Market Overview
| Study Period | 2020 - 2030 |
|---|---|
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 411.90 Million |
| Market Size (2030) | USD 761.70 Million |
| Growth Rate (2025 - 2030) | 13.17% CAGR |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0. |
|
Asia-Pacific Tofu Market Analysis by Mordor Intelligence
The Asia Pacific tofu market reached USD 411.92 million in 2025 and is projected to climb to USD 761.70 million by 2030, reflecting a robust 13.17% CAGR over the forecast period. This trajectory is underpinned by rising urban incomes, strong cultural familiarity with soy foods, widening regulatory support for plant-based proteins, and upgrades in cold-chain logistics across the region. Intensifying health awareness around cholesterol-free, low-fat nutrition is accelerating product premiumization, while technology investments in extended shelf-life and aseptic packaging are unlocking new export opportunities. Supply-side modernization, including contract farming and smart processing lines, is simultaneously improving cost structures and traceability, thereby supporting long-run volume growth. Competitive dynamics remain moderate; however, scale advantages and innovation depth are beginning to reward early adopters with faster revenue expansion and higher margins.
Key Report Takeaways
- By product type, regular tofu led with 31.56% of Asia Pacific tofu market share in 2024, while flavored and smoked variants are advancing at a 15.30% CAGR toward 2030.
- By distribution channel, off-trade formats held 66.21% of Asia Pacific tofu market size in 2024 and on-trade channels are accelerating at a 14.78% CAGR through 2030.
- By geography, China accounted for 45.82% of Asia Pacific tofu market share in 2024; Indonesia is set to expand at a 13.58% CAGR to 2030.
Asia-Pacific Tofu Market Trends and Insights
Drivers Impact Analysis
| Drivers | (~)% Impact on CAGR Forecasts | Geographic Relevance | Impact Timeline |
|---|---|---|---|
| Growing Plant-Based and Vegan Population | +2.8% | Global, strongest in urban centers across China, Japan, Singapore | Medium term (2-4 years) |
| Deep-rooted consumption of tofu in the region | +3.2% | China, Japan, Korea, with spillover to Southeast Asia | Long term (≥ 4 years) |
| Consumers increasingly seek low-fat, cholesterol-free, and high-protein foods | +2.1% | APAC core markets, expanding to Australia, India | Medium term (2-4 years) |
| Government and Institutional Initiatives | +1.9% | National policies in China, India, Thailand, Singapore | Short term (≤ 2 years) |
| Increasing demand for sustainable, eco-friendly protein sources | +1.8% | Developed APAC markets, urban centers across region | Long term (≥ 4 years) |
| Introduction of organic, flavored, ready-to-eat, and premium tofu varieties | +2.4% | Japan, Singapore, Australia, expanding to China, Indonesia | Medium term (2-4 years) |
| Source: Mordor Intelligence | |||
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Growing Plant-Based and Vegan Population
Urban populations across Asia Pacific are increasingly shifting towards plant-based diets, driving steady growth in demand for traditional soy-based proteins. Younger generations are at the forefront, adopting flexitarian eating habits while preserving cultural connections to tofu. In Thailand, the plant-based food market is expected to grow by 10-35% annually, with its value projected to reach USD 1.5 billion in 2024, as reported by the United States Department of Agriculture's Foreign Agricultural Service[1]United States Department of Agriculture Foreign Agricultural Service, “Thailand: Plant-Based Food and Beverage Market in Thailand,” fas.usda.gov. Urban centers are influenced by Western dietary trends, while traditional consumption patterns continue to provide a stable foundation for demand. Additionally, government nutrition programs are incorporating plant-based protein recommendations, signaling institutional support for market growth. This shift, fueled by rising health awareness and environmental concerns, reflects a lasting change rather than a temporary dietary experiment.
Deep-rooted consumption of tofu in the region
East Asian markets, deeply rooted in culinary traditions, exhibit a distinct resilience in tofu consumption, distinguishing them from the global growth of plant-based markets. These longstanding consumption habits not only establish a stable demand but also provide market stability during economic uncertainties. China's significant 45.82% market share reflects both its large population and the cultural integration of tofu consumption across generations, as noted by the USDA Economic Research Service. In Japan, major tofu brands have achieved widespread availability, with over 30,000 convenience store locations highlighting the country's advanced infrastructure and steady consumption trends. Additionally, regional trade flows benefit from well-established supply chains and processing expertise, offering a competitive advantage over markets still cultivating their plant-based consumer bases. As global plant-based trends align with traditional consumption practices, East Asia's cultural authenticity becomes a key strategic advantage.
