Asian Food Market Size, Share, Analysis, Trend | Report 2031

Report Description

Market Outlook:

The global Asian Food market was estimated at USD 437,152.0 Million in 2022 and is anticipated to reach USD ~805,080.2 Million by 2031, expanding at a CAGR of 7.1% during the forecast period.

Asian cuisine is very diverse with a wide range of flavors, ingredients, and cooking techniques. Asian food is influenced by various factors such as climate, geography, history, and cultural practices. Chinese cuisine is known for its extensive use of stir-frying, steaming, and braising techniques; whereas, Japanese cuisine showcases the art of sushi-making and delicately prepared dishes.

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Macro-economic Factors

Demand and Supply

Authentic Asian food outlets are expanding at a tremendous rate in the US and Europe, due to the rise in consumer demand. The demand for Asian food in these regions is increasing, due to the nutritional benefits that the Asian food offers. According to a research article, currently there are more than 40,000 Chinese restaurants in the US. According to the data collected by the Ministry of Agriculture, Forestry, and Fisheries, Japan, there were 117,568 Japanese restaurants overseas as of October 2017.

Supply of Asian food made by the traditional chefs is comparatively limited in these regions, which drives up the price of Asian food. This makes it difficult for the restaurants to offer continuous new items on the menu. However, the Asian food industry is significantly capturing the market in these regions to increase the supply.

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Market Dynamics

Market Driver- Increasing Consumer Demand

Increasing consumer demand for Asian food is a significant driver for market growth. This demand is driven by various factors, including the growing interest in global authentic flavors. Consumers have become increasingly exploratory with their food choices. There has been an increased interest in trying different international cuisines, including Japanese and Chinese cuisines. The increasing consumer interest in trying authentic foods significantly drives the demand for Asian food, as consumers seek to replicate or experience the authentic taste of the cuisine from Asian countries in their own homes. The popularity of restaurants serving Japan-based food and sushi restaurants also contributes to market growth.

Market Restraint- Limited Product Offerings

The Asian food market is highly competitive and fragmented, as Asian food involves a wide range of cuisines, such as Japanese, Chinese, Thai, Indian, and Korean. Manufacturing companies are able to include only a limited variety of products in their portfolio due to high investments and branding. Thus, the availability of a limited number of products creates barriers to catering a large and diverse population. Established players spend heavily on promotional activities, as the expansion of product offerings costs them inventory charges. Local players are able to provide numerous options, as they target a limited consumer base. However, they lack investments and funding to expand on the global spectrum.

Market Opportunity- Increasing Asian Population

Rising Asian population worldwide is expected to create immense opportunities in the market. For instance, the two most populous countries in Asia are China & India together contributing about 61 % of the Asian population and roughly 37% of the global population. Moreover, Asia has over 20 cities with more than 10 million people. As more Asians migrate to other parts of the world, they bring their traditional food habits with them. This has led to a growing demand for authentic Asian cuisine, which has created new business opportunities for Asian food producers and retailers.

Investment scenario

Investment scenario in the Asian food market has been dynamic in the recent years owing to rising urbanization, disposable income, and changing consumer preferences. Rapid urbanization has significantly impacted the demand for ready-to-eat and packaged food, as it has influenced people in the US and Europe to try authentic international cuisines. Chinese, Korean, and Japanese cuisines are currently gaining popularity among the young generation. The rising adoption of these cuisines has been positively impacted by social media usage. The young generation is keen to explore new authentic dishes. The US population is highly influenced by the spicy taste of Asian delicacies.

The grocery sector in the UK has not expanded significantly in recent years. The market for authentic South Asian cuisine, which consists of products such as staple foods, spices, and ingredients from Bangladesh, Pakistan, and India, has demonstrated potential for future growth. The UK leads in South Asian cuisine due to the presence of a large number of ethnic population of India. The demand for this cuisine is fueled by the 1.5 million ethnic Indians who reside in the UK out of the 2.2 million ethnic Indians living in Europe.

