Market Trends of asia-pacific tofu Industry
Uncertainty in soybean production is causing a spike in prices
- In 2022, the average price of tofu in Asia-Pacific was USD 6.03/kg. The highest price in 2022 was recorded in Malaysia and Australia at USD 7/kg. In Australia, tofu is sold as a premium product and, therefore, has a higher price markup. Although cheaper options are available, Australian consumers have a higher preference for tofu made from Australian ingredients. Demand is also more for tofu with the "Australian Grown Certified" label, while tofu made from organic soybeans is sold for a higher premium.
- The price of tofu in Japan was USD 6/kg in 2022. Following Russia’s invasion of Ukraine, Japanese retailers are facing higher import costs for soybeans, although demand remains strong. The war in Ukraine, the weaker Yen, and increased imports from China caused soybeans produced overseas to cost around 30% more in 2022 than the previous year and 75% more than in 2015. Despite these rising costs, average tofu prices remained at about USD 0.50-0.60 per 300 grams, which was almost the same as in 2015. Imported soybeans now make up about 12% of a block of tofu, up from around 6-7% in 2020.
- Governments in Asia-Pacific aim to increase domestic soybean production to reduce their excessive reliance on crop imports. In 2022, China imported more than 96 million tons of soybeans, which made up nearly 85% of its domestic consumption. However, China seeks to boost domestic soybean production by 40% over the next four years to change this situation. According to the 14th Five Year Plan on crop farming released by the Ministry of Agriculture and Rural Affairs (MARA) in January 2022, China plans to increase soybean production from 16.4 million tons in 2021 to 23 million tons by 2025 to improve self-sufficiency.
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