Market Trends of united states tofu Industry
The growing domestic demand for chickpea products has supported the pricing and accelerated production growth
- The number of Americans following plant-based diets increased to nearly 9.7 million by 2022, and about one million of them are vegan. As a result, the vegan market boomed, resulting in a surge in the consumption of meat alternatives, primarily tofu. Restaurants and fast-food chains are also starting to accommodate tofu options. With the increased demand, the average price of tofu also increased by 8.32% from 2017 to 2022 in the country. There has been an expansion in the variety of tofu products, including flavored, marinated, and pre-seasoned tofu, which is appealing to customers looking for convenient and flavorful plant-based protein.
- Soybeans are getting more expensive because of unusual market dynamics as the livestock are consuming the soybeans meant for humans, leading to a lower supply for tofu makers. In 2021, the US inflation reached 7%, impacting the prices of soybean products. A reduction in labor, an increase in land rental costs, and weather uncertainty in soybean-producing countries led soybean farmers in the United States to increase prices. In 2021, the price of soybeans reached a maximum of up to USD 14.8 per bushel, whereas in 2022, the price exceeded USD 16 per bushel. During the forecast period, tofu is expected to be expensive, which may help understand Americans' willingness to pay for the protein. Tofu is typically made from soybeans. However, owing to recent advancements in the sector, tofu made from chickpeas is gaining traction in the US market. The growing domestic demand for chickpea products has supported the pricing and accelerated production growth. The grocery store prices for chickpeas were up by 12% from 2021 and 17% higher than they were pre-pandemic. This trend directly affects the cost of chickpea-based tofu in the country.
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