The global vegan Asian food market is anticipated to be valued at US$ 18,196.8 million in 2023 and to reach a valuation of US$ 30,806.3 million by 2033. The demand for vegan Asian food is estimated to record a steady 6 percent CAGR.

Several trends are shaping up the market. The demand for plant-based proteins is increasing in Asia as more consumers look for alternative protein sources. Various factors, such as growing health concerns, environmental concerns, and religious beliefs, drive this trend. Plant-based protein products, such as soy, peas, lentils, hemp, and others, provide a sustainable and healthy alternative to traditional animal-based proteins. Companies that produce these products are expected to have a significant opportunity to capitalize on this trend.

The health and wellness trend is also growing in Asia. Consumers are becoming aware of the link between diet and health and are looking for foods low in sugar, salt, and fat. The increasing prevalence of lifestyle-related diseases such as obesity and diabetes drives this trend. Consumers are looking for food products to help them maintain a healthy diet and prevent these diseases.

E-commerce is a growing trend in Asia, and this presents opportunities for companies to expand their reach and improve their distribution channels. Online food product sales are growing rapidly, and e-commerce platforms have become an important channel for reaching consumers. The increasing use of smartphones and the internet in Asia drives this trend.

Country-wise Insights

How the Vegan Asian Food Market May Expand Across the United States?

As more American consumers become aware of the health and environmental benefits, there is an increasing demand for vegan Asian food products. This will likely lead to more vegan Asian food options in supermarkets and restaurants.

Companies in the market will likely continue to innovate and improve their products to meet consumers’ evolving needs and preferences. This could include the development of new plant-based meat alternatives and expanding vegan Asian food options in frozen and packaged food products.

Top Companies in the United States Vegan Asian Food Industry

• Beyond Meat: Beyond Meat is a popular vegan Asian food company in the United States that offers a wide range of plant-based meat alternatives, including burgers, sausages, and meatballs.
• Impossible Foods: Impossible Foods is a leading vegan Asian food company based in the United States that offers a variety of plant-based meat alternatives, including burgers and ground meat.

The United Kingdom May Continue to Dominate the Vegan Asian Food Market

• CAGR (2023 to 2033): 6.6%
• United Kingdom Vegan Asian Food Market Share: 9.6%
• United Kingdom Vegan Asian Food Market Valuation (2022): US$ 1,647.2 million
• United Kingdom Vegan Asian Food Market Valuation (2033): US$ 3,330.5 million

The United Kingdom has a well-developed food industry, with various companies and brands offering vegan Asian food products. These companies have the resources, experience, and infrastructure to continue to innovate and improve their products, which could help them maintain their dominance in the market.

However, other countries such as China, the United States, and Germany are also witnessing strong growth in the vegan food market and are expected to be leading players soon, so competition in the market is likely to increase.

Top Companies in the United Kingdom Vegan Asian Food Industry

• Tofurky: Tofurky is a popular vegan Asian food company based in the United Kingdom that offers a wide range of vegan Asian food products, including plant-based meat alternatives and frozen meals.
• Quorn: Quorn is a leading vegan Asian food company based in the United Kingdom that offers a variety of plant-based meat alternatives and vegan Asian food products.
• Linda McCartney Foods: Linda McCartney Foods is a popular vegan Asian food company based in the United Kingdom that offers a wide range of vegan Asian food products, including frozen meals, sauces, and snacks.

Why China is Considered an Attractive Vegan Asian Food Market?

• CAGR (2023 to 2033): 5.1%
• China Vegan Asian Food Market Share: 8.3%
• China Vegan Asian Food Market Valuation (2022): US$ 1,424.17 million
• China Vegan Asian Food Market Valuation (2033): US$ 2,461.8 million

China is considered an attractive market for vegan Asian food due to several factors. Firstly, China’s large and growing population provides a large potential customer base for vegan Asian food products. This, coupled with the increasing demand for plant-based products among Chinese consumers, has led to a growing market for vegan Asian food products in China.

Another factor that makes China an attractive market is the growing awareness of the health and environmental benefits of plant-based diets among Chinese consumers. Many Chinese consumers are looking to reduce their meat consumption and opt for vegan options, which is driving the demand for vegan Asian food products. Additionally, the Chinese government has been promoting and supporting vegetarian and vegan food options as part of a larger effort to improve public health and reduce greenhouse gas emissions.

Top Companies in the China Vegan Asian Food Industry

• OATLY: OATLY is a popular vegan Asian food company based in China that offers a wide range of vegan Asian food products, including plant-based milk and ice cream.
• VegeFarm: VegeFarm is a leading vegan Asian food company based in China that offers a variety of plant-based meat alternatives and vegan Asian food products.
• Green Monday: Green Monday is a popular vegan Asian food company based in China that offers a wide range of vegan Asian food products, including plant-based meat alternatives, frozen meals, and snacks.

India is expected to Emerge as a Lucrative Market

• CAGR (2023 to 2033): 6%
• India Vegan Asian Food Market Share: 3.9%
• India Vegan Asian Food Market Valuation (2022): US$ 669.2 million
• India Vegan Asian Food Market Valuation (2033): US$ 1,270.3 million

India has the potential to emerge as a lucrative market for vegan Asian food. The country has a large and growing population, with a strong tradition of vegetarianism and increasing awareness of plant-based diets’ health and environmental benefits. Additionally, India has a diverse and rich culinary tradition, with a wide variety of plant-based dishes and ingredients that can be used to create vegan Asian food products.

Top Companies in the Indian Vegan Asian Food Industry

• Greenr: Greenr is a popular vegan Asian food company based in India that offers a wide range of vegan Asian food products, including frozen meals, sauces, and snacks.
• The Green Snack Co: The Green Snack Co is a vegan Asian food company based in India that offers a variety of plant-based Asian snacks, such as vegan samosas and spring rolls.
• Nature’s Basket: Nature’s Basket is a leading Indian grocery chain that offers a wide range of vegan Asian food products, including frozen meals, sauces, and snacks.

Competitive Landscape

The market is competitive and several competitive strategies are being followed by companies to gain an advantage. Some examples of these strategies include:

• Product Innovation: Companies are constantly developing new vegan Asian food products to appeal to different consumer preferences and dietary needs. For example, Tofurky, a US-based company, has introduced a line of vegan Asian-inspired frozen meals, including Kung Pao Chick’n and Sesame Chick’n.
• Branding and Marketing: Companies are using branding and marketing to differentiate their products and appeal to specific consumer segments. For example, an Asian food company, Ling Ling, has launched a marketing campaign that focuses on the company’s use of high-quality ingredients and authentic Asian flavors to promote its line of vegan dumplings.
• Distribution and Partnerships: Companies are forming distribution and partnerships to expand their reach and increase their visibility. For example, a vegan food company, Gardein, has partnered with major grocery stores and restaurants across the US and Canada to make its vegan Asian-inspired products more widely available.
• Price: Companies are also using the price to compete, targeting price-sensitive consumers by offering lower-priced vegan Asian food options. For example, a company like Veggie Yum Yum, based in the United Kingdom, is known for its low prices.
• Sustainable Production: Companies are also focusing on sustainable production as a way to differentiate their products and appeal to environmentally conscious consumers. For example, the Thai company, Taan, uses organic and sustainable farming methods to produce its line of vegan Asian food products.

These insights are based on a report on Vegan Asian Food Market by Future Market Insights.