Meat substitutes taking the spotlight in Japan

GlobalData has forecast that the Japanese meat substitutes market is set to register a compound annual growth rate (CAGR) of 5% to reach JPY36.3 billion ($373.5 million) by 2026 in its report, titled Japan Meat Substitutes – Market Assessment and Forecasts to 2026.

Soy-based foods, such as soy sauce and miso, are deeply ingrained in traditional Japanese cuisine, and as such, a high affinity for soy-based meat alternatives is expected. The soy-based category is predicted to have the fastest value CAGR of 5.1% over the forecast period, followed by the grain-based category with a 4.7% CAGR.

Bobby Verghese, Consumer Analyst, GlobalData, said, “The availability of meatless meat options in retail stores during the COVID-19 pandemic accelerated consumer awareness and first-time purchases. The long shelf life of meat substitutes attracted Japanese shoppers as they stocked their pantries to avoid frequent trips to grocery stores. The market gained momentum as more brands entered the fray and rolled out diverse product types, customised for Japanese palates. As the COVID-19 regulations were eased and foodservice venues reopened in 2021, leading operators cashed in on the veganism trend, launching animal-free meat dishes, thereby popularising meat substitutes.”

Consequently, the per capita expenditure (PCE) on meat substitutes in Japan increased from $0.5 in 2016 to $1 in 2021, surpassing the regional PCE of $0.2 and the global average of $0.5.

​“Health, safety, sustainability and taste are the key factors stimulating the purchase of meat substitutes in Japan. Western food trends are also strongly influencing young Japanese consumers to adopt flexitarian and vegan lifestyles. Japan’s PCE on meat substitutes will therefore rise to $1.5 by 2026,” Verghese added.

In 2021, the leading distribution channels in the Japanese meat substitutes market were hypermarkets and supermarkets, followed by convenience stores and e-retailers. In value terms, the top three companies in the market were Saniku Foods, Taishi Food and Marukome, while San-iku and Taishi Cornetto were the leading brands in 2021.

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