Consumers increasingly seek low-fat, cholesterol-free, and high-protein foods
With aging demographics and increasing chronic disease prevalence in Asia Pacific, tofu's nutritional benefits are gaining traction. Consumers now demand tofu with 12 grams of protein per 100 grams to meet their functional nutrition needs. Medical research highlighting soy protein's cardiovascular benefits has led to institutional endorsements, particularly among health-conscious individuals. Premium tofu brands are enhancing their offerings with calcium and vitamins to compete with dairy alternatives while maintaining their plant-based appeal. Regulatory frameworks that support nutrition claims allow manufacturers to emphasize these functional benefits through approved labeling, creating differentiation in the market. By blending traditional consumption patterns with modern nutritional science, tofu offers significant value to both established and emerging consumer segments.
Increasing demand for sustainable, eco-friendly protein sources
Tofu production is increasingly being favored over animal protein alternatives due to its significantly lower environmental impact. Tofu's emissions are 85-96% lower than those of beef, and while producing a kilogram of beef requires about 15,000 liters of water, tofu needs only around 2,500 liters. Driven by corporate sustainability mandates, institutions are now prioritizing lower-carbon protein sources in their purchasing decisions, expanding demand channels beyond just consumer retail. Soybean producers are adopting regenerative agriculture practices, not only addressing soil health concerns but also positioning themselves for potential carbon credit program qualifications, thereby enhancing their supply chain economics. Vitasoy International is setting an industry benchmark with its Singapore operations, where solar panel installations now meet 20% of factory electricity needs, leading to an annual CO2 reduction of 88 tonnes. Initiatives promoting supply chain transparency are ensuring traceability from farm to consumer, bolstering the premium positioning of sustainably-sourced products. As environmental regulations tighten and consumer preferences shift, producers showcasing tangible sustainability improvements are reaping competitive advantages.
Restraint Impact Analysis
| Restraints | (~)% Impact on CAGR Forecasts | Geographic Relevance | Impact Timeline |
|---|---|---|---|
| Competition from Other Plant-Based Proteins | -1.8% | Global, intensifying in developed APAC markets | Medium term (2-4 years) |
| Fluctuating Soybean Prices | -2.1% | Supply-dependent markets: China, Indonesia, Thailand | Short term (≤ 2 years) |
| Quality and Freshness Concerns | -1.2% | Emerging markets with limited cold chain infrastructure | Medium term (2-4 years) |
| Varying Food Safety Regulations | -0.9% | Cross-border trade corridors, export-dependent producers | Long term (≥ 4 years) |
| Source: Mordor Intelligence | |||
Competition from Other Plant-Based Proteins
Alternative protein proliferation intensifies competitive pressure as pea, oat, and novel protein sources capture market share through targeted positioning and innovation investments. Plant-based protein market diversification creates consumer choice expansion that fragments traditional tofu demand, particularly among younger demographics exploring variety. Venture capital funding flows toward alternative protein startups developing next-generation products with superior functional properties or sustainability profiles. Multinational food companies leverage distribution advantages and marketing resources to promote proprietary plant-based alternatives that compete directly with traditional soy-based products. Regulatory approval processes for novel proteins may create temporary competitive advantages for established tofu producers, yet long-term market dynamics favor diversified protein portfolios. Strategic responses require innovation acceleration and premium positioning to maintain relevance against emerging alternatives.
Quality and Freshness Concerns
In developing Asia Pacific markets, inadequate cold chain infrastructure poses risks to product quality, limiting market growth and diminishing consumer confidence. Research on microbiological contamination reveals significant quality inconsistencies in street-vended tofu, with 86% of samples exceeding acceptable bacterial limits, as noted in the Journal of Food Quality and Hazards Control[2]Journal of Food Quality and Hazards Control, “Microbiological Quality of Commercial Soy Cheese (Tofu) Skewers,” jfqhc.ssu.ac.ir. The requirement for strict temperature regulation throughout distribution channels drives up logistics costs and adds complexity, particularly for fresh tofu with a short shelf life. Many small-scale producers lack the resources to implement comprehensive HACCP systems and quality control measures, which are critical for maintaining consistent product safety. Educating consumers on proper handling and storage practices is essential to ensure product quality. Additionally, investments in advanced packaging and preservation technologies provide solutions to quality challenges while expanding distribution capabilities.
