Market Trends of tofu Industry
Inflation in soybean prices due to supply disruptions is having an effect on the market
- From 2017 to 2022, the price of tofu gradually rose by 2.10%, primarily due to increasing inflation and soybean costs, as soybeans are the primary component in manufacturing tofu. In major markets like North America, the rising demand led to an increase in the prices of tofu. More companies are entering the market, and sellers are engaging in the price game to secure buyers. Inflation in the United States had an impact on the cost of soybean products in the region. Soybean farmers in the United States increased the prices of the commodity due to labor shortages and increasing land rental costs, compounded by the weather uncertainty in soybean-producing countries.
- In 2022, the average price of tofu in Asia-Pacific was USD 6.03/kg. The highest price in 2022 was recorded in Malaysia and Australia at USD 7/kg. In Australia, tofu is sold as a premium product and has a higher price markup. Although cheaper options are available, Australian consumers have a higher preference for tofu made from Australian ingredients. The demand for tofu with the "Australian Grown Certified" label is high, while tofu made from organic soybeans is sold for a higher premium.
- Tofu prices increased by 3.41% between 2017 and 2022 across Europe, with an average Y-o-Y growth rate of 0.96%. The constantly surging production of soybeans in the region is a key reason for the nominal increase in the price of tofu. The price of tofu is also impacted by the overall food inflation in most parts of the region, mainly in Ukraine and Spain, accounting for shares of 22.4% and 10.12%, respectively, in terms of the region's soybean production. The destruction of agricultural land in Ukraine had a major impact on the soybean supply in the region.
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