Tempeh Market

Tempeh Market Size (2024 to 2029)

tempeh market is expected to grow at a CAGR of 5.1 % during the forecast period. The market is expected to be valued at USD 5.2 billion in 2024 and is expected to reach USD 6.67 billion by 2029.

Tempeh is a fermented soybean-based food that originated in the Indonesian region thousands of years ago. These foods are typically blocks of fermented soybean which are mushed a stay together via a probiotic added to it via fermentation. The soybean fermentation makes it easier to digest, and the manufacturing without using soy milk makes it a less processed food than soy blocks. These are also firmer compared to soy blocks and are extremely popular in the Asian region. The sou chunks are visible in Tempeh. They are often cut into blocks to be added to several dishes. They are excellent absorbing agents and take up any flavour provided to them in the form of sauce or marinade. They also have their distinguished Flavors in themself; they are slightly savoury and have a nutty and earthy flavour. They can be quickly cooked to taste like various things due to their ability to absorb flavour and are widely used worldwide. 

MARKET DRIVERS:

The wide use of Tempeh in a variety of cuisine due to its flavor-absorbing feature and the fast cook time supports the market's growth. Tempeh can also be eaten from the packaging and has a mild flavor that can act as a palate cleanser and as an appetizer snack for kids, which digests quickly. Tempeh can be deep-fried, pan-fried, battered, boiled, simmered, steamed, grilled, stir-fried, etc., and due to its versatile nature of consumption, it has a large market. Additionally, tempe represents more than food, it is a part of the Indonesian culture, which they take great pride in. With dishes like tempe goreng, keripik tempe, and kering tempe, now famous worldwide, the Tempe market is expected to keep growing during the forecast period. Additionally, the long storage periods of Tempeh support its growth. Tempeh freshly made can be frozen and stored for up to three months, store-bought Tempeh can stay fresh in the fridge for up to 10 days, and even cooked Tempeh can be stored in the fridge for up to 3 days. 

The growing vegan populations in the world also support the market's growth. Tempeh has long been known as an efficient substitute for meat and other animal-derived products and is said to act as a better substitute than soy blocks due to its natural flavor and nonsoft texture. Tempeh can be used in burgers and even as ground beef. It can be made to taste like bacon and sausages. The different types of Tempeh available for consumption, like black beans, chickpeas, and lentils, also lead to more support for the market growth. Tempeh can stand in for meat in almost any meat dish and is often used in several Mexican, Chinese, and southern american dishes. The growing varieties of Tempeh sold in various stores, like snacks, support the market growth. In addition, increasing demand for plant-based foods is leading to market growth. 

Additionally, the high nutritional benefits of Tempeh and the growing health consciousness among populations support the market's growth. Tempeh is considered a superfood as it is a high source of vitamin B12, especially for vegans and vegetarians. Additionally, it is a rich source of protein, and it has no cholesterol content. Therefore, it is incredibly healthy due to minerals and vitamins. This food can help improve heart health by lowering cholesterol levels and blood pressure in patients with high BP, improving insulin resistance, and lowering inflammation. It is also expected to lower the risk of breast cancer, improve bone health and help relieve hot flashes in menopausal women. In addition, this food may help with good gut health due to the presence of several probiotics. Therefore, the several health benefits support the tempeh market growth. 

MARKET RESTRAINTS

People with a soy allergy need to strictly avoid the consumption of Tempeh, as it can lead to severe side effects. In addition, the need for more awareness about Tempeh and the preference for soft soy blocks in several regions can also restrain the market growth. Therefore, consuming Tempeh in moderation and not excessively is a drawback for the market. 

REPORT COVERAGE: 

SEGMENTAL ANALYSIS

Global Tempeh Market Analysis By Source:

Due to the high demand, the soybean variety is expected to dominate the market during the forecast period. The soy-based tempeh is the most commonly consumed and the most widely available source of tempeh. However, the growing trend for healthier foods and more proteins is leading to growth in the multigrain segment. 

Global Tempeh Market Analysis By Nature:

The organic segment is expected to dominate the market during the forecast period due to the increasing demand for natural foods and clean-label products. In addition, the population has become more aware of the benefits of non-GMO foods without artificial flavors or added preservatives. Therefore, increased demand for organic foods has led to segment growth.

