As per the previous tempeh market survey report, the net worth of the market in 2023 is likely to be around US$ 4.2 billion. Sales of tempeh are expected to grow at a promising CAGR of 5% and are predicted to reach around US$ 6.8 billion by 2033.
Customers feel that eating tempeh and following a plant-based diet would improve their health and the environment, thus demand for these products is fast expanding. tempeh is more expensive than tofu and other plant-based proteins. This may make it less appealing to some buyers. The demand for plant-based foods like tempeh is growing as the world’s vegan population expands fast. Tempeh is a popular choice for vegans and vegetarians due to its high protein content and other advantages.
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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.
Key Companies Profiled
- 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.
- Other
Tempeh Market by Category
By Source:
- Soybean
- Multi-grain
- Others
By Nature:
- Organic
- Conventional
By Flavor:
- Plain
- Herbs & Spices
By Product Type:
- Frozen
- Fresh
- Ready-to-eat
By Distribution Channel:
- Direct
- Indirect
- Hypermarkets/Supermarkets
- Convenience Stores
- Food & Drink Specialty Stores
- Traditional Groceries
- Online Retailers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle east and Africa
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