Global Tofu and Tempeh Market – Industry Trends and Forecast to 2029

Global Tofu and Tempeh Market, By Source (Soybean, Multigrain, Others), Nature (Organic, Conventional), Flavour (Plain, Herbs & Spice), Product (Frozen, Fresh, Ready-to-Eat), Distribution Channel (Direct, Indirect), Type (Concentrates, Isolates, Textured), Category (Silken, Regular, Firm, Extra-Firm, Super-Firm), Application (Hotels, Restaurants and Catering, Food Processing, Household, Others), Form (Processed, Unprocessed) – Industry Trends and Forecast to 2029.

Tofu and Tempeh Market Analysis and Size

Tofu and tempeh producers have increased production across their manufacturing facilities in recent years. Aside from that, soy-based food materials like tempeh and tofu are gaining popularity in the market. From farming to advertising, soy-based foods such as tofu and tempeh provide an economic advantage.

Data Bridge Market Research analyses that the tofu and tempeh market which was valued at USD 5.12 billion in 2021 is expected to reach the value of USD 16.22 billion by 2029, at a CAGR of 15.50% during the forecast period of 2022-2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Tofu and Tempeh Market Scope and Segmentation

Market Definition

Tofu, which is more widely available, is made from coagulated soy milk that has been pressed into solid white blocks. It comes in a range of textures, including firm, soft, and silken. Tempeh, on the other hand, is made from fermented soybeans that have been compacted into a firm, dense cake. Quinoa, brown rice, flax seeds, and spices are also included in some varieties. Tempeh is chewy and has a nutty, earthy flavour, whereas tofu is more neutral and absorbs the flavours of the foods with which it is cooked. Both products are commonly used as a nutritious meat substitute and can be prepared in a variety of ways.

Drivers:

• Tofu and tempeh has emerged as a significant substitute for dairy cheese

Increasing public awareness of the health benefits of tofu and tempeh, such as their high calcium and protein content, is a factor driving the growth of the targeted market. Obesity and cholesterol problems are becoming more prevalent worldwide due to changes in eating habits. Consumers are becoming more health conscious, which is increasing demand for and consumption of tofu and tempeh. Tofu and tempeh has emerged as a significant substitute for dairy cheese and is expected to grow at a rapid pace during the forecast period. Furthermore, technological advancements in cheese production and increasing quality are a few of the factors driving the market.

• The growing trend of veganism is influencing market growth

Consumers' willingness to spend money on plant based foods has skyrocketed. Furthermore, there has been an increase in the desire for food alternatives. Several vegan cheese brands are promoting and encouraging consumers to get essential nutrients from plant-based foods. Changes in the food industry, as well as changes in consumption habits, are contributing to the growth of the Tofu and Tempeh market.

The vegan cheese industry's rise is fuelled by rising disposable income, changing tastes and preferences, and increased adoption of the western lifestyle. Other market growth drivers include an increase in the global vegan population and growing concerns about animal safety and health. The increased focus of manufacturers on product offerings will provide the market with even more profitable growth potential.

Opportunity

The growing preference for tofu and tempeh by lactose-intolerant people is further fuelling the market. Adding value-added products, such as flavoured milk varieties with low-sugar and fat-free content, also propels market growth. Soy milk-based infant formulas are also gaining popularity due to their high nutritional content, which helps children avoid neurodevelopment disorders. Furthermore, the rising demand for soy milk in the personal care sector for producing soaps, creams, and lotions is catalysing the market. The COVID-19 pandemic in early 2020 has also increased demand for soy milk.

Restraints

Rising cases of soy allergy among consumers will act as a market restraint for the growth of tofu and tempeh during the forecast period.

This tofu and 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 tofu and 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.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Tofu and Tempeh Market

Consumers stacked products with high nutritional value to keep them healthy during the pandemic period. As a result, sales were stabilised to some extent because of the pandemic, consumers have adjusted to a new normal lifestyle and as a result, and an increasing number of consumers prefer quick and nutritious snacking options. COVID-19 opened the door for a slew of new private firms to enter the market in order to meet the ongoing demand. Tofu and tempeh are a quick and easy source of essential nutrients, so demand for innovative products is always high in developed countries. As home-bound consumers look for retail options, online distributors are becoming more interested due to the aforementioned factors.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• Daiya Foods Inc. will launch a new foodservice website in October 2021 to assist operators in meeting rising consumer demand for soy foods. The goal of this new online interface is to increase the company's visibility on college campuses, restaurants, and healthcare facilities.
• Violife Cheese, manufactured by Upfield Holdings B.V, entered the Middle Eastern market in July 2021, following the introduction of the company's Flora brand in 2020. The product is available in the United Arab Emirates, Saudi Arabia, Qatar, Oman, and Bahrain.

Global Tofu and Tempeh Market Scope

The tofu and tempeh market is segmented on the basis of source, nature, flavour, product, type, category, application, form, 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

• Frozen
• Fresh
• Ready-to-Eat

Distribution channel

• Direct
• Indirect

Type

• Concentrates
• Isolates
• Textured

Category

• Silken
• Regular
• Firm
• Extra-Firm
• Super-Firm

Application

• Hotels
• Restraunts and Catering
• Food Processing
• Household
• Others

Form

• Processed
• Unprocessed

Tofu and Tempeh Market Regional Analysis/Insights

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

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

In developing countries such as India, there has been a shift away from staple foods and toward processed and packaged foods. Furthermore, the expansion of retail channels such as supermarkets and hypermarkets in these countries' urban areas is expected to increase the availability of processed and packaged food. Tofu and tempeh demand is expected to rise in the coming years due to rising demand for packaged foods such as snacks, bakery & confectionery products, and ready-to-eat meals.

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 Tofu and Tempeh Market Share Analysis

The tofu and 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 tofu and tempeh market.

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

• Ausnutria Dairy Corporation Ltd. (Hong Kong)
• AVH Dairy Trade B.V (Netherlands)
• Soy Partners (U.S.)
• Granarolo S.p.A. (Italy)
• Meyenberg (U.S.)
• Redwood Hill Farm & Creamery (U.S.)
• St Helen's Farm Ltd (U.S.)
• Stickney Hill Dairy Inc (U.S.)
• Woolwich Dairy Inc (U.S.)
• Xi'an Baiyue Soy Dairy Group Co. Ltd (China)