Tofu industry Share, Analysis, Growth, overview and forecast to 2030.
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.
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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