Market Snapshot
| Study Period: | 2016 -2027 |
| Base Year: | 2021 |
| Fastest Growing Market: | Europe |
| Largest Market: | Asia Pacific |
| CAGR: | 5.1 % |
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Market Overview
The tofu market is projected to witness a CAGR of 5.1% during the forecast period (2022-2027).
The demand for plant-based protein products has seen to increase since the onset of the COVID-19 pandemic. With the disrupted supply and access to meat products, many people had to move to soy-based products for their protein requirements. The demand for tofu was boosted during the COVID-19 pandemic as tofu is high in protein as well as a good source of vitamins and minerals. However, the sudden rise in demand led to an increase in the prices of tofu across the economies.
The market is driven by an increasing preference for plant-based products, with a shift among consumers toward a vegan or a plant-based diet. Also, the rich nutritive profile of tofu is fueling the market demand globally.
Companies like House Food Group are offering a broad portfolio of tofu products, such as premium category tofu, DHA omega-3 enriched tofu, vacuum pack, tofu cutlet, etc.
Scope of the Report
Tofu is a food made of condensed soy milk that is pressed into solid white blocks. The tofu market is segmented by distribution channel and geography. On the basis of the distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, online retailers, and other distribution channels. 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, and Middle-East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
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| Supermarkets/Hypermarkets | |
| Convenience Stores | |
| Specialist Stores | |
| Online Retailers | |
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Key Market Trends
Growing Demand for Vegan Diet
Shifting consumer interest from animal to plant-based products is majorly increasing 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 levels, fat, and calories, which increase the risk of cardiac disease, high blood sugar levels, 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 to 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 the Tofu Market
Asia-Pacific dominated the tofu market in terms of revenue, with China leading the market, specifically due to shifting lifestyle patterns toward veganism. The major contributing countries in the Asia-Pacific region are China, Japan, South Korea, Vietnam, and Indonesia. China is one of the fastest-growing markets for soybean and is anticipated to be a major exporter as well. This will ultimately affect the market growth of tofu and tofu-based products. Also, emerging nations, including the Philippines and Thailand, have huge opportunities in the tofu market due to their high nutritional benefits. For instance, tofu is currently used in various stir-fries, stews, soup, and fried dishes as a great meat replacement product due to its meaty texture and high protein content, proving to be a positive factor for the growth of the tofu market.
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Competitive Landscape
The tofu market is highly competitive, with a large number of international and regional vendors. Some of the major key players in the tofu market include House Foods Group, Morinaga & Company, Keystone Natural Holdings, the Tofoo Company, Pulmuone Co. Ltd, and Vitasoy International Holdings Limited. Key market players are investing in expanding product offerings with the launch of new products as well as entering the new and untapped markets with their popular products in order to strengthen their market position. The players are also investing in expanding their production capacity with a view to cater to the ever-increasing demand from established as well as emerging markets.
Recent Developments
In 2021, Tofoo Company launched UK's first frozen tofu, Tofoo Chunkies, to increase the consumer reach and accessibility to various tofu products.
In 2021, House Foods Group invested in building a 350,000-sq-ft manufacturing plant for the production of tofu and tofu-based products for US consumers owing to increasing demand.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Distribution Channel
5.1.1 Supermarkets/Hypermarkets
5.1.2 Convenience Stores
5.1.3 Specialist Stores
5.1.4 Online Retailers
5.1.5 Other Distribution Channels
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.1.4 Rest of North America
5.2.2 Europe
5.2.2.1 United Kingdom
5.2.2.2 Germany
5.2.2.3 France
5.2.2.4 Russia
5.2.2.5 Italy
5.2.2.6 Spain
5.2.2.7 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 India
5.2.3.2 China
5.2.3.3 Japan
5.2.3.4 Australia
5.2.3.5 Rest of Asia-Pacific
5.2.4 South America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.4.3 Rest of South America
5.2.5 Middle-East and Africa
5.2.5.1 United Arab Emirates
5.2.5.2 South Africa
5.2.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 House Foods Group
6.4.2 Pulmuone Co. Ltd
6.4.3 Vitasoy International Holdings Limited
6.4.4 Tofurky
6.4.5 Keystone Natural Holdings
6.4.6 The Tofoo Company
6.4.7 Eden Foods
6.4.8 Morinaga Nutritional Foods Inc.
6.4.9 Kikkoman Corporation
6.4.10 Amy's Kitchen
6.4.11 Taifun-Tofu
*List Not Exhaustive7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Tofu Market market is studied from 2016 - 2027.
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 2021.
Who are the key players in Tofu Market?
House Foods Group, Morinaga & Company, Pulmuone Co., The Tofoo Company, KEYSTONE NATURAL HOLDINGS are the major companies operating in Tofu Market.
