From 2023 to 2033, the global tempeh market is predicted to rise at a 5% CAGR and are predicted to reach around US$ 6.8 billion by 2033. The growing popularity of plant-based diets, greater knowledge of tempeh’s health advantages, and rising demand for convenient and healthy food options are driving the market. Tempeh is a fermented soybean product that is high in protein and low in fat. It is a versatile component that may be used in a wide range of meals, such as stir-fries, curries, and salads. The growing number of tempeh brands and products accessible in supermarkets and online retailers is projected to further propel the industry.
Customers feel that consuming tempeh and following a plant-based diet would improve their health and the environment, thus, demand for these products is quickly growing. Compared to tofu and other plant-based proteins, tempeh is a more expensive food. This could make it less appealing to some customers. The demand for plant-based foods like tempeh is rising as the world’s vegan population is expanding quickly. Vegans and vegetarians frequently choose tempeh because it is a rich source of protein and other nutrients.
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Key Takeaways
- Germany Leads with Strong Growth: Germany establishes itself as a significant player in the international market, with a strong 5.9% value share in 2022.
- India Advances: The Indian tempeh market has shown extraordinary growth, and in 2022 it will hold a sizeable 14.1% value share, indicating enormous potential and opportunity.
- Stable Performance in the United Kingdom: With a respectable 5.4% value share in 2022, the U.K. retains a strong presence in the tempeh market, demonstrating stability and continuous development.
- China’s potential Position: Thanks to its substantial customer base, China is likely to hold a 4.4% value share of the worldwide tempeh market in 2022, indicating potential growth prospects.
- Australia and Japan Display Resilience: The market for tempeh in Australia (2.6%) and Japan (3.6%) is expanding steadily, demonstrating the countries’ resilience.
Competitive Landscape
Many small and major businesses are vying for market share in the fiercely competitive tempeh market. In the upcoming years, there will still be fierce rivalry in the tempeh industry. The rising demand for tempeh and the rising number of businesses joining the market are to blame for this. Businesses with distinct product offerings and excellent customer support are more likely to succeed in the marketplace.
Tempeh Queen:
Tempeh Queen: Based in Portland, Oregon, Tempeh Queen is a small, independent tempeh manufacturer. In 2009, two friends who were passionate about producing tasty and environmentally friendly tempeh launched the business. To make its tempeh, Tempeh Queen employs organic soybeans and a conventional fermenting method. Additionally, the business sells a range of tempeh items, such as burgers, crumbles, and skewers.
Noble Bean:
Since 1994, Noble Bean, a Canadian business, has been making tempeh. The business offers its goods in both the US and Canada. Noble Bean is renowned for producing premium tempeh using organic soybeans and a time-honored fermentation method. Additionally, the business sells a range of tempeh items, such as burgers, crumbles, and strips.
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Small World Foods:
A company called Small World meals makes a range of vegan meals, including tempeh. Two friends who were passionate about creating wholesome and sustainable food launched the business in 1989. To make its tempeh, Small World Foods uses organic soybeans and a conventional fermentation procedure. Additionally, the business sells a range of tempeh items, like as burgers, crumbles, and dogs.
Gardein:
Tempeh is one of the many plant-based foods produced by the firm Gardein. Two friends who were passionate about creating wholesome and sustainable food launched the business in 1995. To make its tempeh, Gardein employs organic soybeans and a conventional fermentation procedure. The business also sells a range of tempeh items, such as meatballs, nuggets, and breakfast burgers.
Recent Developments
- Several new tempeh products have been introduced in recent years by well-known food manufacturers like Lightlife, Tofurky, and Amy’s Kitchen. This is a sign that the tempeh market is maturing and that consumer interest in tempeh products is rising.
- The popularity of recipes and foods made using tempeh has increased recently. This is a result of tempeh’s rising popularity and the expanding selection of tempeh recipes available online and in cookbooks.
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