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Tempeh Market to Witness a Rise of US$ 5,846.9 Mn by 2026
by Guest on Jul 27, 2018
The demand for meat analogs which taste and appear exactly like meat is preferential amongst consumers who have aggressively reduced meat consumption in their diets. Almost 16% of the global population consumes soybean, while many are also focusing on habituating the consumption of mostly plant-based foods. Over the last few years, tofu manufacturers have increased their production by 10%. Besides, tofu is also the most similar analog for a meat substitute, and consequently, other soyfood products like tempeh are also gaining popularity. Soy food products like tempeh and tofu also offer an economic benefit, right from the agricultural to the commercial class. Tempeh meets at the nexus of many converging trends, such as the demand for ethically sourced food, traditional food, probiotic, and savory food. Asia Pacific is the leading market in terms of probiotic product launches, mainly driven by countries such as China, South Korea, and Australia. The tempeh market is also expected to witness a concomitant growth due to the aggressive growth of its sister segment - fermented vegan drinks.
These are some of the factors leading to the rapid increase in penetration of tempeh in unconventional recipes especially in Western cuisines, projected to account for a revenue of US$ 5,846.9 Mn by 2026, increasing from an estimated US$ 3,629.7 Mn in 2018. This is reflective of a robust CAGR of 6.1% from 2018 to 2026.
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How did Tempeh, a Traditional Staple of Indonesia Become Widely Accepted?
Tempeh, which is a staple Indonesian diet, is regularly produced in corrosive bins and with wood fuel to boil soybeans, in Indonesia. Around 80-90% of the tempeh production in Indonesia takes place in small and medium enterprises. The production methods carried out by these enterprises are highly unsustainable, being labor intensive and unhygienic, and the toxic fumes produced harm the workers and the environment. These practices are regarded as very unclean, and the products of very poor quality, in regions such as Europe and North America, where delivering high product quality is the most prized marketing strategy. The whole process has restricted the growth of the tempeh market in the rest of the world to a great extent. As tempeh is part of the sustainable products market, which often promotes a healthy and rejuvenating lifestyle for consumers, wrong production methods depict a very bad picture of tempeh in the backdrop of the clean and hygienic trend of this industry.
Tempeh to Gain Rapid Traction as a Meat Alternative in North America
This report covers trends driving each segment and offers analysis and insights into the potential of the Tempeh market in specific regions. North America is expected to register high growth rates between 2018 and 2026. APAC is expected to remain the largest market through 2026, followed by Europe. ASEAN region accounted for 96.0% value market share in 2018 and the overall APAC market expected to account for 77.6 % market share by 2026. In terms of volume, North America is expected to register significant CAGR during the forecast period. On the basis of source, the tempeh market is segmented as soybean, multi-grain, and others. The soybean segment is expected to register relatively high growth over the forecast period.
Global Tempeh Market Structure
Tempeh market is characterized by a presence of mostly regional and local players, and some of those producers studied include Turtle Island Foods, Inc., Nutrisoy Pty Ltd, Mighty Bean Tempeh Sunshine Coast, Totally Tempeh, Byron Bay Tempeh, Margaret River Tempeh, Organic Village Food, Gwen Tempeh, Tempeh Temple, Primasoy, SBC Tempeh Manufacturers, Lalibela Farm Tempeh, Alive & Healing Inc., Henry’s Tempeh, Rhapsody Natural Foods, TOFU Manufaktur Nagel GmbH, Impulse Tempeh, Schouten Europe B.V., Natural Oriental Fresh Foods BV and Tempea Natural Foods Ltd.
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