Tempeh Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Global Tempeh Market is segmented by Type (Organic and Regular); by Distribution Channel (Hypermarket/Supermarket, Convenience Stores, Online Retail Stores, and Others); and by Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The market size is provided in terms of value (USD million) during the forecasted years for the above segments.

Tempeh Market Size

Tempeh Market Summary
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Study Period 2017-2027
Base Year For Estimation 2022
CAGR 15.05 %
Fastest Growing Market Asia-Pacific
Largest Market North America
Market Concentration Low

Major Players

Tempeh Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Tempeh Market Analysis

The Tempeh market is expected to register a CAGR of 15.05% during the forecast period.

With an increasing vegan population on the market, the demand for meat substitutes such as plant-based meat products has increased significantly in recent years. Tempeh is one of the most commonly consumed plant-based meats on the market. Tempeh is a nutrient-dense, versatile food that is becoming well-liked across the world with the increasing consumption of plant-based foods as tempeh is a nutritional mealtime option. Additionally, with increasing flexibility among the consumers in the market, However, the major challenge in this sector is the presence of a large number of competing products in the market, such as tofu, textured vegetable protein (TVP), seitan, and Quorn.

Additionally, in recent years, the growing concern about animal abuse for meat production has had a valuable impact on the way consumers think about meat consumption. This factor further changes the consumer's consumption choice towards plant-based meat products to reduce animal slaughtering for meat and thereby increase the demand for meat analogs in the market. Furthermore, various organizations consider slaughtering an ethical issue. According to Animal Clock, as of 2022, more than 55 billion land and sea animals will be slaughtered annually to support the food supply in countries like the United States.

Tempeh Market Trends

This section covers the major market trends shaping the Tempeh Market according to our research experts:

Rising Demand for Plant-based Food

Consumer preference for healthier foods has led to the demand for vegetarian and vegan foods such as soyfoods and tempeh. The soy segment is estimated to have grown significantly in recent years owing to the growing awareness among consumers regarding its health benefits, such as the reduction of obesity and blood sugar levels, and its wide application in various food products such as baked goods and snacks. Also, innovations in this sector have further fueled the market growth of tempeh. According to the United Soybean Board, the shares of consumers that consume soyfoods in the United States from 2016 to 2021 have constantly shown increasing trends. Although tempeh has a neutral taste and an unpleasant smell, consumers in the market prefer these products as they go with many Asian and Western cuisines. This encourages manufacturers in the market to offer tempeh products in odorless forms to attract consumers in the market. owing to the demand for these products, promotional campaigns, and investments to promote plant-based meat consumption among consumers. For instance, Denmark's government has invested an estimated USD 10 million in promoting plant-based innovation, sales, and education across the country.

Tempeh Market : Sales of Plant-Based Foods, By Category, in USD Million, United States, 2021l

Asia-Pacific to Witness Fastest Growth

The Asia-Pacific region has witnessed continuous growth in the tempeh market due to its lower cost in comparison with other meat substitutes. Furthermore, it offers various benefits such as increasing antibody production, reducing the risk of diabetes, and lowering cholesterol levels in the body, which has led to a surge in demand for tempeh. The largest regional consumer of tempeh is China, followed by Indonesia and South Korea. Tempeh is a staple protein source and a regular part of diets in Southeast Asian countries, particularly Indonesia. However, the production of soybeans is not sufficient to satisfy the consumption volume. Hence, the country heavily imports soybeans from the United States. According to Statistics Indonesia, more than 60% of soybeans imported from the United States, valued at USD 1,286.84 million, will be imported in 2021. Also, the American Soybean Association and International Marketing's establishment of the Forum Tempeh Indonesia collectively offer financial and infrastructural support to local tempeh producers in Indonesia, contributing to the potential of the tempeh market in Indonesia.