Segment Analysis
By Product Type: Premium Innovation Drives Differentiation
In 2024, regular tofu leads the market with a 31.56% share, highlighting strong consumer preferences and price sensitivity across the Asia Pacific. In contrast, flavored and smoked variants are experiencing the fastest growth, with a 15.30% CAGR projected through 2030. This growth reflects effective premiumization strategies that go beyond traditional consumption patterns. Japanese manufacturers have spearheaded texture innovations, creating tofu products that replicate the luxury of foie gras. Similarly, Taiwanese producers have introduced thousand-layer tofu, a premium product known for its enhanced mouthfeel. Fortified and functional tofu segments are leveraging nutritional advancements, incorporating calcium, vitamins, and protein levels exceeding 12 grams per 100 grams, positioning themselves as strong competitors to dairy alternatives.
Aseptic packaging technology is transforming the tofu market by enabling products with a 180-day shelf life. This advancement supports export growth and minimizes food waste in distribution channels. Organic certification offers a clear quality differentiation, with certified products commanding a 15-30% price premium over conventional options. Smoked tofu appeals to Western-influenced consumers seeking familiar flavors, while traditional tofu preparations preserve cultural authenticity for established demographics. Manufacturing innovations are focused on improving coagulation methods and automating filling processes, enhancing consistency while reducing production costs. Producers who successfully integrate traditional preparation techniques with modern food technology are gaining a competitive edge, particularly in scaling premium product lines.
Note: Segment shares of all individual segments available upon report purchase
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By Distribution Channels: Foodservice Acceleration Reshapes Market Access
In 2024, off-trade channels, which include supermarkets, hypermarkets, convenience stores, and rapidly growing online platforms, hold a dominant 66.21% market share, serving a broad range of consumer segments. In Japan, major brands operate over 30,000 convenience store locations, highlighting a well-developed infrastructure that ensures consistent product availability and easy consumer access. Online channels are expanding quickly, utilizing e-commerce integrations and direct-to-consumer strategies to bypass traditional retail margins. While supermarkets and hypermarkets remain critical due to their product variety and promotional capabilities, they face increasing margin pressures from online competitors and the growth of private labels.
On-trade segments, driven by the professional foodservice sector's adoption of premium tofu and the expansion of plant-based menus, are projected to grow at a strong 14.78% CAGR through 2030. Restaurants, hotels, and catering services are not only adopting these trends but also enhancing tofu's appeal through chef education and culinary innovation, positioning it as a versatile ingredient rather than just a meat alternative. Hotel chains are incorporating plant-based options to meet guest expectations for sustainability and dietary preferences, thereby creating institutional demand. Catering services are leveraging the extended shelf-life and portion control of these products to improve operational efficiency while meeting nutritional standards. This professional foodservice channel provides both volume stability and premium pricing opportunities, countering retail margin pressures and establishing itself as a critical growth driver for market participants.
Note: Segment shares of all individual segments available upon report purchase
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Geography Analysis
In 2024, China holds a commanding 45.82% market share, leveraging its vast population, cultural integration, and a deeply established supply chain infrastructure. These factors collectively provide a significant competitive advantage across the entire value chain. The country's strong domestic production capabilities and advanced processing expertise not only meet local consumption demands but also support robust export activities. Additionally, government-led food security initiatives are actively driving the expansion of soybean cultivation and processing capacities, further strengthening the market. \
Japan, in contrast, represents a mature and sophisticated market. It is characterized by premium product positioning, exceptional distribution networks through convenience stores, and a relentless focus on product innovation. These factors ensure sustained consumer engagement by emphasizing quality differentiation. Meanwhile, Australia exemplifies regulatory excellence, with its comprehensive import standards and stringent food safety protocols ensuring high product quality. These measures, supported by the Australian Government Department of Agriculture[3]Australian Government Department of Agriculture, “Tofu, Soy-Bean Curd, Soy Milk Curd,” agriculture.gov.au, also facilitate seamless trade operations.
