Global Tempeh Market – Industry Trends and Forecast to 2029

Market Analysis and Size

Various meat-related diseases have influenced people's dietary and culinary preferences for meat products, particularly those containing red meat. On the contrary, demand for meat substitutes such as tempeh has been steadily increasing in recent years.

Data Bridge Market Research analyses that the tempeh market was valued at a USD 133 million in 2021 is expected to reach the value of USD 421.22 million by 2029, at a CAGR of 15.50 % during the forecast period of 2022-2029.

Market Definition

Tempeh is made by fermenting soybeans and using the fungus Rhizopus oligosporus. It is a fermented soy cake product that can be eaten as a snack or with rice in regular meals. It has a high nutritional value and is commonly used in vegetarian cuisines around the world. Furthermore, tempeh contains high levels of vitamins B2, B6, B3, and B5, as well as phosphorus, magnesium, fibre, calcium, iron, protein, and other nutrients. Tempeh is the most popular and widely available product on the market, and it is also the best substitute for meat-based products and meat.

Report scope and Market Segmentation

Tempeh Market Dynamics

Drivers

• Rising demand from the various end user industries

Tempeh is becoming more popular in both developed and developing countries due to the numerous health benefits it provides, including the ability to build a stronger immune system, increase antibodies, reduce sugar, regulate appetite, lower cholesterol levels, and improve muscle growth. This is a key factor that is expected to drive global market growth during the forecast period. Furthermore, rising tempeh consumption among health-conscious individuals and rising tempeh availability in various distribution channels such as hypermarkets or supermarkets, e-commerce, convenience stores, and others around the world. These are the major factors expected to support the target market's growth over the forecast period.

Rising working population globally as well as rise in busy lifestyle

Growing demands for ready-to-eat tempeh among individuals due to busy lifestyles, as well as an increase in the number of working population globally, resulting in increased demand for tempeh globally, are other factors expected to drive global market growth. Furthermore, rising lactose intolerance among individuals and an increasing vegan population worldwide, resulting in increased demand for tempeh, are among the other factors expected to boost target market growth.

Opportunity

Furthermore, major tempeh manufacturers' strong focus on providing healthier food products globally, as well as increased tempeh sales via e-commerce platforms globally, are expected to drive growth in the global tempeh market in the coming years.

Restraints

However, the high cost of tempeh and the availability of tempeh alternatives such as tofu are major factors that are expected to limit the target market's growth. The availability of product substitutes, as well as the high cost of product, are likely to impede the growth of the tempeh market during the forecast period.

This tempeh market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the tempeh market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Tempeh Market

The world is dealing with the fallout from the coronavirus outbreak. The global economy has suffered, which has had a significant impact on the food and beverage market. Because North America is a major market for dairy-derived flavours, the pandemic has had a significant impact on the overall market. Lockdowns in various countries have exacerbated the poor performance of imports and exports. Trade restrictions have hampered the availability of dairy-derived flavours in North America and Europe. Overall, the spread of COVID-19 is expected to have a moderate to high impact on the global dairy-derived flavours market in the near future.

Recent Development

• Camlin Fine Sciences Ltd, a producer of Tempeh and vanillin, acquired a 51 percent stake in Ningbo Wanglong Flavours and Fragrances Company Limited, China, in July 2017 in order to gain a leading position in the global Tempeh market. Provanil-US7, a natural alternative, was introduced by Prova in May 2017. The new vanillin ingredient complies with FDA labelling requirements for 'natural flavour.'
• CCC Ingredients, a division of Canada Colors and Chemicals Limited (CCC), partnered with Europe-based vanillin manufacturer Solvay in 2017 to distribute their product in Canada.

Global Tempeh Market Scope

The tempeh market is segmented on the basis of source, nature, flavour, product type and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Source

• Soybean
• Multigrain
• Others

Nature

• Organic
• Conventional

Flavour

• Plain
• Herbs
• Spice

Product type

• Frozen
• Fresh
• Ready-to-Eat

Distribution channel

• Direct
• Indirect

Tempeh Market Regional Analysis/Insights

The tempeh market is analysed and market size insights and trends are provided by country, source, nature, flavour, product type and distribution channel as referenced above.

The countries covered in the tempeh market report are U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

The Asia-Pacific tempeh market is expected to dominate in terms of revenue in the global market due to high tempeh production and consumption in countries such as Japan, India, China, the United States, and Canada in these regions. Additionally, high individual preference for Soy-based products and high health concerns are expected to drive growth in the Asia-Pacific and North American markets. Due to increased consumer awareness of the various health benefits associated with tempeh in many countries in these regions, the market in the Middle East and Africa, Europe, and Latin America is expected to grow moderately in terms of revenue.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Tempeh Market Share Analysis

The tempeh market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to tempeh market.

Some of the major players operating in the tempeh market are:

• Beyond Meat (U.S.)
• Impossible Foods Inc. (U.S.)
• Danone SA (France)
• Garden Protein International, Inc. (Canada)
• Amy's Kitchen Inc. (U.S.)
• Plamil Foods Ltd. (U.K.)
• The Hain Celestial Group, Inc. (U.S.)
• Sahmyook Foods (South Korea)
• Sanitarium Health and Wellbeing Company (Australia)
• Axiom Foods (U.S.)
• Daiya Foods Inc. (Canada)
• Earth's Own Food Company Inc. (Canada)
• Lightlife Foods, Inc. (U.S.)
• Marlow Foods Ltd. (U.K.)
• Taifun –Tofu GmbH (Germany)
• Atlantic Natural Foods LLC (U.S.)
• VBIte Foods Ltd (U.K.)
• Nutrisoy Pty Ltd. (Australia)

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