Tofu Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Tofu market is segmented by Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Retailers, and Others); and Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa). The report offers market size and forecasts in value (USD million) for the above segments.

Market Snapshot

tofu-market_Market Summary
Study Period: 2016 - 2026
Base Year: 2021
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 (2021-2026).

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 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.

The major challenge faced by the 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

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 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. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).

By Distribution Channel
Supermarkets/Hypermarkets
Convenience Stores
Specialist Stores
Online Retailers
Others
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
United Kingdom
Germany
France
Russia
Italy
Spain
Rest of Europe
Asia Pacific
India
China
Japan
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
United Arab Emirates
Saudi Arabia
Rest of Middle East & Africa

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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 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.

Tofu Market1

Asia-Pacific Holds the Major Share in Tofu Market

The Asia-Pacific dominated the global tofu market in terms of revenue with China leads the market specifically, due to shifting lifestyle patterns towards 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 market for soybean and is anticipated to be a major exporter as well. This will ultimately affect the growth market for tofu and tofu-based products. Also, emerging nations including the Philippines, and Thailand, has huge opportunities in the global tofu market due to their high nutritional benefits. For instance, tofu is currently being used in various stir-fries, stews, soup, and fried dishes as a great product to use as a meat replacement due to its meaty texture and high protein content, proving to be a positive factor for the growth of tofu market.

Tofu Market2

Competitive Landscape

The global 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, amongst others. 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 to expand their production capacity with a view to cater for the ever-increasing demand from established as well as emerging markets.

Recent Developments

In 2021, the Tofoo Company launched United Kingdom’s First Frozen Tofu known as "Tofoo Chunkies" in order to increase the consumer reach and accessibility to various tofu products.

In 2021, the House Foods Group, invested in building a 350,000-sq-ft manufacturing plant that for production of Tofu and Tofu-based products for United States consumer owing to increasing demand.

In 2020, the Tofoo Company invested to install the new soy milk cooker from Japan to increase the production capacity by 70% to cope with the rise demand for tofu and tofu products.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and 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 Force 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 By Distribution Channel

      1. 5.1.1 Supermarkets/Hypermarkets

      2. 5.1.2 Convenience Stores

      3. 5.1.3 Specialist Stores

      4. 5.1.4 Online Retailers

      5. 5.1.5 Others

    2. 5.2 Geography

      1. 5.2.1 North America

        1. 5.2.1.1 United States

        2. 5.2.1.2 Canada

        3. 5.2.1.3 Mexico

        4. 5.2.1.4 Rest of North America

      2. 5.2.2 Europe

        1. 5.2.2.1 United Kingdom

        2. 5.2.2.2 Germany

        3. 5.2.2.3 France

        4. 5.2.2.4 Russia

        5. 5.2.2.5 Italy

        6. 5.2.2.6 Spain

        7. 5.2.2.7 Rest of Europe

      3. 5.2.3 Asia Pacific

        1. 5.2.3.1 India

        2. 5.2.3.2 China

        3. 5.2.3.3 Japan

        4. 5.2.3.4 Australia

        5. 5.2.3.5 Rest of Asia-Pacific

      4. 5.2.4 South America

        1. 5.2.4.1 Brazil

        2. 5.2.4.2 Argentina

        3. 5.2.4.3 Rest of South America

      5. 5.2.5 Middle East & Africa

        1. 5.2.5.1 United Arab Emirates

        2. 5.2.5.2 Saudi Arabia

        3. 5.2.5.3 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Active Companies

    2. 6.2 Most Adopted Strategies

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 House Foods Group

      2. 6.4.2 Pulmuone Co., Ltd

      3. 6.4.3 Vitasoy International Holdings Limited

      4. 6.4.4 Tofurky

      5. 6.4.5 Keystone Natural Holdings

      6. 6.4.6 The Tofoo Company

      7. 6.4.7 Eden Foods

      8. 6.4.8 Morinaga Nutritional Foods, Inc.

      9. 6.4.9 Kikkoman Corporation

      10. 6.4.10 Amy's Kitchen

      11. 6.4.11 Taifun-Tofu

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

  8. 8. IMPACT OF COVID-19 ON THE MARKET

**Subject to Availability

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Frequently Asked Questions

The Tofu Market market is studied from 2016 - 2026.

The Tofu Market is growing at a CAGR of 5.1% over the next 5 years.

Europe is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

House Foods Group, Morinaga & Company, Pulmuone Co., The Tofoo Company, KEYSTONE NATURAL HOLDINGS are the major companies operating in Tofu Market.

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