Indonesia is emerging as the fastest-growing market, with a projected CAGR of 13.58% through 2030. This growth is driven by increasing disposable incomes, rapid urbanization, and a growing health-conscious middle class. The country's significant Muslim population further fuels demand for halal-certified products, while government initiatives aimed at enhancing food security are fostering the development of domestic protein production capabilities. In India, the vegetarian population, which exceeds 400 million, creates a substantial demand base. This demand is further supported by efforts from the Bureau of Indian Standards, which promote quality certification and encourage the adoption of the ISI mark. Across the broader Asia Pacific region, particularly in the 'Rest of Asia Pacific' category, urbanization and rising income levels are driving diversification in protein consumption.
Competitive Landscape
Market concentration registers at 6 out of 10, indicating moderate fragmentation with emerging consolidation pressures as leading players pursue scale advantages and geographic expansion strategies. Competition intensifies through technological differentiation, with companies investing in aseptic packaging technologies, extended shelf-life innovations, and premium texture development that command higher margins. Strategic positioning increasingly emphasizes sustainability credentials, organic certification, and traceability systems that appeal to environmentally conscious consumers and institutional buyers.
White-space opportunities emerge in functional fortification, convenience formats, and cross-cultural flavor development that expands appeal beyond traditional consumer bases. Technology adoption drives competitive advantage through automation, quality control systems, and supply chain optimization that improve efficiency while ensuring consistent product quality. Vitasoy International demonstrates industry leadership through solar panel installations, resource reduction initiatives, and comprehensive sustainability reporting that creates differentiation advantages.
Emerging disruptors are increasingly adopting e-commerce platforms, direct-to-consumer strategies, and niche positioning to gain a competitive edge and capture market share from established players that continue to rely on traditional distribution channels. These disruptors leverage their agility and innovative approaches to meet evolving consumer demands more effectively. Meanwhile, as food safety standards become more uniform across regional markets and consumer awareness grows, certifications such as HACCP and ISO 22000 are no longer optional. Instead, they have become fundamental requirements for companies to remain competitive and build trust with consumers.
Asia-Pacific Tofu Industry Leaders
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Vitasoy International Holdings Ltd
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Invigorate Foods Pvt. Ltd.
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Misuzu Corporation Co. Ltd.
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House Foods Group Inc.
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Morinaga Milk Industry Co. Ltd.
- *Disclaimer: Major Players sorted in no particular order
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Recent Industry Developments
- June 2025: Ming Court, the Chinese restaurant nestled within the Cordis Hong Kong hotel, unveiled its latest culinary offering: the "Soy Symphony" menu. Highlights of this menu feature a delectable stuffed tofu dish, among other delights.
- February 2025: Tofu Shoten, a popular small shop in Melbourne launched different tofu products such as tofu nuggets, tofu donuts, and unique tofu milk flavors.
- June 2024: TOFoKU launched a new restaurant in Japan. The restaurant is run by Takuya Onitsuka, 42, a former member of the village’s regional revitalization cooperation team who took over a local tofu shop.
Asia-Pacific Tofu Market Report Scope
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.
Product Type
| Regular |
| Smoked/Flavored |
| Fortified/Functional |
Distribution Channels
| On-Trade | Hotels |
| Restaurants | |
| Catering | |
| Off-Trade | Supermarkets and Hypermarkets |
| Convenience Stores | |
| Online Channel | |
| Others |
Geography
| India |
| China |
| Japan |
| Australia |
| Indonesia |
| Thailand |
| Rest of Asia Pacific |
| Product Type | Regular | |
| Smoked/Flavored | ||
| Fortified/Functional | ||
| Distribution Channels | On-Trade | Hotels |
| Restaurants | ||
| Catering | ||
| Off-Trade | Supermarkets and Hypermarkets | |
| Convenience Stores | ||
| Online Channel | ||
| Others | ||
| Geography | India | |
| China | ||
| Japan | ||
| Australia | ||
| Indonesia | ||
| Thailand | ||
| Rest of Asia Pacific | ||
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Market Definition
- Meat Substitutes - It is a food product made from vegetarian or vegan ingredients, eaten as a replacement for meat. Meat substitutes typically approximate qualities of specific types of meat, such as mouthfeel, flavor, appearance, or chemical characteristics.
