Market Trends of united states meat substitutes Industry
Rising soybean prices have resulted in increasing prices of tempeh
- The prices of tempeh have been gradually increasing over the years, mainly to combat inflation and the rising soybean prices. The price of tempeh in the United States grew by 4.86% in 2022 from 2017. Since soybeans are the main ingredient used in the processing of tempeh, the rise in the price of soybeans impacted the segmental market price. This can also be linked to the 25% tariff imposed by the US government on soybean trade. The market has seen the presence of numerous variants of tempeh, with plain tempeh being sold at a lower price compared to other value-added products. Organic tempeh is the most popular value-added tempeh form currently present in the market and is sold at a premium price of more than 20%. Players are offering products in various packaging formats, such as cans and plastic packs, to serve different utilities.
- Soybean prices surged above USD 15.5 per bushel, reaching their highest level since June 2022, driven by mounting concerns over supply shortages as production of soybeans in the United States totaled 4.28 billion bushels in 2022, a 4% decrease from 2021. The estimated production per acre was 49.5 bushels, which was 2.2 bushels less than in 2021. Compared to 2021, the harvested area increased slightly to 86.3 million acres. Meanwhile, on May 31, 2023, the spot price was USD 1,300 cents per bushel, which was down by 10.0% from the same day of the previous month. May 2023 had a 4.4% decline in farm-level soybean prices, which were 11.0% lower than May 2022. The projected range for farm-level soybean prices in 2023 was between -14.8 and 8.0%, with a predicted fall of 4.8%. This was expected to have an impact on the temporary adjustment of the prices of tempeh by 10-15%.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- The growing popularity of plant-based diets has led to an influx of TVP prices
- The growing domestic demand for chickpea products has supported the pricing and accelerated production growth
