Tofu Market Research Report—Global Forecast till 2028

Global Tofu Market Research Report: Information by Type (Organic and Conventional), by Distribution Channel {(Food Retail – Supermarkets & Hypermarkets, Convenience Store, Online& Others) andFoods Service)}, by Region – Forecast till 2028

ID: MRFR/F-B & N/9064-HCR | April 2021 | Region: Global | 90 pages

Market Scenario


The global tofumarket size was valued at USD 1,219.7 million in 2020and is expected to exhibit a CAGR of 6.3% from 2021to 2028.


Tofu is made from soybeans that are curdled and pressed in blocks. Tofu is healthy for consumption as it is fortified with vitamins and minerals. However, organic tofu ishealthier as soybean crops are often treated with chemicals and fertilizers. Rising popularity of vegan and vegetarian diet has been a major growth driver for the tofu market. Additionally, tofu being a good source of protein and a better alternative of meat products has led to its surge in demand over the years. Another key factor that is boosting the tofu market is growing popularity of Asian cuisines in the international market. Shift in consumer taste and preference toward a healthy diet is propelling the consumption of tofu globally. Furthermore, the advent of various food-based e-commerce channels have equally helped in increasing the sales of tofu in various regions.


Post the Covid-19 outbreak, sales of tofu has increased substantially across the globe. However, its highest spike has been witnessed in the US market. Tofu in the US has historically been considered as a niche product owing to its low popularity. However, post the Covid-19 outbreak, the US witnessed a sudden surge in the demand for tofu owing to the panic buying and limited availability of meat products due to lockdown restrictions. This has resulted in increase in demand for high protein meat alternatives. Pulmuone Co., Ltd., a South Korea-based food maker has experienced exponential growth in the US post the Covid-19 outbreak. Additionally, many retail chains and e-commerce companies in the US have witnessed surge in sales of tofu. For instance, The Kroger Company, an American retail company has witnessed over 9% surge in sales of tofu since March 2020.


Market Synopsis


The global tofumarket has witnessed exponential growth in thelast few months. Owing to the outbreak of a global pandemic,COVID-19,the pandemic has created lucrative growth opportunities for tofumanufacturers across the globe. As people are staying more at home due to lockdown restrictions, preference for healthy and plant-based food consumption has increased substantially.


Market USP


Increasing demand for healthy source of protein alternatives


Market Drivers



  • Healthy source of meat alternatives

  • The growing popularity of international cuisines: Tofu is a versatile soy-based meat substitute that is high in protein and contains added nutrients such as calcium and vitamin B12. Its versatility owing to its combination in various types of foods has led to the increase in its preference. Additionally, increasing awareness regarding animal cruelty for meat consumption has substantially increased tofu demand in last couple of years. Furthermore, the growing trend of “Go Vegan” is also anticipated to boost the market considerably in coming years.

  • Shift in consumer taste and preference towards vegan and plant-based food

  • Growth of the organized retail sector in developing countries

  • The advent of food-based e-commerce platforms


Market Restraints

  • Availability of popular substitutes


Segmentation


ByType



  • Organic: The popularity of organic tofu has increased rapidly since last couple of years. Rising trend of veganism and vegan diets have resulted in increasing the demand for tofu. Increasing awareness regarding the presence of harmful fertilizers and other chemicals in conventional type tofu has resulted in growing popularity of organic tofu.

  • Conventional


By Distribution Channel



  • Food Retail: The food-retail segment has been further divided into supermarkets & hypermarkets, convenience stores,online and others. Supermarkets & hypermarkets dominated the food retail distribution channels in 2020. However, the online channels are anticipated to increase the sales of tofu inthe next couple of years. Advent of many e-commerce channels specialized in food industry at reasonable rates is anticipated to boost the tofu market during the review period.

  • Food Service


By Region



  • North America: North America is anticipated to witness substantial growth during the review period. Within the region, the US is expected to garner the highest revenue share and CAGR growth during the review period. Tofu in the US has historically been considered as a niche product owing to the strong dominance of meat products. However, the rising trend of veganism and vegan diets couple with rising awareness of tofu as a good source of protein has resulted in increasing its growth opportunity.

  • Europe

  • Asia-Pacific: The Asia-Pacific tofu market dominated inmarket. Tofu originated in China and has been consumed since ages in China, Japan, South Korea, and many other South East Asian Countries. The growth of the tofu market in Asia-Pacific region by presence of some of the key global players in China, Japan, and South Korea. Additionally, half of the demand for tofu across the globe is handled by these South-East Asian countries.

  • Rest of the World


Key Players



  • Hain Celestial Group (US)

  • House Foods Group Inc. (Japan)

  • Moringa & Co. (France)

  • Vitasoy International Holdings (US)

  • Pulmuone Co., Ltd. (South Korea)

  • Eden Foods, Inc. (US)

  • The Nisshin Oillio Group, Ltd. (Japan)

  • Kikkoman Corporation (Japan)

  • Bell Food Group (Switzerland)

  • Dean Foods (US)



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 1,219.7 million
  CAGR   6.3%
  Base Year   2019
  Forecast Period   2028
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Channel, Service
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors    Hain Celestial Group (US) House Foods Group Inc. (Japan) Moringa & Co. (France) Vitasoy International Holdings (US) Pulmuone Co., Ltd. (South Korea) Eden Foods, Inc. (US) The Nisshin Oillio Group, Ltd. (Japan) Kikkoman Corporation (Japan) Bell Food Group (Switzerland) Dean Foods (US)
  Key Market Opportunities   Increasing demand for healthy source of protein alternatives
  Key Market Drivers   Growth of the organized retail sector in developing countries