Report : Asia Pacific Meat Substitute Ingredients Market Forecast to 2030 – Regional Analysis – by Source (Soy, Wheat, Pea, Mycoprotein, and Others), Ingredient Type (Soy Protein, Pea Protein, Tempeh, Tofu, Seitan, and Others), and Application (Patties, Nuggets, Sausages, Meatballs, and Others)
At 8.2% CAGR, Asia Pacific Meat Substitute Ingredients Market is Projected to be Worth US$ 945.30 Million by 2030, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific meat substitute ingredients market was valued at US$ 503.63 million in 2022 and is expected to reach US$ 945.30 million by 2030, registering a CAGR of 8.2% from 2022 to 2030. Strategic development initiatives by key market players and rising demand for plant-based meat are among the critical factors attributed to drive the Asia Pacific meat substitute ingredients market growth.
Global meat substitute ingredients manufacturers are investing significantly in strategic development initiatives such as product innovation, merger & acquisition, and expansion of their businesses to attract consumers and enhance their market position. Moreover, the demand for meat substitute ingredients is increasing among plant-based meat product manufacturers due to the growing trend of veganism and increasing preference for plant-based food. Thus, key manufacturers are launching various meat substitute ingredients to cater to the increasing demand. For instance, Axiom Foods launched a new pea protein, made from Pisum sativum yellow peas, that is majorly used as a meat replacement and a meat extender in various plant-based meat products. Similarly, in November 2022, International Flavors & Fragrances Inc (IFF) launched Supro Tex—a soy-based plant protein ingredient. The ingredient contains 80% protein, giving it a profile comparable to animal meat. Similarly, an Indian plant-based meat startup, Imagine Meats, has introduced innovative products, such as Chicken Biryani, Mutton Biryani, and Chicken Seekh Kebab, which are some of the well-known food items in Indian cuisine. Such product launches by key market players drive the growth of the meat substitute ingredients market.
Major manufacturers are employing strategies such as acquisition, expansion, and production capacity scaleup to serve their customers better and satisfy their growing demands. For instance, in 2024, the Australian producer of plant-based meat substitute v2food acquired ready meal brands Soulara and MACROS to its portfolio for an undisclosed amount. Also, in 2021, Nestlé strengthened its resolution to promote plant-based cuisine throughout Asia with the opening of a factory in Malaysia that will produce plant-based burgers, schnitzels, mince, and other products. Thus, such strategic development initiatives by key market players help companies extend their domestic reach and gain a competitive edge in international markets.
On the flip side, flavor challenges associated with plant-based protein hamper the growth of Asia Pacific meat substitute ingredients market.
Based on source, the Asia Pacific meat substitute ingredients market is categorized into soy, wheat, pea, mycoprotein, and others. The soy segment held 52.3% market share in 2022, amassing US$ 263.51 million. It is projected to garner US$ 464.79 million by 2030 to register 7.4% CAGR during 2022–2030.
In terms of ingredients, the Asia Pacific meat substitute ingredients market is segmented into soy protein, pea protein, tempeh, tofu, seitan, and others. The soy protein segment held 39.7% share of Asia Pacific meat substitute ingredients market in 2022, amassing US$ 199.95 million. It is anticipated to garner US$ 350.55 million by 2030 to expand at 7.3% CAGR during 2022–2030.
In terms of application, the Asia Pacific meat substitute ingredients market is segmented into patties, nuggets, sausages, meatballs, and others. The others segment held 44.6% share of Asia Pacific meat substitute ingredients market in 2022, amassing US$ 224.67 million. It is anticipated to garner US$ 414.01 million by 2030 to expand at 7.9% CAGR during 2022–2030
Based on country, the Asia Pacific meat substitute ingredients market is categorized into Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 29.4% share of Asia Pacific meat substitute ingredients market in 2022. It was assessed at US$ 148.22 million in 2022 and is likely to hit US$ 272.53 million by 2030, registering a CAGR of 7.9% during 2022–2030.
Key players operating in the Asia Pacific meat substitute ingredients market are Crespel & Deiters GmbH Co KG, DuPont de Neumours Inc, Ingredion Inc, Wilmar International Ltd, Archer Daniels Midland Co, Kerry Group Plc, Roquette Freres SA, and The Scoular Co, among others.
- In November 2020, Ingredion Incorporated has agreed to acquire 100% ownership in Verdient Foods Inc., a joint venture that aims to accelerate growth in plant-based proteins. The acquisition enables Ingredion to accelerate net sales growth, expand manufacturing capabilities, and co-create with customers to serve the increasing consumer demand for plant-based foods.
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