Tofu Market to Capture a CAGR of 9.01% Between 2023 and 2030 While Touching Approximately USD 2.7 Billion by 2030

Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), Tofu Market Information by Type, Distribution Channel, and Region - Forecast till 2030", Tofu Market could thrive at a rate of 9.01% between 2023 and 2030. The market size will be reaching around USD 2.7 Billion by the end of the year 2030.

Market Synopsis

Tofu is a bean curd made from soy milk that is curdled and pressed into solid white blocks of various softness's such as soft, firm, extra firm, and super firm. Tofu is a low-calorie, gluten-free, protein-rich creamy soy product that is widely consumed throughout the world due to its high nutrient values such as Vitamin B1, Calcium, Zinc, Iron, Amino acids, Copper, and magnesium, which has health benefits such as natural weight management, bone health, and heart health improvement. Tofu is used as a meat substitute due to its high vitamin content. Tofu's widespread use in food and beverages, as well as its easy availability in stores, supermarkets, and online, has boosted the global market for the product.

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Leading market players are extensively investing in R&D to extend their product ranges, which will aid the Tofu market's growth. The Tofu sector must provide cost-effective products to grow and survive in a more competitive and expanding market climate. Dean Foods (US), Kikkoman Company (Japan), Eden Foods Inc (US), Vitasoy International Holdings (US), and others are key players in the tofu market.

Market Competitive Landscape:

The affluent companies in the Tofu industry include

Dean Foods (US)

Eden Foods Inc (US)

Kikkoman Corporation (Japan)

House Foods Group Inc (Japan)

Vitasoy International Holdings (US)

Bell Food Group (Switzerland)

Pulmuone Co. Ltd (South Korea)

The Nisshin Oillio Group Ltd. (Japan)

Hain Celestial Group (US)

Moringa & Co (France)

July 2022

Kikkoman Corporation officially entered the Indian market by creating Kikkoman India Pvt. Ltd. in Mumbai (KID).

Market USP Covered:

Market Drivers:

Since it contains no cholesterol, tofu is a good calcium and iron source. The rising prevalence of obesity, high blood sugar, and heart disease linked to animal protein consumption is driving people to adjust their eating habits. Furthermore, rising consumer awareness of sustainability, personal health, and animal welfare will drive tofu market growth shortly. Because of animal protein's high fat and calorie content, many people are changing towards vegetarian protein sources. Furthermore, increased veganism adoption around the world is projected to boost growth.

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Market Restraints:

Even though global tofu consumption has expanded rapidly due to the growing trend of veganism, some researchers recently discovered that persons suffering from thyroid disorders and breast cancers should avoid regular consumption of soy-based goods, particularly tofu. Because of its limited hormonal effects, women with estrogen-sensitive breast cancers should avoid eating tofu. Those with impaired thyroid function should avoid consuming tofu due to its high goitrogen content.

COVID 19 Analysis

Consumers purchased items with high nutritional value to stay healthy throughout the epidemic. As a result of the pandemic, sales were established to some extent, consumers acclimated to a new normal lifestyle, and an increasing number of customers seek quick and nutritious snacking options. COVID-19 allowed a swarm of new private enterprises to enter the market to meet the market's ongoing demand. Tofu and tempeh are quick and accessible sources of critical nutrients. Thus, there is always a great demand for novel goods in industrialized countries. Because of the considerations above, internet distributors are growing more interested as home-bound consumers hunt for retail options.

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Market Segmentation:

By Type

The types in the market include Organic and Conventional.

By Distribution Channel

Food Retail and Food Service are the major distribution channels available in the worldwide market.

Regional Insights

Europe clinches the leading position in the market, Because of the growing flexitarian and vegan populations and different government measures to encourage the adoption of meat substitutes. The European Commission unveiled its plans to help the European Union achieve carbon neutrality by 2050.

The Asian tofu market is expected to grow rapidly due to rising consumer and investor demand. Positive signs for this trend include the expansion of new businesses and startups in the region, as well as government efforts to minimize GHG emissions. The Chinese Ministry of Health also encouraged people to limit their daily meat consumption to 40 to 75 g. The programs can reduce greenhouse gas emissions while benefiting public health significantly.

North America is leading in this region. Merit Functional Foods received the money, specializing in converting native peas and canola into high-quality plant-based proteins such as tofu and tempeh.

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