Global Tofu Powder Market Overview
Unpretentious flavoured tofu powder contains enormous beneficial factors within, which has headed to their steady growth. Low-calorie, gluten-free, and a natural source of iron and calcium¬, tofu powders, a new way gaining traction owing to rise in health consciousness among consumers. As a veggie lover and vegetarian affirmed wellspring of protein tofu powder have progressively picked up acknowledgment throughout the years especially. Various brands in the industry are presenting organic tofu powder. Manufacturers are striving to achieve innovation in line with consumer’s interests. Thus, experiments with new flavours and ingredients are done by players in the market. Children and young people are key consumers of tofu powder. This is boosting the growth of the tofu powder market.
Considering these factors, tofu powder market is expected to register a single-digit compound annual growth rate (CAGR) from 2018 to 2028. Owing to the rising demand in the food & beverage industry, the tofu powder market across the globe has grown considerably, which is expected to increase the manufacturing and sales of tofu powder globally. Governmental support for a holistic approach to health products also lay a positive impact on tofu powder market.
Global Tofu Powder Market Dynamics
Utilitarian Points of Interest
Due to the utilitarian points of interest, the current years saw a critical increment in the interest for soy-based products. Consumer’s increasing demand for ready-made, easy-to-use products which is easy to digest is playing a key role to drive the tofu powder market in the forecast period. Increasing opportunities in hotels and restaurant is also a key factor which is driving the global tofu powder market. Soy-based food products have a wealthy amount of protein content and also providing a comprehensive amino acid profile which contributes to the growth of muscle mass. Tofu powder is popular among the young as well as old people as it is very easy to digest, this factor is boosting the growth of tofu powder to a great extent. The tofu powder has an increased shelf life which does not affect the quality of the final product, which is also another key driving factor for the growth of tofu powder market.
Besides all the beneficial factors, excessive consumption of tofu powder may increase levels of uric acid, hormonal imbalance, mineral deficiencies, and may up the overall calorie intake, which in turn hampers the growth of the global tofu powder market.
Increasing Penetration of e-Commerce and Online Stores
Due to the long shelf life of tofu powder, small product size and the fragmented nature of the market, online platforms are a particularly strong distribution channel for tofu powder. Due to the low storage and distribution costs involved, these online platforms carry products that have a specific set of applications or for a particular target audience. Many online sites also offer organic, natural, and true-label products that are not readily available in regular offline stores. Online channel also offers significant benefits to small-scale manufacturers who might face various entry barriers such as high marketing costs. Online platforms also help in significantly reducing distribution costs and in garnering consumer attention more efficiently.
Global Tofu Powder Market Segmentation
The global Tofu Powder market can be segmented on the basis of Nature as:
The global Tofu Powder market can be segmented on the basis of End-Use Industries as:
The global Tofu Powder market can be segmented on the basis of Sales Channel as:
The global Tofu Powder market can be segmented on the basis of the geographical region as:
Global Tofu Powder Market Regional Overview
Europe is expected to be a leader of tofu powder market around the globe and is expected to dominate the market in the forecast period. In terms of revenue, North America is also expected to be the second leading contributor in the tofu powder market, owing to higher consumption of soy-based products. Moreover, expanding demand for natural, non-modified functional ingredients have steered the growth of the North America tofu powder market. In Asia Pacific region, countries such as India, China, and Australia are the key market for tofu powder.
Global Tofu Powder Market Key Players
Some of the key market participants in the global Tofu Powder market are:
The research report presents a comprehensive assessment of the Tofu Powder market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Tofu Powder market segments such as geographies, and product types.
The Tofu Powder market report covers exhaustive analysis on:
Regional analysis for Tofu Powder Market includes:
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments of Tofu Powder. The report also maps the qualitative impact of various market factors on market segments and geographies.