Growth Boosters and Impediments
Escalating prevalence of vegan and plant-based diet, especially in developed nations like Germany, the UK, and the United States would have a major impact on the tofu market. This is in response to the mounting number of initiatives and campaigns that aim to cut down animal slaughter. These initiatives have helped raise the demand for tofu, which are healthy, as well as gluten-free, while being a significant protein source.
Market Research Future (MRFR) reveals in its new extensive study that in 2020. Tofu Market Size was valued at USD 1.5 billion in 2022. The Tofu market industry is projected to grow from USD 1.6 Billion in 2023 to USD 2.7 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.01% during the forecast period (2023 - 2030).
A strategical move taken up by the major brands include marketing their products on online channels and social media. These online channels help elevate brand awareness among consumers while attractive packaging and tofu products with different ingredients and flavors ensure customer loyalty. Manufacturers are teaming up with different distribution centers, like supermarkets, and health stores to augment the presence of their tofu products.
Furthermore, the flourishing retail industry along with the rising popularity of the e-commerce sector can also be an attractive opportunity for the manufacturers. Established firms are inclining towards online shopping channels since these require lower expenditure compared to the traditional retail outlets. E-commerce helps organizations easily reach out to a wider customer base, thereby resulting in extensive business exposure. As a result, the growing significance of online shopping platforms among consumers will prove to be quite favorable for the tofu industry.
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Segmental Review
Organic and conventional are the major types of tofu in the market. Organic tofu products enjoy significant demand worldwide, for a number of crucial reasons. Mounting awareness about the toxic impact of the pesticides as well as fertilizers used on conventional products steer the focus towards organic tofu. Moreover, emerging “Go Vegan” trend and the heightened preference for plant-based foods, particularly among Europeans and Americans could be a favorable factor for the organic tofu category in the years to come.
Distribution channels are Food Retail (Online, Convenience Store, Supermarkets & Hypermarkets, and more) coupled with Foods Service)}. High availability of a variety of tofu products in store-based distribution channels has led to this segment’s dominance in the market. Soaring number of supermarkets and hypermarkets boost the sales of tofu as well.
Regional Status
The biggest market for tofu is Asia Pacific, which would continue to thrive at a significant pace between 2020 and 2027. The surge in the number of launches of new flavors and ingredients infused in tofu by local firms will favor the APAC industry. With the dramatic increase in cholesterol, obesity, and other kinds of lifestyle diseases, consumers are increasingly opting for plant-based foods like tofu. Rapid increase in urbanization has paved the way for a higher number of retail stores, convenience stores and restaurants where tofu products are sold extensively. Popularity of the e-commerce sector across China, Indonesia, India, and many more countries has fostered the consumption rate, considering the ease of distribution in terms of offline as well as online modes.
North America forms a highly attractive tofu market, with Canada and the United States identified as leading countries. Both the countries house a massive pool of renowned brands that frequently introduce tofu products under their own labels. These brands are striving to meet with the soaring demand for high quality and excellence among consumers and are working on creating a niche in the fast-expanding plant-based food industry.
In Europe, consumers in France, Germany, Spain, and Italy are growing aware about healthy plant-based products that enhance immunity and ensure well-being. This has given way to heightened sales of tofu over the years. High economic status plus growth in health consciousness among people has also resulted in a higher preference for tofu, with preventative care becoming a major trend in Europe.
The tofu market share has been steadily increasing in recent years, reflecting the growing consumer demand for plant-based and protein-rich alternatives. As more people embrace vegetarian and vegan diets or seek healthier food options, tofu has gained a significant foothold in the global food industry, with its market share continuing to expand as a versatile and sustainable source of nutrition.
Prominent Companies
Bell Food Group (Switzerland), Vitasoy International Holdings (US), Moringa & Co. (France), Eden Foods, Inc. (US), Kikkoman Corporation (Japan), Hain Celestial Group (US), The Nisshin Oillio Group, Ltd. (Japan), Dean Foods (US), House Foods Group Inc. (Japan) Pulmuone Co., Ltd. (South Korea) are the eminent tofu manufacturers in the worldwide market.
Key Players are:
Dean Foods (US), Kikkoman Corporation (Japan), Eden Foods Inc (US), Vitasoy International Holdings (US), House Foods Group Inc (Japan), Bell Food Group (Switzerland), The Nisshin Oillio Group Ltd. (Japan), Pulmuone Co. Ltd (South Korea), Hain Celestial Group (US), Moringa & Co (France), and Others.
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