Tempeh Market : Market CAGR (%), By Region, Global, 2021

Tempeh Industry Overview

The global tempeh market is highly competitive, with a large number of domestic and multinational players competing for market share, and innovation in products is a major strategic approach adopted by leading players. Additionally, mergers, expansions, acquisitions, and partnerships with other companies are common strategies to enhance the company's presence and boost the market. The key players in the tempeh market include Nutrisoy Pty Ltd., Future Food Group B.V., Tempeh Meades LTD., Noble Bean Inc., and Maple Leaf Foods Inc. Additionally, the leading players are focusing on leveraging opportunities to expand their product portfolios to cater to the requirements of various product segments, especially the snacking category. Moreover, these global companies are merging with local tempeh product companies to leverage their brand value, distribution, and supply chains.

Tempeh Market Leaders

  1. Tempeh Meades Ltd

  2. Maple Leaf Foods Inc.

  3. Future Food Group (FFG B.V)

  4. Nutrisoy Pty Ltd

  5. Noble Bean Inc

*Disclaimer: Major Players sorted in no particular order

Tempeh CL.png

Tempeh Market News

  • June 2022: The Hello Tempayy company launched tempeh products in India. The range of products includes tempeh cubes and other tempeh products marinated with native recipes to attract consumers. These ready-to-cook products are retailed across major cities like Chennai, Hyderabad, and Mumbai.
  • March 2022: Maple Leaf Foods' Lightlife brand launched its new plant-based tempeh cube products in the United States on the occasion of National Nutrition Month. These cubes are ready to cook and are retailed across eCommerce websites like Amazon and retail stores located in California. These products are available in three flavors, namely Teriyaki, Southwest, and Tikka Masala.
  • August 2021: The United Kingdom tempeh brand Plant Power marked its first online presence in the United Arab Emirates through online grocery retailer Kibsons. Specializing in Indonesian tempeh products, the firm will sell its full range of tempeh products, including smoked tempeh, oriental, BBQ, original, and curry.

Tempeh Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions & Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Organic

      2. 5.1.2 Regular

    2. 5.2 Distribution Channel

      1. 5.2.1 Hypermarket/Supermarket

      2. 5.2.2 Convenience Stores

      3. 5.2.3 Online Retail Stores

      4. 5.2.4 Other Distribution Channels

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Spain

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 Germany

        4. 5.3.2.4 France

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Russia

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 South Africa

        2. 5.3.5.2 United Arab Emirates

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Strategies adopted by leading players

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 Nutrisoy Pty Ltd.

      2. 6.3.2 Future Food Group (FFG B.V.)

      3. 6.3.3 Tempeh Meades Ltd

      4. 6.3.4 Noble Bean Inc

      5. 6.3.5 Maple Leaf Foods Inc.

      6. 6.3.6 Tootie's Tempeh

      7. 6.3.7 Plant Power

      8. 6.3.8 Vegolution India Private Limited (Hello Tempayy)

      9. 6.3.9 Byron Bay Tempeh

      10. 6.3.10 Rhapsody Natural Foods

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

Tempeh Industry Segmentation

Tempeh is a meat alternative that is high in protein and has a meat-like texture. It is made by fermenting soybeans with a live culture. The global tempeh market has been segmented by type, distribution channel, and geography. By type, the market is segmented into organic and regular. Based on distribution channels, the market is segmented into hypermarkets and supermarkets, convenience stores, online retail stores, and other distribution channels. The report covers the geographical analysis of major and developing economies in the world, covering North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).

Type
Organic
Regular
Distribution Channel
Hypermarket/Supermarket
Convenience Stores
Online Retail Stores
Other Distribution Channels
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Spain
United Kingdom
Germany
France
Italy
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
South Africa
United Arab Emirates
Rest of Middle-East and Africa

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Tempeh Market Research FAQs

The Tempeh Market is projected to register a CAGR of 15.05% during the forecast period (2023-2027).

Tempeh Meades Ltd, Maple Leaf Foods Inc., Future Food Group (FFG B.V), Nutrisoy Pty Ltd and Noble Bean Inc are the major companies operating in the Tempeh Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2027).

In 2023, the North America accounts for the largest market share in the Tempeh Market.

Tempeh Industry Report

Statistics for the 2023 Tempeh market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Tempeh analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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