The global tempeh market was valued at US$ 3,842.8 Mn in 2019. The market has exhibited a considerable rise during 2013 -2018 and the trend is likely to continue as the market exhibits a CAGR of 6.1% between 2019 and 2026. The rising demand for meat analogs that are similar in texture and taste of meat is aiding the growth of the market.
Nearly 16% of the world population takes soybean, while several are concentrating on getting accustomed to the intake of plant-based products on most occasions. From the past few years, tempeh producers have amplified production across their manufacturing facilities. Besides this, soy-based food materials such as tempeh and tofu are gaining traction in the market. Soy-based foods such as tofu and tempeh also provide an economic advantage, starting from farming to the advertisements.
The tempeh market is witnessing rising demand as consumers are looking for natural food products that will improve their health. Furthermore, customers are showing interest in GMO-Free and organic products in the food and beverage industry which provides distinctive mouthfeel along with health benefits.
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“The rising popularity of vegan and flexitarian diet is anticipated to boost the market for tempeh in the forecast period. Key players are adopting diverse strategies to maintain a strong foothold in the tempeh market.” says an FMI analyst.
Key Takeaways from Tempeh Market Study
- According to FMI study’s on the tempeh market, a large consumer base is looking for products that are naturally sourced. Tempeh is a fermented food product and falls under the category of functional foods, which grabs the rapidly rising consumer interest for healthy lifestyle and healthy food. Thus, the demand for tempeh is surging.
- The global tempeh market has been segmented based on source, where the soybean-based tempeh holds the major share. However, in the upcoming period, the multi-grain based segment is projected to show optimistic growth in due to its rising application in different food products.
- Based on nature, the global tempeh market is segmented into organic and conventional types. Due to growing health concern, consumers are looking for products that are grown naturally and are free from chemicals and are not genetically modified.
- The global tempeh market is studied on the basis of flavor, in this category the market share for plain is higher than herbs& spiced category.
- In terms of product type, the fresh type segment accounted for 85% of the total tempeh market share.
- Europe and APAC are expected to lead the global tempeh market in terms of value. The demand for tempeh is considerably high in North America, which is anticipated to show a high growth rate in the upcoming years. Due to the increasing number of flexitarian/ vegan population, the demand is expected to increase in North America. The Latin America market, dominated by Brazil, is also exhibiting high demand for tempeh.
Who is winning?
Turtle Island Foods, Inc., Henry’s Tempeh, Nutrisoy Pty Ltd, Totally Tempeh, Mighty Bean Tempeh Sunshine Coast, Margaret River Tempeh, Byron Bay Tempeh, Organic Village Food, Tempeh Temple, Primasoy, Gwen Tempeh, Rhapsody Natural Foods, Lalibela Farm Tempeh, SBC Tempeh Manufacturers, TOFU Manufaktur Nagel GmbH, Alive & Healing Inc., Impulse Tempeh, Natural Oriental Fresh Foods BV, and Schouten Europe B.V. are some of the key market players.
Leading companies operating in the tempeh market are aiming at regional expansion via targeting the local distributers to upscale their tempeh sales and to provide high-quality products to the customers.
- In May 2014, the company Turtle Island Foods, Inc. launched an online shopping website dedicated to consumers in Brazil. This will enable all its Brazilian vegan consumers to buy its 10 vegan products – vegan sausages, ground soybeans, and tempeh.
- In October 2017, Turtle Island Foods, Inc. launched a range of protein-packed vegan sandwiches. It launched four sandwiches which include the following – tempeh, bacon, lettuce, and tomato, chipotle chicken, hamstyle salad, and chicken sweetcorn.
- In October 2016, the company Henry’s Tempeh expanded its processing facility based in Kitchener. The company is further targeting doubling its production capacity, which is a significant feat considering the tricky process of producing tempeh.
Valuable Insights into Tempeh Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global tempeh market, presenting historical demand data (2013-2018) and forecast statistics for the period from 2019-2026. The study divulges compelling insights into the tempeh market based on the source (Soybean, multi-grains, and others), nature (Organic & Conventional), Flavors (Plain, Herbs & Spices), Product type (Frozen, Fresh, and Ready-to-eat), and Distribution Channel (Direct Channels, and Indirect Channels) across seven key regions.
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FREQUENTLY ASKED QUESTIONS ABOUT THE GLOBAL TEMPEH MARKET
What are the prospects for tempeh products based on the source?
In the present scenario, the soybean-based tempeh segment holds the major share in the market. Though it is estimated that in the upcoming years, multi-grain based tempeh will show a higher growth as compared to the former due to its high protein content.
Which product type segment offers the most profitable growth opportunities for the market players?
Tempeh is protein enriched food material and is one of the best meat substitutes. In the product type segment, the fresh tempeh has very high demand as compared to other segments such as frozen, and ready-to-eat products.
What is the degree of competition in the tempeh market?
The global tempeh market is identified as highly organized in developed and developing economies. Key manufacturers operating in the global tempeh market are concentrating on product launches and expanding their footprints by collaborating with regional distributors/suppliers to increase their customer base.
Which region will lead the global sales of tempeh-products?
APAC remains the major shareholder in the tempeh market. However, North America is projected to show higher growth.
Which factors are driving the tempeh market?
Tempeh market is driven by factors such as the increasing demand for meat substitutes and rising vegan/flexitarian population. Apart from these factors, the increasing demand for functional food is fueling the demand for tempeh.
Which trend will drive the tempeh market in the upcoming period?
Flexitarian diet implies hybrid of flexible vegetarianism and include people whose protein consumption is reliant on sustainable sources such as plant-derived food products and considerably reducing the intake of flesh/meat in their food. This inclination is aided by many food giants who mutually support the growth of the all-meat alternatives market, even tempeh.
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