Tempeh Global Market Report 2024

The tempeh market size has grown strongly in recent years. It will grow from $5.29 billion in 2023 to $5.71 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth observed in the historic period can be attributed to several factors, including the increasing popularity of plant-based diets, a rise in health consciousness among consumers, emerging vegetarian and vegan trends, a growing demand for culinary diversity, and a shift towards sustainable and ethical consumption practices.

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 anticipated growth in the forecast period for the tempeh market can be attributed to the sustained momentum of the plant-based movement, the integration of global cuisines, prevailing health and wellness trends, the introduction of innovative product offerings, and the expansion of retail channels. Major trends expected in this period include positioning tempeh as a nutrient-dense superfood in marketing strategies, fostering collaborations and partnerships to drive tempeh product innovation, launching convenient and ready-to-eat tempeh products, emphasizing sustainable and non-GMO tempeh production practices, and promoting the incorporation of tempeh in vegan and plant-based diets. These trends collectively contribute to the anticipated growth and evolution of the tempeh market.

The tempeh market is anticipated to experience growth, driven by the increasing popularity and demand for the vegan diet. The rising preference for vegan diets, which exclude animal products such as fish, dairy, meat, and eggs, is a significant factor contributing to the growth of the tempeh market. Vegan and flexitarian diets are gaining popularity as people become more conscious of the challenges associated with meat production. Individuals adhering to a vegan diet often turn to meat substitutes, including tempeh, which is known for its high levels of calcium and protein. Statistics from the Vegan and Plant-Based Diet report for 2021 indicate a substantial increase in vegan sign-ups, with over 500,000 people joining in 2021, representing a 25% growth compared to the previous year. This trend underscores the growing popularity and demand for vegan diets, which in turn propels the growth of the tempeh market.

The expansion of meat alternatives is expected to drive the growth of the tempeh market in the coming years. Meat alternatives are products designed to replicate the flavor, appearance, and nutritional profile of traditional meat, using plant-based or alternative sources of protein. As consumers seek alternatives that mimic the taste and texture of meat but are plant-based, the growth of meat alternatives presents an opportunity for tempeh. In 2023, the Good Food Institute Inc. reported that 93% of families in the United States purchased plant-based meat in 2022, indicating a strong consumer interest in meat alternatives. The plant-based food industry in the United States is projected to be valued at $8 billion in 2022, with a 7% increase in dollar sales from the previous year. Hence, the growth of meat alternatives emerges as a significant driver for the tempeh market.

Collaborations and partnerships have emerged as a significant trend in the tempeh market, with major companies actively engaging in such initiatives to enhance their market share and meet growing customer demand. For example, in September 2023, Tempeh Today, a Netherlands-based tempeh manufacturing company, announced a strategic partnership with Marel India Pvt. Ltd., an India-based food processing company. The collaboration aims to increase tempeh production and provide a sustainable protein option in India. Under this partnership, Tempeh Today and Marel India will work together to construct 20 units with standardized manufacturing processes, quality monitoring, and support for local and national distribution. Marel India will provide equipment, maintenance, and operator training programs for these units. Additionally, the collaboration includes the introduction of micro fermentation units (MFU) to empower economically vulnerable families. CFSS (Community Food and Sustainable Solutions) will contribute essential training, equipment, and raw materials for this initiative.

Major companies in the tempeh market are also focusing on product innovation, introducing items such as tempeh cubes to better cater to the preferences of their existing consumers. Tempeh cubes are bite-sized portions of tempeh, a classic fermented soy delicacy from Indonesia. In March 2022, Lightlife Foods, a US-based tempeh manufacturing company, launched Lightlife Tempeh Cubes. These pre-cut, pre-seasoned cubes come in three varieties – Teriyaki, Southwest, and Tikka Masala – and offer a quick, flavorful, and protein-rich option for consumers. The introduction of tempeh cubes is part of Lightlife Foods' strategy to expand its product offerings in response to consumer demand for convenient and innovative tempeh products.

In January 2021, Maple Leaf Foods Inc., a Canada-based plant-based protein company, acquired Lightlife Foods for $100 million. This acquisition is expected to contribute to Maple Leaf Foods' plans to increase its tempeh production capacity. Lightlife Foods, the acquired company, is known for producing plant-based food products catering to various dietary preferences.

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.

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. The countries covered in the tempeh market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

In the tempeh market, the main product types include frozen, fresh, and ready-to-eat tempeh. Frozen tempeh is produced through the freezing process during manufacturing and can be stored in a refrigerator indefinitely to maintain freshness. Tempeh is derived from various sources such as soybean, multigrain, and others, available in both organic and conventional varieties. Different flavor options include plain, herb, and spices. The distribution channels for tempeh include hypermarkets, convenience stores, specialty stores, traditional groceries, and online retailers.

The tempeh market research report is one of a series of new reports that provides tempeh market statistics, including tempeh industry global market size, regional shares, competitors with a tempeh market share, detailed tempeh market segments, market trends and opportunities, and any further data you may need to thrive in the tempeh industry. This tempeh market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The tempeh market consists of sales of fresh tempeh, frozen tempeh, and ready-to-eat tempeh. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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