Press release
Tempeh Market Trends, Top Companies, Share, Growth And Forecast 2033
Tempeh Market
The Business Research Company offers in-depth market insights through Tempeh Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The tempeh market size has grown strongly in recent years. It will grow from $5.29 billion in 2023 to $5.71 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to rising plant-based diets, growing health consciousness, vegetarian and vegan trends, culinary diversity, sustainable and ethical consumption.
The tempeh market size is expected to see strong growth in the next few years. It will grow to $7.96 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to continued plant-based movement, global cuisine integration, health and wellness trends, innovative product offerings, retail expansion. Major trends in the forecast period include marketing of tempeh as a nutrient-dense superfood, collaborations and partnerships for tempeh product innovation, introduction of convenient and ready-to-eat tempeh products, focus on sustainable and non-GMO tempeh production, incorporation of tempeh in vegan and plant-based diets.
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Market Segmentation:
The tempeh market covered in this report is segmented -
1) By Product Type: Frozen, Fresh and Ready-to-eat
2) By Nature: Organic and Conventional
3) By Flavor: Plain, Herbs & Spice
4) By Source: Soybean, Multigrain, Other Sources
5) By Distribution Channel: Hypermarket, Specialty Retail, Convenience Stores, Traditional Groceries and Online Retailers
Major Driver - Surging Popularity Of Vegan Diets Drives Growth In The Tempeh Market
The increasing popularity and demand for the vegan diet is expected to drive the growth of the tempeh market in the coming years. A vegan diet excludes animal products such as fish, dairy, meat and eggs. Vegan and flexitarian diets are becoming more popular as the plant-based business has developed and people becoming more conscious of the difficulties surrounding meat production. People who prefer a vegan diet are increasingly turning to meat substitutes including tempeh, which contain high levels of calcium and protein. For instance, according to the Vegan and Plant-Based Diet Statistics report for 2021, more than 500,000 people signed up for Vegan in 2021, a 25% increase over the previous year. Therefore, the increasing popularity and demand for the vegan diet propels the growth of the tempeh market.
Competitive Landscape:
Major companies operating in the tempeh market report are The Nisshin OilliO Group Ltd., Maple Leaf Foods Inc., Vegolution India Private Limited, MGP Ingredients Inc., AMY's Kitchen Inc., Morningstar Farms LLC, Plant Power Foods Ltd., Lightlife Foods Inc., Noble Bean Inc., Hello Tempayy, Totally Tempeh Inc., Nutrisoy Pty. Ltd., Mighty Bean Tempeh LLC, Margaret River Tempeh Company, Turtle Island Foods lnc., PRIMASOY Organic Tempeh, Gwen Tempeh, Natural Oriental Fresh Foods BV, Alive & Healing Inc., Henry's Tempeh, Squirrel & Crow Soy-Free Tempeh, Tootie's Tempeh, Tempeh Tantrum, The Hearty Vegan, SBC Tempeh Manufacturers, Future Food Group (FFG B.V), Tempeh Meades Ltd., Meatless LLC, VBites Foods Limited, Garden Protein International, Byron Bay Tempeh Company
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Top Trend - Innovations In Convenience With Bite-Sized Tempeh Cubes
Major companies operating in the tempeh market are focusing on innovative products such as tempeh cubes to better meet the needs of their existing consumers. Tempeh cubes are bite-sized portions or cubes of tempeh, a classic fermented soy delicacy from Indonesia, produced naturally by fermentation. For instance, in March 2022, Lightlife Foods, a US-based manufacturing company for tempeh, launched Lightlife Tempeh Cubes. Lightlife Tempeh Cubes are an innovative, ready-to-cook product addition to the brand's expanding array of best-selling Tempeh products. A quick, healthy shortcut that doesn't skimp on flavor. Tempeh Cubes, Lightlife's newest offering, can be purchased at Sprouts retail locations in three delectable, marinated varieties: Teriyaki, Southwest, and Tikka Masala. Tempeh Cubes, which are pre-cut, pre-seasoned, and include 13 grams of protein per serving, allow consumers to create a quick, nutritious, and tasty dinner.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Tempeh Market Characteristics
3. Tempeh Market Trends And Strategies
4. Tempeh Market - Macro Economic Scenario
5. Tempeh Market Size And Growth
…..
27. Tempeh Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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