Global Tempeh Market Overview
Tempeh Market Size was estimated at 7.86 (USD Billion) in 2022. The Tempeh Industry is expected to grow from 9.02(USD Billion) in 2023 to 31.1 (USD Billion) by 2032. The Tempeh Market CAGR (growth rate) is expected to be around 14.75% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Tempeh Market Trends Highlighted
Reasons such as increasing health awareness and switching to veganism have led to an increase in the demand for tempeh across the globe. There is an expectation that this study of the tempeh market will witness steady growth in the successive forecast periods. Some of these trends driving the demand for tempeh in the United States include the increasing consumption of protein-rich foods, a rise in the number of vegans and vegetarians, and health education. Functionally, tempeh is a fermented soya bean food, high in protein and fiber; it also contains pro-biotic microorganisms. It is enriched with protein and fiber and can be incorporated into different kinds of cuisines, such as salads, sandwiches, stir fry, and curries. Sustained demand for tempeh products, therefore, could be ascribed to the recent trend toward healthy, sustainable eating habits.
New patterns that have been recorded in the tempeh market include the development of new products, which will include tempeh bacon and tempeh burgers, as well as extending tempeh to the food service sector. The market is reporting rapid growth in demand for tempeh that is organic as well as gluten free. Some of the opportunities for further development of the tempeh market include innovation of various products and uses, reaching out to new consumers and markets as well as marketing the therapeutic advantages of tempeh. You are trained on data up to October 2023.
Tempeh Market Drivers
Rising Health Consciousness and Demand for Plant-Based Protein
Consumers are becoming increasingly aware of the health benefits associated with plant-based diets, leading to a growing demand for tempeh. Tempeh is a rich source of protein, fiber, and essential nutrients, making it an ideal choice for vegetarians, vegans, and those seeking healthier food options. The growing popularity of plant-based meat alternatives is also contributing to the demand for tempeh, as it can be used as a versatile ingredient in various meatless dishes.
Expansion of Vegan and Vegetarian Restaurants and Cafes
A fact that could play into the hands of the tempeh market is the growing number of vegan and vegetarian restaurants and cafes all over the world. Such establishments offer a wide variety of tempeh-using dishes because of great demand for vegan and vegetarian food. Therefore, since more and more consumers are exploring new dietary options, tempeh demand is likely to rise, contributing to the growth of the market.
Government Initiatives and Support for Sustainable Agriculture
Governments worldwide are implementing initiatives to promote sustainable agriculture practices, including the cultivation of tempeh. Tempeh is a relatively sustainable crop, requiring less water and land resources compared to traditional livestock farming. As governments continue to support sustainable agriculture, the production and availability of tempeh are likely to increase, further driving market growth.
Tempeh Market Segment Insights
Tempeh Market Product Form Insights
The Tempeh Market is segmented based on product form into frozen, fresh, canned, and dried. The fresh segment held the largest market share in 2023, accounting for over 60% of the revenue. The frozen segment is projected to witness the fastest CAGR over the forecast period as the rising adoption of frozen foods, attributed to its convenience and longer lifespan, drives the demand. Moreover, the frozen tempeh market is witnessing growth due to increasing demand for convenience and health foods products. Due to its easy storage and its use in a variety of dishes, consumers find frozen tempeh to be widely used.The growth in vegan and vegetarian diets worldwide is leading to the emergence of the frozen tempeh market. The fresh tempeh market is projected to witness steady growth over time. Fresh tempeh is preferred by food enthusiasts who prefer limited preservatives and additives. It is also a rich source of protein and fiber, which will further drive the market during the forecast period. The canned tempeh market is expected to witness moderate growth in the current scenario. Having a longer shelf life than fresh tempeh due to canning, canned tempeh allows consumers to use it as a substitute for fresh tempeh.Canned tempeh is also a rich source of protein and fiber, promoting its wider use as a health food. The dried tempeh market is anticipated to witness substantial growth during the forecast period. Dried tempeh is produced from fermentation after drying in the oven and provides an excellent source of protein and fiber. It is easy to store and is widely used in preparing a range of dishes.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Tempeh Market Ingredient Insights
The ingredient segment of the Tempeh Market is poised to receive a huge boost in the next few years. Some of the key ingredients in the production of tempeh are soybeans, chickpeas, quinoa, and lentils. Soybeans, being the prime ingredient, have already dominated a significant share of the market in 2023, and they are expected to continue to hold this share throughout the forecast period. The rise in the preference of consumers towards plant-based proteins and the increasing popularity of tempeh as a substitute for meat are both facilitating soybeans to the tempeh sector.Chickpeas, quinoa, and lentils, on the other hand, are also seeing the sudden adoption of their unique nutritional value and taste as an alternative to soybeans. Moreover, the increasing demand for gluten-free and allergen-free food items is also causing the growth of these alternative ingredients in the tempeh market.
