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Tofu Market Overview
Tofu market size is forecast to reach $3.1 billion
by 2026, growing at a CAGR of 5.9% during the forecast period 2021-2026. Tofu
is another name for bean curd which is produced by coagulating soy milk derived
from soybeans, followed by pressurizing the resultant into solid blocks of
different levels of softness, with the help of oxidative improving agent like lipoxygenase,
and food additives mainly Glucono delta-lactone. With the growing incidence of
consumers shifting to vegan diet worldwide, the consumption of tofu is gaining
a lot of traction. Additionally, it is a rich source of plant protein as well
as other nutrients which makes it an ideal substitute of milk products. It is also
considered gluten-free which is set to further enhance the overall market
developments of the Tofu Market for the period 2021-2026.
Tofu Market Report Coverage
The report: “Tofu Market Forecast
(2021-2026)”, by Industry ARC, covers an in-depth analysis of the following
segments of the Tofu Market.
By Distribution
Channel: Supermarkets/Hypermarkets, Grocery Stores, Online, and
Specialty Stores
By Geography: North America
(U.S., Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy,
Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan India, South
Korea, Australia, and New Zealand, and Rest of Asia Pacific), South America
(Brazil, Argentina, and Rest of South America), and Rest of the World (Middle
East, and Africa)
Key Takeaways
- Asia Pacific dominated the Tofu Market in
2020 owing to the increasing consumer awareness regarding the health benefits
of tofu. The Tofu market scope for different regions will
be provided in the final report.
- Tofu is very high in nutritive
content, at par with milk products coupled with the growing number
of consumers shifting to vegan diet are likely to aid the market growth of the Tofu Market report.
- Detailed analysis of the
Strength, Weakness, and Opportunities of the prominent players operating in the
market will be Tofu
Market report.
- Extensive perishable rates of tofu and
tofu based products is poised to create the hurdles for the Tofu Market.
Tofu Market Revenue Share, By Geography, 2020(%)
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Tofu Market Segment
Analysis – By Distribution Channel
Supermarkets/Hypermarkets segment held the largest share in the Tofu
Market in
2020 and is estimated to grow at a CAGR 5.2% during the forecast period
2021-2026. This is owing to the easy availability of products of various
line-ups from different companies under one single roof. Due to low operating
charges and high selling overheads, supermarkets can offer products at
comparatively lesser price than its other counterparts. Additionally, there are
a handful of hypermarkets which allow quality assurance of their products,
thereby bolstering the growth of this segment. However, many established
players are catering to online sales channels like Amazon and Alibaba, in order
to boost sales, promote and market their products. With the penetration of internet
in sub-urban and rural areas, it has become increasingly convenient. Online
segment is estimated to register the higher CAGR over the period 2021-2026.
Tofu Market Segment Analysis – By Geography
Asia Pacific dominated the Tofu Market with
a major share of 36.5% in 2020. This is attributed to the growing number of consumers including tofu in their diet mainly
because of its health benefits, especially in some of the countries namely
Japan, Vietnam, the Philippines, South Korea, Thailand, and Indonesia.
Additionally, China is progressively growing in the soybean market and is one
of the major exporters. This is likely to bolster the market growth of tofu and
tofu-based products in this region.
However, Europe is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the growing number of consumers turning to vegan diet for health and wellness concerns. Rising awareness regarding animal cruelty because of which consumers are adopting vegan diet is also increasing the growth of the market in this region.
Tofu Market Drivers
Growing number of consumers shifting to vegan diet
Over the recent past, most of the major economies have witnessed a wide segment of their consumer base turning to vegan diet due to various reasons. The primary reason is the awareness regarding ill effects, like high cholesterol, blood pressure and cardiac arrest, of over consumption of animal products for a prolonged period of time. Moreover, due to growing awareness surrounding animal cruelty and behavior, a lot of consumers are adopting vegan diet, primarily due to ethical reasons. Thus, increasing the growth of the Tofu Market during the forecast period 2021-2026.
Very high in nutritive content
The main ingredient of tofu is
soybean, which makes it very high in plant protein content. Tofu is also
constituted of isoflavones like phytoestrogens that has both estrogen-agonist
or estrogen-antagonist properties. These products when consumed on a regular
basis helps to combat certain ailments like cancer and osteoporosis. Thus,
increasing the growth of the Tofu
Market during the forecast period 2021-2026.
Tofu Market Challenges
Perishable rate of tofu-based products
Some of the
factors that are set to impede the growth of the Tofu market owing to the
extensive perishable rate of tofu and tofu-based products. It needs to be
consumed almost immediately which often makes it hard to store and preserve
even for shorter durations of time.
Tofu Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Tofu Market. In 2020, the Tofu Market share is fragmented by the top ten players present in the market. The Tofu Market, top 10 companies are Hain Celestial, Hugli Holding Company, The Nisshin Oillio Group, Eden Foods, Morinaga & Company, Hugli Holding Company, and Vitasoy International Holdings among others.
Relevant Titles:
Yeast Market: Industry Analysis, Market Size, Share, Trends, Growth and Forecast 2021 - 2026
Report Code: FBR 0051
Plant Protein Ingredients Market: Forecast (2021 - 2026)
Report Code: FBR 0063
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