Tempeh Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Tempeh Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global tempeh market is growing at a CAGR of 7.0% during the forecast period (2020-2025).

Key Highlights

• The market is mainly driven by the rising demand for meat substitutes products as it is one of the commonly consumed meat substitute and increasing gluten intolerance among the consumers. Also, its high nutrition value attracts the consumers towards the tempeh market. Geographically, North America dominates the market owing to the high soybean production and rising soyfoods consumption in the region. Asia-Pacific region has been witnessed to be the fastest growing region in the market.
• However, the major challenge in this sector is the presence of a large number of competing products in the market such as tofu, textured vegetable protein (TVP), seitan and quorn.

Key Market TrendsRising Demand for Soy Based Food

Consumer preference for healthier foods has led to the demand for vegetarian and vegan foods such as soyfoods which such as tempeh. The soy segment is estimated to growing significantly in the recent years owing to the growing awareness among consumers regarding its health benefits such as reduction of obesity and blood sugar levels and its wide application in various food products such as baked goods and snacks. Also, innovations in this sector have further fueled the market growth. For instance, ADM expanded its non-GMO soybean processing capabilities in Germany to meet the growing demand for non-GMO and high-protein soybean meal across Europe in 2017. The company also acquired Harvest Innovations (US), an industry leader in minimally processed, expeller-pressed soy proteins, oils, and gluten-free ingredients to increase its product portfolio. According to the United Soybean Board, the shares of consumers that consume soyfoods in United States from 2010 to 2019 have been showing a constant increasing trend.

Asia-Pacific to Witness Highest Growth

The Asia-Pacific region has been witnessed to have a continuous growth in the tempeh market due to its lower cost in comparison with the other meat substitutes. Furthermore, it offers various benefits such as increasing antibodies production, reduced risk of diabetes, and lower cholesterol levels in the body, which has led to a surge in demand for tempeh. The domestic consumption of tempeh is high in Indonesia, and the country heavily imports soybean from the US. According to the United States of Department of Agriculture (USDA), more than 60% of soybean is imported from the US. Also, the American Soybean Association-International Marketing’s establishment of the Forum Tempeh Indonesia to offer financial and infrastructural support to local tempeh producers in Indonesia contributes to the potential of the tempeh market in Indonesia.

Competitive Landscape

The global tempeh market is highly competitive in nature having large number of domestic and multinational player competing for market share and with innovation in products being a major strategic approach adopted by leading players. Additionally, merger, expansion, acquisition and partnership with other companies are the common strategies to enhance the company presence and boost the market. The key players in the tempeh market includes Nutrisoy Pty Ltd., The Future Food Team, Lalibela Farm, The Cultered Bean Company and Lightlife Foods Inc. to name a few.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Nutrisoy Pty Ltd.
The Future Food Team
Lalibela Farm
The Cultered Bean Company
Lightlife Foods, Inc.
Alive & Healing Inc.
Noble Beans
Rhapsody Natural Foods

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