The demand for South Asian ingredients and cuisine has increased due to the rapid shift of the population toward healthy eating habits and vegetarianism. Germany and Italy are registering increased demand for Indian food products in conjunction with the rising immigrant population in those countries. Consumers are seeking tasty, vibrant, and lively healthy choices. However, it is difficult to replicate the variety of spices, pulses, lentils, and oils found in South Asian cuisine in a vegetarian diet from Western countries. A diet high in lentils and spices is beneficial for human health, as it boosts metabolism.

Asian food franchises account for a significant portion of the restaurant sector. The cuisine is becoming more and more appreciated, catering to preferences of American youth. Thai, Chinese, Japanese, Indian, and other cuisines are prepared and served at Asian franchise restaurants. The most popular Asian restaurants in Americas is Chinese.

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Scope of the Report  

The report on the Global Asian Food Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
 

Segmental Outlook

Based on Cuisine, the market is segmented into Chinese, Japanese, Korean, Thai, Indian, and others. The Asian segment is expected to hold a considerable share of the market during the forecast, due to the distinct and diverse flavors, which is a combination of balanced flavors of sweet, sour, and salty obtained from the use of herbs, spices, and condiments.

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On the basis of Food Type, the market is fragmented into curry, noodles, soup, rice, dumplings, salads, and others. The rice held the significant share of the market in 2022, due to high importance in Asian food products for several reasons. Rice is one of the most common food type consumed among the Asian food products. Rice is a good source of various nutrients such as magnesium, phosphorus, manganese, and selenium, making it an important component of the Asian diet.

For instance, according to the Food and Agriculture Association of United Nations, rice consumption per capita reached 11.7 kg in 2021 in the US, which is a 2.46% since the previous year.

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In terms of Form, the market is classified as fresh, frozen, and dried. The frozen segment is anticipated to expand at a significant CAGR during the forecast period, due to the convenience of frozen food to be prepared quickly and easily at home.

On the basis of Diet, the market is fragmented into veg and non-veg. The non-veg held the significant share of the market in 2022, due to shift in taste, convenience, and personal dietary preferences among consumer toward non-veg food. Additionally, the demand for non-veg food items is also influenced by cultural and traditional dietary practices. The demand for non-veg food items continues to be growing, despite the increasing popularity of plant-based diets.

In terms of Distribution Channel, the market is classified as online and offline. The online segment is anticipated to expand at a significant CAGR during the forecast period, owing to rising consumer awareness, increased Internet connectivity, and growing adoption of mobile internet devices.

For instance, the number of individuals with access to internet in Europe has grown from 66.5% in 2010 to 91.5% in 2023. The online segment is growing rapidly, due to customer inclination toward buying Asian food items through company websites and e-commerce sites.

Regional Outlook

Based on regions, the market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is projected to expand at a significant CAGR during the forecast period, owing to growing demand for authentic Asian ingredients and dishes, and the increasing globalization of food has made it easier for Asian food products to be imported and exported across the world, which has increased the availability of Asian cuisine in various parts of the world.

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Key Developments:

• In 2023, Nichirei established procurement guidelines for marine products and palm oil, which are key food resources that underpin the business activities of the company.

• In 2023, NONGSHIM CO., LTD., South Korea-based multinational food and beverage company, invested USD 7.3 million in food tech.

• In 2022, NR Instant Produce Public Company Limited's subsidiary, NRF Consumer Company Limited, established Indeem International Co., Ltd. to support the direct sales system business (Omni Channel).

• In 2022, NONGSHIM CO., LTD. began full-scale operation of its 2nd plant in the US, taking a powerful step forward to become a significant player in the market. The development of the 2nd plant has accelerated Its North America market penetration, securing an annual production capacity of USD 850 million units in the US.

• In 2021, Thai Union Group PLC, the global key seafood company, acquired the remaining 49 percent of shares of Rügen Fisch AG (Rügen Fisch).

Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Asian Food Market

• Historical, Current, and Projected Market Size in Terms of Value

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players