Market Snapshot
| Study Period: | 2016 - 2026 |
| Base Year: | 2020 |
| Fastest Growing Market: | Europe |
| Largest Market: | Asia Pacific |
| CAGR: | 5.1 % |
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Market Overview
The global tofu market is projected to grow at a CAGR of 5.1% during the forecast period.
- The market is driven by increasing preference for plant-based products with shift among consumers toward a vegan diet. Also, the rich nutritive profile of tofu is fueling the market demand, globally.
- The major challenge faced by market is the availability of substitute products and high perishability rate of tofu and tofu-based products.
- Companies, such as House Food Group, are offering a broad portfolio of tofu products to lure consumers, such as premium category tofu, DHA omega-3 enriched tofu, vacuum pack, tofu cutlet, and so on.
Scope of the Report
The tofu market is segmented by type, distribution channel, and geography. On the basis of the distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, online retailers, and others. Also, the study provides an analysis of the tofu market in the emerging and established markets across the world, including North America, Europe, Asia-Pacific, South America, Middle East & Africa.
| By Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Convenience Stores | |
| Specialist Stores | |
| Online Retailers | |
| Others |
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Key Market Trends
Growing Demand for Vegan Diet
Shifting consumer interest from animal products is majorly because of people’s rising concern about animal welfare, personal health, and most importantly, sustainability.The intake of animal protein is associated with high cholesterol level, fat, and calories, which increase the risk of cardiac disease, high blood sugar level, and obesity; hence, people are showing an inclination toward the vegan source of protein. This has created a good platform for the tofu market growth. Moreover, young consumers are seeking an alternative for red meat, but at the same time they are not ready to give up protein; thus, they are switching to plant protein products, such as tofu, which is boosting the tofu market, globally.
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Asia-Pacific Holds the Major Share in Tofu Market
Asia Pacific dominated the global tofu market in terms of revenue while United Kingdom leads the market growth specifically, due to shifting lifestyle patterns towards veganism followed by U.S. The major contributing countries in Asia-Pacific region are China, Japan, South Korea, Vietnam, the Philippines, Thailand, and Indonesia. China is one of the fastest growing market for soybean and is anticipated to be major exporter as well. This will ultimately affect the growth market for tofu and tofu based products. Also, emerging nations of Middle East and Africa has huge opportunities to the global tofu market due to its high nutritional benefits. For instance, tofu is currently being used in shawarma, a fast food staple in the Middle East, as a substitute of meat, which boosting the tofu market.
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Competitive Landscape
Global tofu market is highly fragmented with a large number of international and regional vendors. The vendors compete for innovation, pricing, and distribution. Some of the major key players in the tofu market includes Hain Celestial Group, House Foods Group, Morinaga & Company, Pulmuone Co., Ltd., and Vitasoy International Holdings Limited, amongst others.
Table of Contents
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1. INTRODUCTION
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1.1 Study Deliverables
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1.2 Study Assumptions
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1.3 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Drivers
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4.2 Market Restraints
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4.3 Porter's Five Force Analysis
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4.3.1 Threat of New Entrants
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4.3.2 Bargaining Power of Buyers/Consumers
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4.3.3 Bargaining Power of Suppliers
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4.3.4 Threat of Substitute Products
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4.3.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 By Distribution Channel
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5.1.1 Supermarkets/Hypermarkets
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5.1.2 Convenience Stores
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5.1.3 Specialist Stores
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5.1.4 Online Retailers
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5.1.5 Others
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5.2 Geography
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5.2.1 North America
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5.2.1.1 United States
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5.2.1.2 Canada
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5.2.1.3 Mexico
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5.2.1.4 Rest of North America
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5.2.2 Europe
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5.2.2.1 United Kingdom
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5.2.2.2 Germany
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5.2.2.3 France
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5.2.2.4 Russia
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5.2.2.5 Italy
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5.2.2.6 Spain
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5.2.2.7 Rest of Europe
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5.2.3 Asia Pacific
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5.2.3.1 India
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5.2.3.2 China
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5.2.3.3 Japan
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5.2.3.4 Australia
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5.2.3.5 Rest of Asia-Pacific
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5.2.4 South America
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5.2.4.1 Brazil
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5.2.4.2 Argentina
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5.2.4.3 Rest of South America
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5.2.5 Middle East & Africa
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5.2.5.1 UAE
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5.2.5.2 Saudi Arabia
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5.2.5.3 Rest of Middle East & Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Most Active Companies
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6.2 Most Adopted Strategies
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6.3 Market Share Analysis
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6.4 Company Profiles
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6.4.1 Hain Celestia
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6.4.2 House Foods Group
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6.4.3 Pulmuone Co., Ltd
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6.4.4 Vitasoy International Holdings Limited
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6.4.5 Tofurky
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6.4.6 Eden Foods
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6.4.7 Morinaga & Company
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6.4.8 Kikkoman Corporation
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6.4.9 Amy's Kitchen
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*List Not Exhaustive -
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Tofu Market market is studied from 2016 - 2026.
What is the growth rate of Tofu Market?
The Tofu Market is growing at a CAGR of 5.1% over the next 5 years.
Which region has highest growth rate in Tofu Market?
Europe is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Tofu Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Tofu Market?
Hain Celestial Group, House Foods Group, Morinaga & Company, Pulmuone Co., Vitasoy International Holdings are the major companies operating in Tofu Market.
