Market Size of Tempeh Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 15.05 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
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.
