Tempeh Market to Expand Nearly 2X Over Next Ten Years; COVID-19 Outbreak-related Supply Chain Disruptions Impeding Market Growth
Published On : Aug 06, 2020
Demand for meat analogs that taste and appear exactly like meat is increasing amongst consumers who have aggressively reduced meat consumption in their diets. Almost 16% of the global population consumes soybean, while many are also focusing on habituating the consumption of mostly plant-based foods. Over the last few years, tofu manufacturers have increased their production by 10%. Besides, tofu is also the most similar analog for a meat substitute, and consequently, other soyfood products such as tempeh are also gaining popularity. Soy food products such as tempeh and tofu also offer an economic benefit, right from the agricultural to the commercial class. Tempeh meets at the nexus of many converging trends, such as the demand for ethically-sourced, traditional, probiotic, and savory food. Asia Pacific is the leading market in terms of probiotic product launches, mainly driven by countries such as China, South Korea, and Australia. The tempeh market is also expected to witness concomitant growth due to aggressive growth of its sister segment - fermented vegan drinks.
These factors are leading to the rapid increase in the penetration of tempeh in unconventional recipes, especially in Western cuisines. The global tempeh market is projected to expand at a CAGR of over 6% over the next decade, nearly doubling its value by 2030.
Key Takeaways from Tempeh Market Study
- Frozen tempeh is gaining significant traction in the global tempeh market, although fresh tempeh is still expected to hold a lion’s share of the market.
- Tempeh is expected to gain rapid traction as a meat alternative in North America.
- The demand for conventional tempeh will highly outweigh that of organic nature throughout the forecast period.
- Key market players are focusing on entering new markets by means of collaborations and partnerships with a view to reinforce their product lines.
- Shortage of raw material and lack of manpower as a result of COVID-19 pandemic spread affecting production of tempeh.
“The tempeh market in North America is expected to register high growth over the next decade, while APAC is expected to remain the largest market through 2030, followed by Europe. The ASEAN region accounted for more than 95% value market share in 2019,” says a PMR analyst.
Tempeh Production Trends
Tempeh, which is a staple Indonesian diet, is regularly produced in corrosive bins and with wood fuel to boil soybeans, in Indonesia. Around 80-90% of the tempeh production in Indonesia takes place in small and medium enterprises. The production methods carried out by these enterprises are highly unsustainable, being labor intensive and unhygienic, and the toxic fumes that are produced harm the workers and the environment. These practices are regarded as very unclean, and the products of very poor quality, in regions such as Europe and North America, where delivering high product quality is the most prized marketing strategy. The whole process has restricted the growth of the tempeh market in the rest of the world to a great extent. As tempeh is part of the sustainable products market, which often promotes a healthy and rejuvenating lifestyle for consumers, wrong production methods depict a very bad picture of tempeh in the backdrop of the clean and hygienic trend of this industry.
Tempeh Market: Competitive Landscape
The tempeh market is characterized by the presence of mostly regional and local players, and some of those producers studied in PMR’s report include Turtle Island Foods, Inc., Nutrisoy Pty Ltd, Mighty Bean Tempeh Sunshine Coast, Totally Tempeh, Byron Bay Tempeh, Margaret River Tempeh, Organic Village Food, Gwen Tempeh, Tempeh Temple, Primasoy, SBC Tempeh Manufacturers, Lalibela Farm Tempeh, Alive & Healing Inc., Henry’s Tempeh, Rhapsody Natural Foods, TOFU Manufaktur Nagel GmbH, Impulse Tempeh, Schouten Europe B.V., Natural Oriental Fresh Foods BV, and Tempea Natural Foods Ltd.
Explore More Valuable Insights on Tempeh Market
Persistence Market Research, in its new report, offers an impartial analysis of the global tempeh market, presenting historical data (2015-2019) and estimation statistics for the period of 2020-2030. The study offers compelling insights on the tempeh market based on source, nature, flavor, product type, and distribution channel, across five major regions.
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Global Market Study on Tempeh: Extremely High Demand in ASEAN Region Boosting Market Growth
Global Market Study on Tempeh: Extremely High Demand in ASEAN Region Boosting Market GrowthRequest TOC