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Tempeh Market Size, Trend Analysis, Share, Competitive Analysis, And Forecast To 2033
Tempeh Market
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Collaborations and partnerships have emerged as a key trend in the tempeh market. Major companies operating in the tempeh sector are focused on collaborations and partnerships to enhance their market share and meet the customer demand. For instance, in September 2023, Tempeh Today, a Netherlands-based manufacturing company of tempeh, announced a partnership with Marel India Pvt. Ltd., an India-based food processing company, to increase tempeh production and strive to provide a sustainable protein option in India. The partnership with Marel represents a vital progression in implementing this concept. Tempeh Today is excited about Marel's support for this initiative and eagerly anticipates our upcoming collaboration. The firms inked a memorandum of understanding to construct 20 units with Tempeh Today's standardized manufacturing processes, assistance, and quality monitoring to sell the goods locally and nationally. Marel India will offer equipment, maintenance, and operator training programs for SFUs. Alongside the standard units, CFSS has introduced the concept of micro fermentation units (MFU) to empower economically vulnerable families to generate income. CFSS will deliver essential training, equipment, and raw materials for this initiative.
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Major Key Players of the Market:
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
Tempeh Market 2024 Key Insights:
• 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%.
• Surging Popularity Of Vegan Diets Drives Growth In The Tempeh Market
• Tempeh Market Embraces Collaborations And Partnerships For Sustainable Expansion
• North America was the largest region in the tempeh market in 2023
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