What Factors Propelled The Growth Of The Tempeh Market In The Past?
The tempeh market has seen considerable growth due to a variety of factors.
• Over the years, the tempeh market's magnitude has been experiencing robust growth. It is anticipated to rise from $5.71 billion in 2024 to $6.15 billion in 2025, recording a compound annual growth rate (CAGR) of 7.8%.
The surge in this market during the historic period can be ascribed to the increased adoption of plant-based diets, escalating health-awareness, the popularity of veganism and vegetarianism, culinary versatility, and the practice of sustainable and ethical consumption.
What Are The Estimated Market Size And Expected Annual Growth Rates For Globa Tempeh Market?
The tempeh market is expected to maintain its strong growth trajectory in upcoming years.
• The tempeh market is predicted to experience significant expansion in the upcoming years, with an estimated value of $8.71 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.1%.
Factors contributing to this predicted growth during the forecast period include the ongoing trend towards plant-based diets, the integration of global cuisine, an increased focus on health and wellness, innovative product introductions, and retail expansion. Future trends that are anticipated to influence this market include positioning tempeh as a nutrient-rich superfood, partnerships and collaborations to innovate tempeh products, the launch of easy-to-eat and ready-made tempeh products, attention on sustainable and non-GMO methods for producing tempeh, and the use of tempeh in vegan and plant-based meals.
Which Key Drivers Are Propelling Th Tempeh Market's Growth?
The anticipated growth of the tempeh market in the coming years is primarily fueled by the growing interest in and demand for vegan diets. This plant-based dietary approach refrains from the consumption of animal-derived products such as fish, dairy, meat, and eggs. As awareness about challenges associated with meat production grows, and the plant-based industry evolves, vegan and flexitarian diets are witnessing a surge in popularity. A rising number of individuals adhering to a vegan diet are opting for meat substitutes like tempeh, known for their high calcium and protein content. Furthermore, a report from the Plant Based Foods Association, a US-based food and beverage organization, in January 2023 stated that in 2022, the plant-based food segment saw a sales growth of 6.6%, a rise from the 5.9% in 2021, accompanied by a 10% increase in average retail prices. This heightened interest and demand for the vegan diet therefore significantly fuels the expansion of the tempeh market.
What Are The Key Segments Within The Global Tempeh Market?
The tempeh market covered in this report is segmented –
1) By Product Type: Frozen, Fresh And Ready-To-Eat
2) By Nature: Organic And Conventional
3) By Flavor: Plain, Herbs And Spice
4) By Source: Soybean, Multigrain, Other Sources
5) By Distribution Channel: Hyper market, Specialty Retail, Convenience Stores, Traditional Groceries And Online Retailers
Subsegments:
1) By Frozen: Block Tempeh, Sliced Tempeh, Cubed Tempeh
2) By Fresh And Ready-To-Eat: Traditional Tempeh, Flavored Tempeh, Marinated Tempeh, Tempeh Burgers, Tempeh Sausages
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How Are New Trends Impacting The Size Of The Tempeh Market?
The trend of partnerships and collaborations is significantly shaping the tempeh market, with major players focusing on these strategies to increase their market footprint and cater to customer expectations. For instance, September 2023 saw a partnership between Tempeh Today, a tempeh manufacturer based in the Netherlands, and Marel India Pvt. Ltd., an Indian food processing company. The collaboration's goal is to boost tempeh production and offer a sustainable protein source in India. This partnership with Marel is a crucial step in actualizing this idea, and Tempeh Today eagerly looks forward to Marel's backing. The companies have signed a memorandum of understanding to build 20 units using Tempeh Today's methods, aid, and quality surveillance. These units will sell their products both at the local and national levels. Marel India is set to provide the necessary equipment, maintenance, and training for SFUs. Along with these standard units, CFSS has brought forward the idea of micro fermentation units (MFU) to aid economically disadvantaged families in generating revenue wherein CFSS will provide the indispensable training, equipment, and raw materials.
Who Are the Key Players in the Tempeh Market?
Major companies operating in the tempeh market include:
• The Nisshin OilliO Group Ltd.
• Maple Leaf Foods Inc.
• Vegolution India Private Limited
• MGP Ingredients Inc.
• Plant Power Foods Ltd.
• Lightlife Foods Inc.
• Noble Bean Inc.
• Hello Tempayy
• Totally Tempeh Inc.
• Nutrisoy Pty. Ltd.
• Mighty Bean Tempeh LLC
• Margaret River Tempeh Company
• PRIMASOY Organic Tempeh
• Gwen Tempeh
• Natural Oriental Fresh Foods BV
• Alive & Healing Inc.
• Henry's Tempeh
• Squirrel & Crow Soy-Free Tempeh
• Tootie's Tempeh
• Tempeh Tantrum
• The Hearty Vegan
• SBC Tempeh Manufacturers
• Future Food Group (FFG B.V.)
• Tempeh Meades Ltd.
• Byron Bay Tempeh Company
What are the Regional Insights into the Tempeh Market?
North America was the largest region in the tempeh market in 2024. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the tempeh market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
