Report : Asia Pacific Plant-Based Ham Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type (Slices and Strips, Rolls, and Roasts) and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)
At 13.0% CAGR, the Asia Pacific Plant-Based Ham Market is speculated to be worth US$ 185.24 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific plant-based ham market was valued at US$ 89.07 million in 2022 and is expected to reach US$ 185.24 million by 2028, registering a CAGR of 13.0% from 2022 to 2028. Surging demand in developed economies and product innovation are the critical factors attributed to the Asia Pacific plant-based ham market expansion.
Plant-based ham is gaining huge traction across several countries as consumers in the region are reducing their meat, pork, and beef consumption in an attempt to lead a sustainable and healthy life. Many companies are expanding their product portfolio in developed markets to address the demand. Recently, Meliora Foods, an Australian plant-based protein company, launched “Turkey Style Ham Slices” to their strong portfolio of plant-based deli products. Moreover, consumers in developed countries pay more attention to product labels and ingredients used in processed food products. Plant-based, and organic products are gaining popularity owing to their perceived health benefits. Organic plant-based ham is free of pesticides, chemical fertilizers, and genetically modified organisms (GMOs). These benefits add to the popularity of organic plant-based ham among consumers who are ready to pay high prices. Moreover, consumers increasingly prefer clean-label plant-based products that are free of synthetic flavors, colors, and other food additives. They focus on holistic and conscious consumption and prefer products with ethically sourced ingredients. Thus, the increasing demand for clean-label and organic plant-based food products is expected to provide lucrative growth opportunities to the APAC plant-based ham market over the forecast period.
On the contrary, limited availability in emerging economies hurdles the growth of Asia Pacific plant-based ham market.
Based on product type, the Asia Pacific plant-based ham market is segmented into slices and strips, rolls, and roasts. The slices and strips segment held 46.9% share of Asia Pacific Plant-based ham market in 2022, amassing US$ 41.74 million. It is projected to garner US$ 90.01 million by 2028 to expand at 13.7% CAGR during 2022–2028.
Based on distribution channel, the Asia Pacific plant-based ham market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment held 59.9% share of Asia Pacific Plant-based ham market in 2022, amassing US$ 53.35 million. It is projected to garner US$ 109.26 million by 2028 to expand at 12.7% CAGR during 2022–2028.
Based on country, the Asia Pacific plant-based ham market has been categorized into Australia, China, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 75.3% share of Asia Pacific plant-based ham market in 2022. It was assessed at US$ 67.08 million in 2022 and is likely to hit US$ 145.44 million by 2028, exhibiting a CAGR of 13.8% during the forecast period.
Key players profiles in the Asia Pacific Plant-based ham market report are Hain Celestial Canada ULC; Mantra Food Thailand Co Ltd; Meliora Foods Pty Ltd; Nestle SA; Quorn Foods Ltd; and VBites Foods Ltd, among others.
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