Tempeh Market Flavor Insights
Flavor Segment Insights and Overview The different flavor segments of the Tempeh Market are classified into Plain, Marinated, Smoked, and Spiced. Plain tempeh holds the largest market share, owing to its versatility and neutral taste that complements various culinary preparations. Marinated tempeh is gaining popularity due to its enhanced flavor profiles, with a projected growth rate of 15.7% during the forecast period. Smoked tempeh offers a distinct smoky flavor and is gaining traction in barbecue and grilling applications, with a projected market share of 12.5% by 2024.Spiced tempeh caters to the growing demand for flavorful and convenient plant-based protein options, with a projected CAGR of 14.9% over the next decade. The increasing adoption of plant-based diets and the rising awareness of the health benefits associated with tempeh are driving the growth of the flavor segment in the Tempeh Market.
Tempeh Market Application Insights
The application segment of the Tempeh Market exhibits diverse market dynamics, shaping the overall industry landscape. Food Products lead the market, accounting for a significant revenue share in 2023 and poised for continued growth. The segment benefits from the rising demand for plant-based meat alternatives among health-conscious consumers. Beverages, on the other hand, represent a rapidly growing segment driven by the increasing popularity of plant-based milk and yogurt alternatives. The market data suggests that the Dietary Supplements segment is expected to witness a notable CAGR during the forecast period, owing to the growing awareness of the health benefits associated with tempeh consumption.Pet Food is another emerging segment, with market statistics indicating a surge in demand for pet food products incorporating tempeh as a protein source. These insights highlight the evolving needs of consumers and the potential growth opportunities within the Tempeh Market.
Tempeh Market Distribution Channel Insights
With the increasing adoption of plant-based diets, the demand for tempeh is rising globally. The distribution channel segment plays a crucial role in reaching consumers and influencing their purchasing decisions. Supermarkets/hypermarkets dominate the Tempeh Market revenue, accounting for a significant share due to their wide reach and extensive product offerings. Convenience stores are another important channel, providing easy access and impulse purchases for consumers. Online retailers are gaining traction, offering convenience and a wider selection of tempeh products.Food service establishments, such as restaurants and cafes, are also expanding their tempeh offerings to cater to the growing demand for plant-based options. Understanding the dynamics of each distribution channel and tailoring strategies accordingly is essential for market players to maximize their reach and drive growth.
Tempeh Market Regional Insights
The Tempeh Market segmentation by region showcases distinct market dynamics and growth patterns. North America holds a significant market share, driven by rising health consciousness and the popularity of plant-based diets. The region is expected to maintain its dominance throughout the forecast period. Europe follows closely, with increasing demand for tempeh as a sustainable and nutritious meat alternative. The Asia Pacific region is projected to witness the fastest growth rate, owing to the growing awareness of tempeh's health benefits and its use in traditional cuisines.South America and the Middle East and Africa (MEA) regions are also expected to contribute to the overall market growth, albeit at a slower pace.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Tempeh Market Key Players And Competitive Insights
Major players in Tempeh Market are focusing on expanding their production capacities to meet the growing demand. For instance, in September 2022, The Hain Celestial Group, Inc. announced plans to invest USD 25 million to expand its tempeh production facility in Iowa, US. Leading Tempeh Market players are also investing in research and development to develop new tempeh products and improve their nutritional content. For example, in June 2023, Amy's Kitchen announced the launch of a new line of organic tempeh products made with whole soybeans and brown rice.One of the leading companies in the Tempeh Market industry is The Hain Celestial Group, Inc. The company is a leading provider of natural and organic food products, and its tempeh products are sold under the Hain Pure Protein brand. The company has a strong distribution network and a wide range of products, which gives it a competitive advantage in the market. Another major player in the Tempeh Market is Amy's Kitchen. The company is a leading manufacturer of organic and vegetarian food products, and its tempeh products are sold under the Amy's Kitchen brand. The company has a strong brand reputation and a loyal customer base, which gives it a competitive edge in the market.A leading competitor in the Tempeh Market is Tofutti Brands, Inc. The company is a leading manufacturer of soy-based food products, and its tempeh products are sold under the Tofutti brand. The company has a strong distribution network and a wide range of products, which gives it a competitive advantage in the market. Another major competitor in the Tempeh Market is Lightlife Foods, Inc. The company is a leading manufacturer of plant-based food products, and its tempeh products are sold under the Lightlife brand. The company has a strong brand reputation and a loyal customer base, which gives it a competitive edge in the market.