With the introduction of new product ranges in the tempeh market, with snacks and plant-based foods, conventional varieties are also gaining momentum during the forecast period. 

Global Tempeh Market Analysis By Flavour:

The plain segment is expected to dominate the market as tempeh is generally preferred to be eaten plain with a slightly nutty flavor, and it is often used in meat-based recipes in its simple form. However, as the popularity of tempeh as a snack increases, there is scope for development in the spices and herbs segment. 

Global Tempeh Market Analysis By Product Type:

The Fresh segment is expected to dominate the market during the forecast period due to the growing demand for healthy and authentically produced products. 

The frozen and ready-to-eat segments are also expected to incur growth due to the rising trend for quick consumables among busy office workers. 

Global Tempeh Market Analysis By Distribution Channel:

• Indirect
  • Convenience Stores
  • Traditional Groceries
  • Hypermarkets/Supermarkets
  • Food and Drink Speciality Stores
  • Online Retailers

Indirect distribution is expected to dominate the market during the forecast period. The high influx of patients in hypermarkets and convenience stores and the growing popularity of online retailers supports the market's growth. However, the growing demand for fresh and organic products may boost the direct sales segment during the forecast period. 

REGIONAL ANALYSIS:

The Asia-Pacific region is expected to dominate the tempeh market during the forecast period due to the region's high demand for healthy food and the high adapting to fermented foods. Several Asian countries regularly consume soy-based foods like soy milk, tofu, etc., and are habituated to the taste. Additionally, the growing demand for probiotics and ethically sourced foods is leading to a demand for the market. Countries like South Korea, China, Vietnam, and Australia, are all keen consumers of tempeh, supporting the growth of the market in the region. Furthermore, the growing government support in countries like Indonesia regarding hygienic foods and traditional snacks supports the growth of the tempeh market in the region.

The North American region is also expected to grow due to the growing rates of collaborations and partnerships between companies in countries like the US and Canada, leading to growth for the region. Additionally, the growing popularity of plant-based foods and the vegan base is leading to the market's growth. Furthermore, the high soybean imports from the US into Asian countries for tempeh production also support the market's rise in the region. 

KEY PLAYERS IN TEMPEH MARKET

Key Players in Tempeh Market are Nutrisoy Pty Ltd, Mighty Bean Tempeh, Totally Tempeh, Margaret River Tempeh, Turtle Island Foods, Primasoy, Gwen Tempeh, Natural Oriental Fresh Foods BV, Alive and Healing, Henry's Tempeh, Lightlife Foods Inc, Squirrel & Crow Soy-Free Tempeh, Tootie's Tempeh, Tempeh Tantrum, The Hearty Vegan.

RECENT HAPPENINGS IN THE MARKET

• In April 2023, Tooties, the recently launched tempeh company, started mainstreaming and regularising their production. The company has produced around 232 pounds of tempeh a week since its launch in November. The company's founder, who had previously launched a breath mint for pets start-up, said that the tempeh market is a massive opportunity as the interest in people is continuously growing, and the market has high potential. 
• On March 21, 2023, Better Nature, the plant-based start-up, claims that tempeh is set to become the next mainstream item in the UK within the following year. The company sells an extensive range of tempeh products and is shedding limelight on the recent popularity of the product and the increasing interest in plant-based foods. 
• On February 10, 2023, Samworth Brothers, the UK-based food company, is investing in a new plant-based meat food start-up called Tiba Tempeh. The company is hoping to expand businesses throughout the UK and Europe in the future. 

DETAILED SEGMENTATION OF GLOBAL TEMPEH MARKET INCLUDED IN THIS REPORT    

This research report on the Global Tempeh Market has been segmented and sub-segmented based on Source, Nature, Flavour, Product Type, Distribution Channel & region.          

By Source:

• Multigrain
• Soybean
• Others

By Nature:

• Conventional
• Organic 

By Flavour:

• Herbs and Spices
• Plain

By Product Type:

• Fresh
• Frozen
• Ready to Eat

By Distribution Channel:

• Convenience Stores
• Traditional Groceries
• Hypermarkets/Supermarkets
• Food and Drink Speciality Stores
• Online Retailers

 By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• MEA