Market Trends of north america tofu Industry
Market prices are anticipated to stabilize as the tofu market is maturing
- According to a recent survey, about 5% of US residents consider themselves vegetarians, and 3% consider themselves vegans. Thus, the regional vegan market has grown significantly with the launch of several products. The prices of tofu have remained almost the same in the region because of the budding nature of the market. Compared to other meat substitute products, tofu is cheaper and more affordable (107% cheaper than textured vegetable protein in 2022), thus making it a popular product on retail shelves.
- The rising demand led to an increase in the prices of tofu across the United States, growing by 6.25% from 2017 to 2022. More companies are entering the market, and sellers are engaging in the price game to secure buyers. Soybean is currently facing supply disruptions worldwide. Inflation in the United States has had an impact on the cost of soybean products. In addition, soybean farmers in the United States increased prices due to labor shortages, increasing land rental costs, and weather uncertainty in soybean-producing countries, which has led to a rise in soybean prices in the region.
- Tofu is typically made from soybeans. However, in recent times, tofu made from chickpeas has been gaining popularity in the North American market. The expanding domestic demand for chickpea products has supported the pricing and accelerated production growth. A generally weaker chickpea market is expected in 2023-2024, as high prices work to cure high prices. Unlike many other agricultural commodities, the prices of some chickpea variants have risen over the past year. Kabuli and B-90 chickpeas, for example, are priced anywhere from about 45 to 60 cents/lb, up by 10 to 13 cents on the year.
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