The Tempeh Global Market Report 2023 by The Business Research Company, provides tempeh market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Tempeh Global Market Report 2023, the global tempeh market size grew from $4.93 billion in 2022 to $5.3 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The tempeh market size is expected to grow to $7.3 billion in 2027 at a CAGR of 8.3%.
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.
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The tempeh market 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
Collaborations and partnerships has emerged as a key trend in the tempeh market. Major companies operating in the tempeh sector are focused on collaborations and partnerships to enhance their market share and meet the customer demand. For instance, In September 2020, One Planet Pizza, an India based vegan food company and Better Nature, a US food tech company collaborated to launch their first frozen tempeh pizza. The collaboration enabled Better Nature to develop innovative tempeh products. Furthermore, In November 2020, Greenleaf Foods, a US based food company strengthens its partnership with Walmart, a US based retail company to expand its Lightlife tempeh products to more than 3500 Walmart locations globally.
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. Tempeh Market Size And Growth
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26. Africa Tempeh Market
27. Tempeh Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Tempeh Market
29. Tempeh Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Nutrisoy Pty Ltd
- Mighty Bean Tempeh
- Totally Tempeh
- Margaret River Tempeh
- Turtle Island Foods
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