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.
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.
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 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.
Table of Contents
1. Introduction1.1 Study Scope
1.2 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 Publisher
13.2 Word Index
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)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
Companies Mentioned
- Kellogg’s Company
- Tofurky
- VBites Foods Ltd
- Quorn
- Impossible Foods Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 116 |
| Published | August 2022 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 1293.16 Million |
| Forecasted Market Value ( USD | $ 3604.29 Million |
| Compound Annual Growth Rate | 15.8% |
| Regions Covered | Asia Pacific |
| No. of Companies Mentioned | 5 |
