The United States Tofu Market is projected to register a CAGR of 11.14%
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Key Highlights
- Largest Segment by Distribution Channel - Off-Trade: Online channel is likely to drive the growth of tofu sales through off-trade channels. The onset of the experiential economy has prompted customers to prefer this channel.
- Fastest-growing Segment by Distribution Channel - On-Trade: On-trade distribution channel purchases of tofu are aligned with the country's growing foodservice sector, including vegan restaurants, impacting its bulk purchases.
Key Market Trends
Off-Trade is the largest segment by Distribution Channel.
- The US tofu market is dominated by the off-trade segment in terms of distribution channels, with 43% more share than the on-trade distribution channel. Among all the off-trade segments of the US tofu market, supermarkets and hypermarkets have the highest market share, with 68% by value, in 2022. The availability of different types of tofu-based products in bulk to cater to customer needs makes supermarkets a better place for purchasing. Post-pandemic, more consumers prefer one-stop centers to buy tofu products.
- The overall US tofu market increased at a rate of 38.05% by value and 30.80% by volume from 2016 to 2021. This increase was mainly due to the rise in the number of supermarkets, hotels, food enterprises, grocery stores, and other distribution channels. The number of supermarkets increased by 4.3% from 2021 to 2022, and online channels rose by 20% from 2020 to 2021. Also, the growth of customer touchpoints led to an increase in tofu sales.
- The online channel in the off-trade distribution channel is projected to be the fastest-growing distribution channel in the US tofu market, registering a CAGR value of 15.49% during the forecast period, 2022-2028. With the increase in technological adoption by consumers, manufacturers also increased their digital presence through e-commerce, offering B2C and B2B services and multiple tofu varieties. Increasing demand for new tofu varieties in online channels drives the market.
Competitive Landscape
The United States Tofu Market is fragmented, with the top five companies occupying 25.68%. The major players in this market are Albertsons Companies, House Foods Group Inc., Morinaga Milk Industry Co. Ltd, Pulmuone Foods USA Inc. and The Hain Celestial Group, Inc. (sorted alphabetically).Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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Table of Contents
1 EXECUTIVE SUMMARY & KEY FINDINGS2 INTRODUCTION
2.1 Study Assumptions & Market Definition
2.2 Scope of the Study
2.3 Research Methodology
3 KEY INDUSTRY TRENDS
3.1 Price Trends
3.2 Regulatory Framework
3.3 Value Chain & Distribution Channel Analysis
4 MARKET SEGMENTATION
4.1 Distribution Channel
4.1.1 Off-Trade
4.1.1.1 Convenience Stores
4.1.1.2 Online Channel
4.1.1.3 Supermarkets And Hypermarkets
4.1.1.4 Others
4.1.2 On-Trade
5 COMPETITIVE LANDSCAPE
5.1 Key Strategic Moves
5.2 Market Share Analysis
5.3 Company Landscape
5.4 Company Profiles
5.4.1 AFC American Food Company
5.4.2 Albertsons Companies
5.4.3 Hodo Inc.
5.4.4 House Foods Group Inc.
5.4.5 Morinaga Milk Industry Co. Ltd
5.4.6 Pulmuone Foods USA Inc.
5.4.7 Superior Natural LLC
5.4.8 The Hain Celestial Group, Inc.
6 KEY STRATEGIC QUESTIONS FOR MEAT SUBSTITUTES INDUSTRY CEOS
7 APPENDIX
7.1 Global Overview
7.1.1 Overview
7.1.2 Porter’s Five Forces Framework
7.1.3 Global Value Chain Analysis
7.1.4 Market Dynamics (DROs)
7.2 Sources & References
7.3 List of Tables & Figures
7.4 Primary Insights
7.5 Data Pack
7.6 Glossary of Terms
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- AFC American Food Company
- Albertsons Companies
- Hodo Inc.
- House Foods Group Inc.
- Morinaga Milk Industry Co. Ltd
- Pulmuone Foods USA Inc.
- Superior Natural LLC
- The Hain Celestial Group, Inc.
Methodology
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