- Tempeh - It is a high protein Asian food prepared by fermenting soybeans with a Rhizopus.
- Textured Vegetable Protein - Food items made from consumable protein sources like soybean, pea, wheat, hemp, etc., are known as textured vegetable proteins. Each unit will withstand hydration during cooking and other processes used in preparing the food for consumption because it has structural integrity and a distinguishable texture.
- Tofu - Tofu is a soft food product prepared by treating soybean milk with coagulants.
| Keyword | Definition |
|---|---|
| A5 | It is a Japanese grading system for beef. The 'A' means the carcass yield is the highest possible and the numeric rating relates to beef marbling, color and brightness of the flesh, its texture and color, luster, and fat quality. A5 is the highest mark wagyu beef can score. |
| Abbatoir | It is another name for a slaughterhouse and refers to the premise used for or in connection with the slaughter of animals whose meat is intended for human consumption. |
| Acute Hepatopancreatic Necrosis Disease (AHPND) | It is a disease that affects shrimp and is characterized by high mortalities, in many cases reaching 100% within 30-35 days of stocking grow-out ponds. |
| African Swine Fever (ASF) | It is a highly contagious viral disease of pigs caused by a double-stranded DNA virus in the Asfarviridae family. |
| Albacore Tuna | It is one of the smallest species of tuna found in the six distinct stocks known globally in the Atlantic, Pacific, and Indian oceans, as well as the Mediterranean Sea. |
| Angus beef | It is beef derived from a specific breed of cattle indigenous to Scotland. It requires certification from the American Angus Association to receive the "Certified Angus Beef" quality mark |
| Bacon | It is salted or smoked meat that comes from the back or sides of a pig |
| Black Angus | It is beef derived from a black-hided breed of cows that don't have horns. |
| Bologna | It is an Italian smoked sausage made of meat, typically large and made from pork, beef or veal. |
| Bovine spongiform encephalopathy (BSE) | It is a progressive neurological disorder of cattle that results from infection by an unusual transmissible agent called a prion. |
| Bratwurst | It refers to a type of German sausage made from pork, beef or veal. |
| BRC | British Retail Consortium |
| Brisket | It is a cut of meat from the breast or lower chest of beef or veal. The beef brisket is one of the nine beef primal cuts. |
| Broiler | It refers to any chicken (Gallus domesticus) that is bred and raised specifically for meat production. |
| Bushel | It is a unit of measurement for grains and pulses. 1 bushel = 27.216 kg |
| Carcass | It refers to the dressed body of a meat animal from which butchers trim the meat |
| CFIA | Canadian Food Inspection Agency |
| Chicken Tender | It refers to chicken meat prepared from the pectoralis minor muscles of a chicken bird. |
| Chuck Steak | It refers to a cut of beef that is part of the chuck primal, which is a large section of meat from the shoulder area of a cow |
| Corned Beef | It refers to beef brisket cured in brine and boiled, typically served cold. |
| CWT | Also known as a hundredweight, it is a unit of measurement used to define the quantity of meat. 1 CWT = 50.80 kg |
| Drumstick | It refers to a chicken leg without the thigh. |
| EFSA | European Food Safety Authority |
| ERS | Economic Research Service of the USDA |
| Ewe | It is an adult female sheep. |
| FDA | Food and Drug Administration |
| Fillet Mignon | It is a cut of meat taken from the smaller end of the tenderloin. |
| Flank Steak | It is a cut of beef steak taken from the flank, which lies forward of the rear quarter of a cow. |
| Foodservice | It refers to the part of the food industry which includes businesses, institutions, and companies which prepare meals outside the home. It includes restaurants, school and hospital cafeterias, catering operations, and many other formats. |
| Forage | It refers to animal feed. |
| Foreshank | It is the upper part of the foreleg of cattle |
| Franks | Also known as frankfurter or Würstchen, it is a type of highly seasoned smoked sausage popular in Austria and Germany. |
| FSANZ | Food Standards Australia New Zealand |
| FSIS | Food Safety and Inspection Service |
| FSSAI | Food Safety and Standards Authority of India |
| Gizzard | It refers to an organ found in the digestive tract of birds. It is also called the mechanical stomach of a bird. |
| Gluten | It is a family of proteins found in grains, including wheat, rye, spelt, and barley |
| Grain-fed beef | It is beef derived from cattle that have been fed a diet supplemented with soy and corn and other additives. Grainfed cows can also be given antibiotics and growth hormones to fatten them up more quickly. |
