Asia-Pacific Tofu Market Size

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).

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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.

Rising demand for tofu dishes at foodservice outlets boosting the segment sales

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.