Tofu Market

Tofu Market Size, Share, Growth (2023-2028)

The Global Tofu Market was worth US$ 2.35 billion in 2023 and is anticipated to increase with a CAGR of 5.3% during 2023-2028.

Tofu Market Overview:

Tofu, also known as bean curd, is a rich and creamy soy food created by curdling fresh soy milk and pressing it into a firm block. Tofu that has not been processed comes in a variety of textures, including extra-soft, soft, silky, firm, and extra-firm. It's high in minerals and health-promoting components like iron, calcium, magnesium, copper, zinc, amino acids, and vitamin B1, all of which help with heart and bone health and weight loss. One of the important drivers driving the global tofu market's growth is the enormous rise of the food and beverage industry, as well as rising customer preferences for vegan food products. As a result of rising health awareness and an increase in the incidence of various lifestyle conditions, low-fat and low-cholesterol vegan and soy-based food products have become increasingly popular.

Another growth-inducing element is the constant introduction of new product versions, such as tofu-based sauces, burgers, hot dogs, ice creams, shakes, and desserts. Restaurants, cafes, and other eateries are experimenting with a variety of tofu tastes and combinations in order to provide customers with novel and unusual food. Furthermore, the global premiumization of gluten-free and low-carb diets has accelerated the use of organic tofu in these diets. Other factors such as aggressive manufacturer promotional activities on social media platforms, simple product availability through various e-commerce retail chains, increased consumer expenditure, and fast urbanization are expected to propel the global tofu market even further.

Tofu Market Drivers:

• The increasing demand for a vegan diet is the primary factor that drives the global tofu market growth during the forecast period. People's concerns about animal cruelty, personal health, and, most significantly, sustainability are driving a shift in consumer demand from animal to plant-based products.

• Animal protein consumption is linked to high cholesterol, fat, and calories, all of which raise the risk of heart disease, diabetes, and obesity. As a result, consumers are converting toward vegan protein sources.

• This has provided a solid foundation for the tofu market's expansion. Furthermore, young consumers are looking for a meat substitute but are not ready to give up protein; as a result, they are turning to plant protein goods like tofu, which is boosting the worldwide tofu industry.

• A growing preference for a vegan diet in industrialized countries such as the United States and Germany, owing to an increase in the number of campaigns aiming at reducing animal slaughter, is projected to remain a major driving force. Tofu is a gluten-free and healthful eating option.

• This product offers 8 percent protein and 2% carbs, as well as other nutrients, in a 3.5-ounce serving. The US Food and Drug Administration (FDA) recommends that 25 grams of soy protein be consumed daily to guarantee adequate protein intake and healthy cholesterol levels.

Tofu Market Restraints:

The popularity of tofu as a high-protein vegetarian alternative to meat and dairy products is one of the main reasons for its rise in popularity. Tofu is used in a wide range of meals, including burgers, hot dogs, sauces, ice creams, shakes, and desserts, among others. The growing demand for luxury products is expected to have a substantial impact on the demand for organic tofu. Extra firm, firm, silky, sprouted super firm and cubed super firm tofu are just a few of the popular product kinds.The product is gluten-free because it is produced from soy curd. Celiac disease affects one out of every 133 Americans, according to studies. Celiac disease was shown to be 4 percent prevalent in South America, 0.5 percent prevalent in Africa and North America, 0.6 percent prevalent in Asia, and 0.8 percent prevalent in Europe and Oceania. On a worldwide scale, a high prevalence of the disease is predicted to drive the manufacture of gluten-free products like tofu. Azumaya Tofu, House Foods Tofu, Nasoya Tofu, and Trader Joe's are some of the most popular gluten-free brands. Lactose intolerance affects over 65 percent of the world's population. This is expected to increase demand for lactose- and dairy-free alternatives like tofu. This factor is expected to fuel the expansion of the global tofu market in the upcoming years.

REPORT COVERAGE:

Recent Developments in the Global Tofu Market:

• The Tofoo Co, a British startup, has released the UK's first frozen tofu product. Tofoo Chunkies, as the business calls them, are meant to make tofu more accessible.

• House Foods America, a subsidiary of Japan's House Foods Group, is constructing a 350,000-square-foot manufacturing plant that will create tofu and other food products for US clients using U.S.-grown, non-GMO soybeans.

Tofu Market Segmentation: 

By Product:

• Processed Tofu

• Unprocessed Tofu

With 86 percent of the worldwide tofu market, processed tofu is the most dominant sector. Tofu that has been processed adds additives to extend its shelf life and decrease spoiling the food and beverage industry prefers processed tofu because it is more easily available, has a longer shelf life, and is less prone to spoil. Processed tofu is widely used in the United States for the same reason and because it is inexpensive. Due to the possibility of early waste, unprocessed tofu manufactured with organic soy and an unfertilized technology is a more expensive option with a lesser demand.

By Application:

• Restaurants
• Household
• Others

When compared to other food outlets, restaurants use a lot of tofu. This increase can be ascribed to the product's unique and healthful features, which encourage people to choose it over other options on the market. Furthermore, vegan diet plans are becoming more popular than ever before, and people are increasingly preferring to eat out at restaurants where they may choose from a variety of Tofu-based cuisine.

By Distribution channel:

• Convenience Stores

• Supermarkets and Hypermarkets

• Specialty retailers

• Online stores

• Others

The segment of supermarkets and hypermarkets earned USD 1.30 billion in revenue in 2018 and is predicted to increase at a substantial rate over the projection period. Consumers can access a variety of products in one place through these channels, allowing them to select the product and quantity that best suits their needs. These channels can offer products at reduced prices because they have lower operating and selling costs. Many supermarkets provide quality assurance for their items, which is expected to contribute significantly to the segment's growth.

During 2022-2027, the online retail segment is predicted to grow at the fastest rate of 7.77 percent. To meet the growing demand, well-known businesses are turning to online distribution. Amazon and Alibaba, for example, sell products from a variety of vendors on a single platform. The segment's growth is expected to be fueled by the increasing usage of smartphones and the expansion of the e-Commerce industry. Over the next several years, the ease of purchasing and receiving things at one's doorstep is predicted to boost the use of online channels.

Tofu Market Regional Analysis: 

The Global Tofu Market Report includes the segmentation of Regions:

• In terms of revenue, the Asia-Pacific region dominated the worldwide tofu industry, with China leading the pack due to changing lifestyle trends toward veganism. China, Japan, South Korea, Vietnam, and Indonesia are the largest contributors in the Asia-Pacific area. China is one of the fastest-growing soybean markets and is expected to become a significant exporter. This will have an impact on the tofu and tofu-based product market's growth.

• North America is expected to have the fastest CAGR of 6.1 percent. Consumers favor soy-based products for a variety of reasons, including health and philosophy. Consumer interest in plant-based foods in the United States is expected to fuel regional expansion. Because the product is regarded an excellent meat alternative with high protein levels, the expanding vegan population in the United States and Canada is expected to contribute to regional demand.

• Europe

• Latin America

• Middle East & Africa

Tofu Market Key Players:

The companies covered in the report include:

1. House Foods Group

2. Pulmuone Co., Ltd

3. Vitasoy International Holdings Limited

4. Tofurky

5. Keystone Natural Holdings

6. The Tofoo Company

7. Eden Foods

8. Morinaga Nutritional Foods, Inc.

9. Kikkoman Corporation

10. Amy's Kitchen