Tempeh Market: High Demand for Meat Substitutes and Vegan Products in Food & Beverage Industry Supports Growth
The global tempeh market was valued at US$ 3,842.8 Mn in 2019. The market has exhibited a considerable rise during 2013 -2018 and the trend is likely to continue as the market exhibits a CAGR of 6.1% between 2019 and 2026. The rising demand for meat analogs that are similar in texture and taste of meat is aiding the growth of the market.
Nearly 16% of the world population takes soybean, while several are concentrating on getting accustomed to the intake of plant-based products on most occasions. From the past few years, tempeh producers have amplified production across their manufacturing facilities. Besides this, soy-based food materials such as tempeh and tofu are gaining traction in the market. Soy-based foods such as tofu and tempeh also provide an economic advantage, starting from farming to the advertisements.
The tempeh market is witnessing rising demand as consumers are looking for natural food products that will improve their health. Furthermore, customers are showing interest in GMO-Free and organic products in the food and beverage industry which provides distinctive mouthfeel along with health benefits.
Key Takeaways from Tempeh Market Study
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- According to FMI study’s on the tempeh market, a large consumer base is looking for products that are naturally sourced. Tempeh is a fermented food product and falls under the category of functional foods, which grabs the rapidly rising consumer interest for healthy lifestyle and healthy food. Thus, the demand for tempeh is surging.
- The global tempeh market has been segmented based on source, where the soybean-based tempeh holds the major share. However, in the upcoming period, the multi-grain based segment is projected to show optimistic growth in due to its rising application in different food products.
- Based on nature, the global tempeh market is segmented into organic and conventional types. Due to growing health concern, consumers are looking for products that are grown naturally and are free from chemicals and are not genetically modified.
- The global tempeh market is studied on the basis of flavor, in this category the market share for plain is higher than herbs& spiced category.
- In terms of product type, the fresh type segment accounted for 85% of the total tempeh market share.
- Europe and APAC are expected to lead the global tempeh market in terms of value. The demand for tempeh is considerably high in North America, which is anticipated to show a high growth rate in the upcoming years. Due to the increasing number of flexitarian/ vegan population, the demand is expected to increase in North America. The Latin America market, dominated by Brazil, is also exhibiting high demand for tempeh.
Valuable Insights into Tempeh Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global tempeh market, presenting historical demand data (2013-2018) and forecast statistics for the period from 2019-2026. The study divulges compelling insights into the tempeh market based on the source (Soybean, multi-grains, and others), nature (Organic & Conventional), Flavors (Plain, Herbs & Spices), Product type (Frozen, Fresh, and Ready-to-eat), and Distribution Channel (Direct Channels, and Indirect Channels) across seven key regions.
About the Food & Beverage Division at Future Market Insights
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
About Food & Beverages division of FMI
Expert analysis, actionable insights, and strategic recommendations – the Food & Beverages team at FMI helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 100+ countries for over a decade. The team provides end-to-end research of the global food & beverage market and consulting services; know how we can help.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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