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 |
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
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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.
