The tempeh market size is expected to see strong growth in the next few years. It will grow to $7.96 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to continued plant-based movement, global cuisine integration, health and wellness trends, innovative product offerings, retail expansion. Major trends in the forecast period include marketing of tempeh as a nutrient-dense superfood, collaborations and partnerships for tempeh product innovation, introduction of convenient and ready-to-eat tempeh products, focus on sustainable and non-GMO tempeh production, incorporation of tempeh in vegan and plant-based diets.
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Segmentation & Regional Insights
The tempeh market covered in this report is segmented –
1) By Product Type: Frozen, Fresh and Ready-to-eat
2) By Nature: Organic and Conventional
3) By Flavor: Plain, Herbs & Spice
4) By Source: Soybean, Multigrain, Other Sources
5) By Distribution Channel: Hypermarket, Specialty Retail, Convenience Stores, Traditional Groceries and Online Retailers
North America was the largest region in the tempeh market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the tempeh market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing popularity and demand for the vegan diet is expected to drive the growth of the tempeh market in the coming years. A vegan diet excludes animal products such as fish, dairy, meat and eggs. Vegan and flexitarian diets are becoming more popular as the plant-based business has developed and people becoming more conscious of the difficulties surrounding meat production. People who prefer a vegan diet are increasingly turning to meat substitutes including tempeh, which contain high levels of calcium and protein. For instance, according to the Vegan and Plant-Based Diet Statistics report for 2021, more than 500,000 people signed up for Vegan in 2021, a 25% increase over the previous year. Therefore, the increasing popularity and demand for the vegan diet propels the growth of the tempeh market.
Key Industry Players
Major companies operating in the tempeh market report are The Nisshin OilliO Group Ltd., Maple Leaf Foods Inc., Vegolution India Private Limited, MGP Ingredients Inc., AMY’s Kitchen Inc., Morningstar Farms LLC, Plant Power Foods Ltd., Lightlife Foods Inc., Noble Bean Inc., Hello Tempayy, Totally Tempeh Inc., Nutrisoy Pty. Ltd., Mighty Bean Tempeh LLC, Margaret River Tempeh Company, Turtle Island Foods lnc., PRIMASOY Organic Tempeh, Gwen Tempeh, Natural Oriental Fresh Foods BV, Alive & Healing Inc., Henry’s Tempeh, Squirrel & Crow Soy-Free Tempeh, Tootie’s Tempeh, Tempeh Tantrum, The Hearty Vegan, SBC Tempeh Manufacturers, Future Food Group (FFG B.V), Tempeh Meades Ltd., Meatless LLC, VBites Foods Limited, Garden Protein International, Byron Bay Tempeh Company
The tempeh market report table of contents includes:
1. Executive Summary
2. Tempeh Market Characteristics
3. Tempeh Market Trends And Strategies
4. Tempeh Market – Macro Economic Scenario
5. Global Tempeh Market Size and Growth
…………………………
32. Global Tempeh Market Competitive Benchmarking
33. Global Tempeh Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Tempeh Market
35. Tempeh Market Future Outlook and Potential Analysis
36. Appendix
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