| Grass-fed beef | It is beef derived from cattle that have only been fed grass as feed. |
| Ham | It refers to the pork meat taken from the leg of a pig. |
| HoReCa | Hotels, Restaurants and Cafes |
| Jerky | It is lean trimmed meat that has been cut into strips and dried (dehydrated) to prevent spoilage. |
| Kobe Beef | It is Wagyu beef specifically from the Kuroge Washu breed of cows in Japan. To be classified as Kobe beef, the cow must have been born, raised, and slaughtered within the Hyōgo prefecture in the city of Kobe in Japan. |
| Liverwurst | It is type of German sausage made from beef or pork liver. |
| Loin | It refers to the sides between the lower ribs and pelvis, and the lower part of the back of a cow. |
| Mortadella | It is a large Italian sausage or luncheon meat made of finely hashed or ground heat-cured pork, which incorporates at least 15% small cubes of pork fat. |
| Pastrami | It refers to a highly seasoned smoked beef, typically served in thin slices. |
| Pepperoni | It is an American variety of spicy salami made from cured meat. |
| Plate | It refers to a forequarter cut from the belly of a cow, just below the rib cut. |
| Porcine reproductive and respiratory syndrome (PRRS) | It is a disease occurring in swine causing late-term reproductive failure and severe pneumonia in neonatal pigs. |
| Primal cuts | It refers to the major sections of the carcass. |
| Quorn | It is a meat substitute product prepared using mycoprotein as an ingredient, in which the fungus culture is dried and mixed with egg albumen or potato protein, which acts as a binder, and then is adjusted in texture and pressed into various forms. |
| Ready-to-Cook (RTC) | It refers to food products that include all of the ingredients, where some preparation or cooking is required through a process that is given on the package. |
| Ready-to-Eat (RTE) | It refers to a food product prepared or cooked in advance, with no further cooking or preparation required before being eaten |
| Retort Packaging | It is a process of aseptic packaging food in which food is filled into a pouch or metal can, sealed, and then heated to extremely high temperatures, rendering the product commercially sterile. |
| Round Steak | It refers to a beef steak from the the rear leg of the cow. |
| Rump Steak | It refers to a cut of beef derived from the division between the leg and the chine. |
| Salami | It is a cured sausage consisting of fermented and air-dried meat. |
| Saturated fat | It is a type of fat in which the fatty acid chains have all single bonds. It is generally considered unhealthy. |
| Sausage | It is a meat product made of finely chopped and seasoned meat, which may be fresh, smoked, or pickled and which is then usually stuffed into a casing. |
| Scallop | It is an edible shellfish that is a mollusk with a ribbed shell in two parts. |
| Seitan | It is a plant-based meat substitute made out of wheat gluten. |
| Self-service kios | It refers to a self-order point-of-sale (POS) system through which customers place and pay for their own orders at kiosks, enabling totally contactless and frictionless service. |
| Sirloin | It is a cut of beef from the bottom and side parts of a cow's back. |
| Surimi | It is a paste made from deboned fish |
| Tenderloin | It refers to a cut of beef consisting of the entire tenderloin muscle of a cow |
| Tiger Shrimp | It refers to a large shrimp variety from the Indian and Pacific oceans |
| Trans fat | Also called trans-unsaturated fatty acids or trans fatty acids, it is a type of unsaturated fat that naturally occurs in small amounts in meat. |
| Vannamei shrimp | It refers to tropical prawns and shrimp that are farmed in areas near the equator, generally along the coast in artificial ponds. |
| Wagyu Bee | It is beef derived from any of four strains of a breed of black or red Japanese cattle that are valued for their highly marbled meat. |
| Zoosanitary | It refers to the cleanliness of animals or animal product |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: Identify Key Variables: In order to build a robust forecasting methodology, the variables and factors identified in Step 1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set, and the model is built on the basis of these variables.
- Step-2: Build a Market Model: Market-size estimations for the forecast years are in nominal terms. Inflation is not a part of the pricing, and the average selling price (ASP) is kept constant throughout the forecast period for each country.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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