As per the tempeh market survey report released by FMI, The overall value of the total sales of tempeh in 2022 was found to be US$ 4.7 Billion. The global tempeh market is expected to reach a market valuation of US$ 4.7 Billion by the year 2021, accelerating with a CAGR of 6.4% by 2022-2032.
The fermented and functional food market is a primary driver of the tempeh market’s growth. The increased health consciousness among customers is reflected in a large number of product introductions in the functional food business. Probiotics are one of the key goods that are propelling the business forward.
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Furthermore, consumers are always on the lookout for newer and better products on the market that will help them balance their healthy lifestyles while still satisfying their decadent desires. Tempeh straddles a number of intersecting trends, including the quest for ethically sourced food, traditional foods, probiotics, and savoury foods.
In terms of probiotic product introductions, Asia Pacific is the most active region, with China, South Korea, and Australia leading the way. Due to the explosive growth of its sister area, fermented vegan drinks, the tempeh industry is likely to rise in lockstep.
Key Takeaways from Market Study
- The market is segmented based on source, wherein the soybean is anticipated to account for a significant share in the global market in 2022 and is expected to witness a lucrative growth rate of 6.3% during the forecast period
- The Asia Pacific tempeh market is anticipated to dominate the global market with a market share of around 77.2% in 2022, but South Asia is expected to witness a lucrative growth rate during the forecast period
- On the basis of distribution channel, the direct channel is expected to hold a dominating share in 2022, but the online retail store is expected to witness a lucrative growth rate over the forecast period
- Based on product type, fresh tempeh is dominating the global market in 2022
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“Increasing number of consumers are opting for meat substitutes and vegan products, and this trend is paving way for newer varieties of soy food products in the market. Consumer awareness regarding meat substitutes especially soy food products is said to increase at an exponential rate over the forecast period.” said a lead analyst at FMI.
Consumption of Plant-based Foods is Becoming Increasingly Mainstream
Since many people find it difficult to completely eliminate meat from their diets, flexitarianism is considered a more feasible dietary transition than becoming vegan or vegetarian. Flexitarians are vegetarians who derive their protein from sustainable sources like plant-based meals rather than meat.
This trend is backed by a slew of food behemoths, who are all rooting for the all-meat alternative products industry to develop, including tempeh. With the use of new food technology, manufacturers are also attempting to create plant-based food products with meat-like texture and taste. This shows how strong the desire for plant-based meat alternatives is among consumers.
Who is winning?
Some of the leading companies offering tempeh are Turtle Island Foods, Inc., Nutrisoy Pty Ltd, Mighty Bean Tempeh Sunshine Coast, Totally Tempeh, Byron Bay Tempeh, Margaret River Tempeh, Organic Village Food, Gwen Tempeh, Tempeh Temple, Primasoy, SBC Tempeh Manufacturers, Lalibela Farm Tempeh, Alive & Healing Inc., Henry’s Tempeh, Rhapsody Natural Foods, TOFU Manufaktur Nagel GmbH, Impulse Tempeh, Schouten Europe B.V., Natural Oriental Fresh Foods BV, Tempea Natural Foods Ltd., and Others.
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Get Valuable Insights into Tempeh market
Future Market Insights, in its new offering, provides an unbiased analysis of the tempeh market presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the tempeh market based on by source (soybean, multigrain, and others), by nature (organic and conventional), by flavor (plain and herbs & spices), by product type (frozen, fresh, and ready-to-eat), by distribution channel (direct and indirect), and across seven major regions.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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