1.6 Key Developments

12.2 Tofurky

12.2.1 Key Facts

12.2.2 Business Description

12.2.3 Products and Services

12.2.4 Financial Overview

12.2.5 SWOT Analysis

12.2.6 Key Developments

12.3 VBites Foods Ltd

12.3.1 Key Facts

12.3.2 Business Description

12.3.3 Products and Services

12.3.4 Financial Overview

12.3.5 SWOT Analysis

12.3.6 Key Developments

12.4 Quorn

12.4.1 Key Facts

12.4.2 Business Description

12.4.3 Products and Services

12.4.4 Financial Overview

12.4.5 SWOT Analysis

12.4.6 Key Developments

12.5 Impossible Foods Inc.

12.5.1 Key Facts

12.5.2 Business Description

12.5.3 Products and Services

12.5.4 Financial Overview

12.5.5 SWOT Analysis

12.5.6 Key Developments

13. Appendix

13.1 About The Insight Partners

13.2 Word Index

LIST OF TABLES.

Table 1.             APAC Plant Based Meat Products Market –Revenue and Forecast to 2028 (US$ Million)

Table 2.             APAC Plant Based Meat Products Market, by Type– Revenue and Forecast to 2028 (US$ Million)

Table 3.             APAC Plant Based Meat Products Market, by Category– Revenue and Forecast to 2028 (US$ Million)

Table 4.             APAC Plant Based Meat Products Market, by Distribution Channel – Revenue and Forecast to 2028 (US$ Million)

Table 5.             Australia Plant Based Meat Products Market Revenue and Forecasts to 2028 – By Type (US$ Million)

Table 6.             Australia Plant Based Meat Products Market Revenue and Forecasts to 2028 – By Category (US$ Million)

Table 7.             Australia Plant Based Meat Products Market Revenue and Forecasts to 2028 – By Distribution Channel (US$ Million)

Table 8.             China Plant Based Meat Products Market Revenue and Forecasts to 2028 – By Type (US$ Million)

Table 9.             China Plant Based Meat Products Market Revenue and Forecasts to 2028 – By Category (US$ Million)

Table 10.          China Plant Based Meat Products Market Revenue and Forecasts to 2028 – By Distribution Channel (US$ Million)

Table 11.          India Plant Based Meat Products Market Revenue and Forecasts to 2028 – By Type (US$ Million)

Table 12.          India Plant Based Meat Products Market Revenue and Forecasts to 2028 – By Category (US$ Million)

Table 13.          India Plant Based Meat Products Market Revenue and Forecasts to 2028 – By Distribution Channel (US$ Million)

Table 14.          Japan Plant Based Meat Products Market Revenue and Forecasts to 2028 – By Type (US$ Million)

Table 15.          Japan Plant Based Meat Products Market Revenue and Forecasts to 2028 – By Category (US$ Million)

Table 16.          Japan Plant Based Meat Products Market Revenue and Forecasts to 2028 – By Distribution Channel (US$ Million)

Table 17.          South Korea Plant Based Meat Products Market Revenue and Forecasts to 2028 – By Type (US$ Million)

Table 18.          South Korea Plant Based Meat Products Market Revenue and Forecasts to 2028 – By Category (US$ Million)

Table 19.          South Korea Plant Based Meat Products Market Revenue and Forecasts to 2028 – By Distribution Channel (US$ Million)

Table 20.          Rest of Asia Pacific Plant Based Meat Products Market Revenue and Forecasts to 2028 – By Type (US$ Million)

Table 21.          Rest of Asia Pacific Plant Based Meat Products Market Revenue and Forecasts to 2028 – By Category (US$ Million)

Table 22.          Rest of Asia Pacific Plant Based Meat Products Market Revenue and Forecasts to 2028 – By Distribution Channel (US$ Million)

Table 23.          List of Abbreviation

LIST OF FIGURES.