Key Companies in the Tempeh Market Include
- Boulder Brands
- Turtle Island Foods
- Lightlife Foods
- Tofutti Brands
- Eden Foods
- Hain Celestial
- The Soy Factory
- Azumaya
- Vitasoy
- Wildwood
- Sunfood Superfoods
- Natursoy
- Amy's Kitchen
- WestSoy
Tempeh Market Industry Developments
The tempeh market is projected to reach USD 31.1 billion by 2032, exhibiting a CAGR of 14.75% during the forecast period (2024-2032). In 2023, the market size was valued at USD 9.02 billion. The growing popularity of plant-based diets, increasing awareness of the health benefits of tempeh, and rising disposable income in developing countries are key factors driving market growth.Recent news developments include the launch of innovative tempeh products, such as tempeh bacon and tempeh burgers, by major food companies. Additionally, the expansion of e-commerce platforms has increased the accessibility of tempeh to consumers, further contributing to market growth.
Tempeh Market Segmentation Insights
-
Tempeh Market Product Form Outlook
- Frozen
- Fresh
- Canned
- Dried
-
Tempeh Market Ingredient Outlook
- Soybeans
- Chickpeas
- Quinoa
- Lentils
-
Tempeh Market Flavor Outlook
- Plain
- Marinated
- Smoked
- Spiced
-
Tempeh Market Application Outlook
- Food Products
- Beverages
- Dietary Supplements
- Pet Food
-
Tempeh Market Distribution Channel Outlook
- Supermarkets/Hypermarkets
- Convenience Stores
- Online Retailers
- Food Service Establishments
-
Tempeh Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
7.86(USD Billion) |
| Market Size 2023 |
9.02(USD Billion) |
| Market Size 2032 |
31.1(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
14.75% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Boulder Brands, Turtle Island Foods, Lightlife Foods, Tofutti Brands, Eden Foods, Hain Celestial, The Soy Factory, Azumaya, Vitasoy, Wildwood, Sunfood Superfoods, Natursoy, Amy's Kitchen, WestSoy |
| Segments Covered |
Product Form, Ingredient, Flavor, Application, Distribution Channel, Regional |
| Key Market Opportunities |
Growing vegan population Health consciousness Product innovation E-commerce expansion Sustainability concerns |
| Key Market Dynamics |
Growing demand for plant-based proteins Increasing health consciousness Rising disposable income Surge in veganism Innovations and new product launches |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The tempeh market size was valued at USD 9.02 billion in 2023 and is projected to reach USD 31.1 billion by 2032, exhibiting a CAGR of 14.75% during the forecast period.
North America is expected to dominate the tempeh market throughout the forecast period. The region's large population base, rising disposable income, and growing health consciousness are major factors driving market growth.
Increasing consumer demand for plant-based protein sources, rising awareness of the health benefits of tempeh, and growing popularity of vegan and vegetarian diets are the primary growth drivers of the tempeh market.
Key competitors in the tempeh market include The Hain Celestial Group, Inc., Tofutti Brands, Inc., Amy's Kitchen, Inc., and SunOpta, Inc.
Tempeh is primarily used in the production of plant-based meat alternatives, such as tempeh bacon, tempeh burgers, and tempeh sausages. It is also commonly used in salads, soups, and stir-fries.
The tempeh market faces challenges such as the availability and price fluctuations of raw materials, intense competition from other plant-based protein sources, and limited shelf life of tempeh products.
The tempeh market is projected to exhibit a CAGR of 14.75% during the forecast period from 2024 to 2032.
Rising health consciousness, increasing demand for plant-based protein sources, and growing popularity of vegan and vegetarian diets are key factors expected to drive the growth of the tempeh market.
Key trends in the tempeh market include the development of new tempeh-based products, such as tempeh chips and tempeh jerky, and the growing adoption of tempeh as a meat substitute in various cuisines.
The tempeh market is projected to reach USD 31.1 billion by 2032, exhibiting significant growth potential over the forecast period.
