Market Size of asia-pacific tofu Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 360.89 Million |
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Market Size (2029) | USD 668.99 Million |
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Largest Share by Distribution Channel | Off-Trade |
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CAGR (2024 - 2029) | 13.14 % |
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Largest Share by Country | China |
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Market Concentration | Low |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Asia Pacific Tofu Market Analysis
The Asia-Pacific Tofu Market size is estimated at 360.89 million USD in 2024, and is expected to reach 668.99 million USD by 2029, growing at a CAGR of 13.14% during the forecast period (2024-2029).
360.89 Million
Market Size in 2024 (USD)
668.99 Million
Market Size in 2029 (USD)
11.01 %
CAGR (2017-2023)
13.14 %
CAGR (2024-2029)
Largest Segment by Country
18.62 %
value share, China, 2023
With the customers' shift toward vegan alternatives raised in China, tofu has emerged as an ideal meat substitute, as it is already an integral part of the culture.
Largest Segment by Distribution Channel
67.27 %
value share, Off-Trade, 2023
Online channel is likely to drive the growth of tofu sales through off-trade channels. The onset of the experiential economy has prompted customers to prefer this channel.
Fastest-growing Segment by Country
13.74 %
Projected CAGR, Indonesia, 2024-2029
The rapidly growing consumer interest in healthy living and healthy eating, considering tofu as a modern-style plant-based food, has become the major factor for tofu in Indonesia.
Fastest-growing Segment by Distribution Channel
13.42 %
Projected CAGR, On-Trade, 2024-2029
The region's growing vegan population has led numerous food service outlets to add tofu items to their menus. This also promoted the launch of vegan restaurants in the region.
Leading Market Player
10.56 %
market share, Misuzu Corporation Co. Ltd, 2022
Technological advancements in tofu processing, catering to increased production, and the company’s product portfolio are expanding its presence in the APAC tofu market.
- In the Asia-Pacific region, tofu's sales value from the off-trade segment increased by 28.33% in 2020 from 2019, primarily due to the COVID-19 pandemic. In 2020, many households purchased plant-based foods, including tofu, from supermarkets and online channels as restaurants and foodservice outlets were shut. Moreover, consumers stockpiled meat substitute products due to panic buying amid pandemic-induced lockdowns.
- The off-trade segment is the dominant distribution channel through which tofu products are consumed in the Asia-Pacific region. Of all the sub-segments of the off-trade segment, the supermarkets and hypermarkets segment is the major channel, and it accounted for 68% of the market share in 2021. The growth of these retail formats, along with factors like business expansion and the increase in supermarkets and hypermarkets, positively impacted the meat substitute market in the region. The major retailers in China, including Walmart China, Sun Art Retail Group Ltd, and Carrefour China, have started selling plant-based tofu products with a separate shelf space to attract consumers.
- The on-trade segment is likely to be the fastest-growing distribution channel for the consumption of meat substitutes in the Asia-Pacific region. It is projected to record a CAGR of 14.97% in the forecast period. There is a growing demand for plant-based food across the country, and consumers are more interested in innovative variants. Thus, restaurants and the foodservice sector are continuously launching innovative tofu variants, such as hot pot, Chinese-style barbeque, and tofu snacks, and are expected to innovate more tofu products in the forecast period to cater to the growing demand from consumers.
Understand The Key Trends Shaping This Market
Rising demand for tofu dishes at foodservice outlets boosting the segment sales
- The segment has seen significant growth of 19.1% by value from 2020 to 2022. Tofu is a part of traditional Asian cuisine. It is a common ingredient in dishes with subtle regional variations in methods of production, texture, flavor, and usage. Giants like Impossible Foods, Just, KFC, and Cargill are innovating their products and entering the Chinese market, which accounts for the largest meat consumption within the APAC market.
- However, the Indian tofu market is expected to see high growth and is projected to witness a CAGR value of 13.60% during the forecast period (2023-2029). As customers shift their food choices to vegan alternatives, tofu has emerged as an ideal meat substitute. Tofu is regarded as a very good source of protein that is also eco-friendly and devoid of cruelty. Tofu may have increased in popularity among consumers as an acceptable replacement and impulsive buy as a result. The number of vegetarians is also high in the country, which was over 34 million as of 2021, driving the sales. People who generally eat meat out of home only are also now looking for alternative meat options in the dine-in.