Figure 1.           APAC Plant Based Meat Products Market Segmentation

Figure 2.           APAC Plant Based Meat Products Market Segmentation – By Country

Figure 3.           APAC Plant Based Meat Products Market Overview

Figure 4.           APAC Plant Based Meat Products Market: By Type

Figure 5.           APAC Plant Based Meat Products Market: By Region

Figure 6.           APAC Porter's Five Forces Analysis

Figure 7.           APAC Expert Opinion

Figure 8.           APAC Value Chain: Plant-based Meat Patties

Figure 9.           APAC Plant-Based Meat Products Market Impact Analysis of Drivers and Restraints

Figure 10.        APAC: Plant Based Meat Products Market – Revenue and Forecast to 2028 (US$ Million)

Figure 11.        APAC Plant Based Meat Products Market Revenue Share, By Type (2020 and 2028)

Figure 12.        APAC Patties: Plant Based Meat Products Market – Revenue and Forecast To 2028 (US$ Million)

Figure 13.        APAC Nuggets: Plant Based Meat Products Market – Revenue and Forecast To 2028 (US$ Million)

Figure 14.        APAC Meatballs: Plant Based Meat Products Market – Revenue and Forecast To 2028 (US$ Million)

Figure 15.        APAC Sausages: Plant Based Meat Products Market – Revenue and Forecast To 2028 (US$ Million)

Figure 16.        APAC Others: Plant Based Meat Products Market – Revenue and Forecast To 2028 (US$ Million)

Figure 17.        APAC Plant Based Meat Products Market Revenue Share, By Category (2020 and 2028)

Figure 18.        APAC Frozen: Plant Based Meat Products Market – Revenue and Forecast To 2028 (US$ Million)

Figure 19.        APAC Refrigerated: Plant Based Meat Products Market – Revenue and Forecast To 2028 (US$ Million)

Figure 20.        APAC Ambient: Plant Based Meat Products Market – Revenue and Forecast To 2028 (US$ Million)

Figure 21.        APAC Plant Based Meat Products Market Revenue Share, By Distribution Channel (2020 and 2028)

Figure 22.        APAC Supermarkets and Hypermarkets: Plant Based Meat Products Market– Revenue and Forecast To 2028 (US$ Million)

Figure 23.        APAC Convenience Stores: Plant Based Meat Products Market– Revenue and Forecast To 2028 (US$ Million)

Figure 24.        APAC Online Retail: Plant Based Meat Products Market– Revenue and Forecast To 2028 (US$ Million)

Figure 25.        APAC Others: Plant Based Meat Products Market– Revenue and Forecast To 2028 (US$ Million)

Figure 26.        APAC Plant Based Meat Products Market, by Key Country – Revenue (2020) (US$ Million)

Figure 27.        APAC Plant Based Meat Products Market Breakdown by Key Countries, 2020 & 2028 (%)

Figure 28.        Australia Plant Based Meat Products Market Forecasts to 2028 (US$ Million)

Figure 29.        China Plant Based Meat Products Market Forecasts to 2028 (US$ Million)

Figure 30.        India Plant Based Meat Products Market Forecasts to 2028 (US$ Million)

Figure 31.        Japan Plant Based Meat Products Market Forecasts to 2028 (US$ Million)

Figure 32.        South Korea Plant Based Meat Products Market Forecasts to 2028 (US$ Million)

Figure 33.        Rest of Asia Pacific Plant Based Meat Products Market Forecasts to 2028 (US$ Million)

The List of Companies - Asia Pacific Plant-based Meat Products Market

● Kellogg’s Company

● Tofurky

● VBites Foods Ltd

● Quorn

● Impossible Foods Inc.

● Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the APAC plant based meat products Market.

● Highlights key business priorities in order to assist companies to realign their business strategies

● The key findings and recommendations highlight crucial progressive industry trends in the APAC plant based meat products Market, thereby allowing players across the value chain to develop effective long-term strategies

● Develop/modify business expansion plans by using substantial growth offering developed and emerging markets

● Scrutinize in-depth APAC market trends and outlook coupled with the factors driving the APAC plant based meat products Market, as well as those hindering it

● Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution

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