At 15.8% CAGR, the APAC Plant Based Meat Products Market is projected to be worth US$ 5,311.09 million by 2028, says Business Market Insights           

According to Business Market Insights’ 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.

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