- The tofu market in the region is expected to see positive growth during the forecast period (2023-2029), with all the countries projected to witness a CAGR value of more than 13.17%. Soybean is a major raw material for tofu production. In certain parts of the region where soybean production is relatively low, it has to be imported to satisfy the industry's production volume. Asia-Pacific will continue to be a huge market for tofu, as it is already an integral part of the culture. Countries will need to step up their production of soybeans and coagulants needed for the production of tofu to decrease reliance on other nations.
Asia-Pacific Tofu Industry Segmentation Asia Pacific Tofu Industry Segmentation
Off-Trade, On-Trade are covered as segments by Distribution Channel. Australia, China, India, Indonesia, Japan, Malaysia, South Korea are covered as segments by Country.
- In the Asia-Pacific region, tofu's sales value from the off-trade segment increased by 28.33% in 2020 from 2019, primarily due to the COVID-19 pandemic. In 2020, many households purchased plant-based foods, including tofu, from supermarkets and online channels as restaurants and foodservice outlets were shut. Moreover, consumers stockpiled meat substitute products due to panic buying amid pandemic-induced lockdowns.
- The off-trade segment is the dominant distribution channel through which tofu products are consumed in the Asia-Pacific region. Of all the sub-segments of the off-trade segment, the supermarkets and hypermarkets segment is the major channel, and it accounted for 68% of the market share in 2021. The growth of these retail formats, along with factors like business expansion and the increase in supermarkets and hypermarkets, positively impacted the meat substitute market in the region. The major retailers in China, including Walmart China, Sun Art Retail Group Ltd, and Carrefour China, have started selling plant-based tofu products with a separate shelf space to attract consumers.
- The on-trade segment is likely to be the fastest-growing distribution channel for the consumption of meat substitutes in the Asia-Pacific region. It is projected to record a CAGR of 14.97% in the forecast period. There is a growing demand for plant-based food across the country, and consumers are more interested in innovative variants. Thus, restaurants and the foodservice sector are continuously launching innovative tofu variants, such as hot pot, Chinese-style barbeque, and tofu snacks, and are expected to innovate more tofu products in the forecast period to cater to the growing demand from consumers.
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| On-Trade |
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| Australia | |
| China | |
| India | |
| Indonesia | |
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| South Korea | |
| Rest of Asia-Pacific |
Need A Different Region Or Segment?
Asia-Pacific Tofu Market Size Summary
The Asia-Pacific tofu market is experiencing significant growth, driven by increasing consumer demand for plant-based foods and innovative tofu variants. The market is characterized by a strong off-trade segment, with supermarkets and hypermarkets being the primary distribution channels. The COVID-19 pandemic accelerated the shift towards plant-based diets, as consumers stockpiled meat substitutes during lockdowns. This trend has been further supported by the expansion of retail formats and the strategic positioning of plant-based products by major retailers in countries like China. The on-trade segment, including restaurants and foodservice outlets, is also poised for rapid growth, with a focus on introducing new tofu products to cater to evolving consumer preferences.
The tofu market in the Asia-Pacific region is expected to continue its upward trajectory, with countries like India witnessing particularly high growth rates. The increasing shift towards vegan alternatives and the rising number of vegetarians are key factors driving tofu consumption. However, the region faces challenges related to soybean production, as it relies on imports to meet the demand for tofu production. Efforts are underway in countries like China to boost domestic soybean production to reduce dependency on imports. The market is fragmented, with several key players contributing to its development, and recent innovations and acquisitions are expected to further enhance market dynamics. Despite rising costs due to geopolitical factors, the demand for tofu remains robust, with consumers showing a preference for locally sourced and premium products.
Asia-Pacific Tofu Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size in Value in USD, Forecasts up to 2029 and analysis of growth prospects)
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1.1 Distribution Channel
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1.1.1 Off-Trade
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1.1.1.1 Convenience Stores
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1.1.1.2 Online Channel
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1.1.1.3 Supermarkets and Hypermarkets
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1.1.1.4 Others
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1.1.2 On-Trade
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1.2 Country
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1.2.1 Australia
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1.2.2 China
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1.2.3 India
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1.2.4 Indonesia
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1.2.5 Japan
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1.2.6 Malaysia
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1.2.7 South Korea
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1.2.8 Rest of Asia-Pacific
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Asia-Pacific Tofu Market Size FAQs
How big is the Asia-Pacific Tofu Market?
The Asia-Pacific Tofu Market size is expected to reach USD 360.89 million in 2024 and grow at a CAGR of 13.14% to reach USD 668.99 million by 2029.
What is the current Asia-Pacific Tofu Market size?
In 2024, the Asia-Pacific Tofu Market size is expected to reach USD 360.89 million.
