ID: MRFR/F-B & N/9064-HCR | April 2021 | Region: Global | 90 pages
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.
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.
Increasing demand for healthy source of protein alternatives
By Distribution Channel
|Market Size||USD 1,219.7 million|
|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|