Based on the findings of the prior tempeh market survey, it is anticipated that the market’s value will approximate USD 4.2 billion in 2023. Furthermore, tempeh sales are poised for substantial growth with a projected compound annual growth rate (CAGR) of 5%, potentially reaching approximately USD 6.8 billion by 2033.
In recent years, individuals who have significantly reduced their meat consumption have increasingly turned to meat analogs that mimic the taste and appearance of meat. Around 16% of the global population consumes soybeans, and many are shifting toward plant-based diets, creating a promising market for tempeh worldwide. Tofu manufacturers have boosted production by 10% in recent years, paving the way for expanding opportunities within the tempeh 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.
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 tempeh 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.
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.
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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