USD 2.81 billion
Tofu Market Size, Share, Growth Analysis, By Application(Hotels, Restaurants and Catering, Food Processing, Household), By Product(Processed Tofu, Unprocessed Tofu), By Type(Organic, Conventional, Firm Tofu, Soft (or silken) Tofu), By Distribution Channel(Dealer/Retailer, Supermarkets and Hypermarkets, Direct Selling), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30D2008 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
120
|Figures:
74
Tofu Market Insights
Global Tofu Market size was valued at USD 2.81 billion in 2022 and is poised to grow from USD 2.96 billion in 2023 to USD 4.43 billion by 2031, growing at a CAGR of 5.2% in the forecast period (2024- 2031).
The tofu market is experiencing a significant upswing due to multiple factors, notably the shifting lifestyle choices of working professionals.
The growing preference for vegan diets in developed nations like the U.S. and Germany continues to gain momentum, driven by widespread campaigns advocating for reduced animal slaughter. Tofu, heralded as a healthy and gluten-free food option, stands out for its nutritional benefits. A mere 3.5 ounce serving contains approximately 8% protein and 2% carbohydrates, accompanied by an array of other essential nutrients.
Notably, the U.S. Food and Drug Administration (FDA) suggests a daily intake of 25 grams of soy protein to ensure adequate protein consumption while fostering balanced cholesterol levels.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
soft tofu
Fastest Growth
Growth Rate
5.2% CAGR
Global Tofu Market By Type ($ Bn)
Country Share for North America Region (%)
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Tofu Market Segmental Analysis
The global tofu market is segmented into five segments i.e. by type, distribution channel, application, product and region. Based on application the market is segmented as, hotels, restaurants and catering, food processing, household, others. Based on product the market is segmented as, processed tofu, unprocessed tofu. Based on type the market is segmented as, organic, conventional, firm tofu, soft (or silken) tofu, and others. Based on distribution channel the market is segmented as, dealer/retailer, supermarkets and hypermarkets, direct selling. Based on region the market is segmented as, North America, Europe, Asia-Pacific, MEA, & Latin America.
Analysis by Distribution Channel
Anticipated to exhibit the swiftest CAGR of 7.77%, the online store segment stands poised for significant expansion. Established brands are strategically transitioning into online distribution channels to meet the burgeoning consumer demand. Giants such as Amazon and Alibaba capitalize on a unified platform, offering products from diverse retailers.
The supermarkets and hypermarkets segment boasted a substantial revenue of USD 260.87 billion, a figure projected to escalate notably across the forecast period. These channels present consumers with a comprehensive array of products under one roof, affording them the flexibility to select products and quantities tailored to their specific needs. The appeal of these venues lies in their ability to offer products at competitive prices owing to reduced operating and selling overheads.
Analysis by Type
The firm tofu segment plays a pivotal role in the tofu market due to its versatility and widespread appeal. Firm tofu, characterized by its solid texture and ability to hold its shape well during cooking, serves as a versatile ingredient across various cuisines and cooking methods. Its firmness makes it suitable for grilling, stir-frying, baking, or crumbling into dishes, offering consumers a wide range of culinary possibilities.
The soft tofu segment holds a distinct and influential position within the tofu market, offering consumers a unique culinary experience characterized by its delicate texture and versatility. Soft tofu, known for its smooth and creamy consistency, is prized for its adaptability in various dishes across diverse cuisines. Its tender texture makes it an ideal choice for blending into soups, sauces, smoothies, and desserts or incorporating into recipes where a silkier, more subtle tofu presence is desired.
Global Tofu Market By Type
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Tofu Market Regional Insights
North America emerges as the region projected to showcase the most rapid CAGR of 6.1%, driven by burgeoning consumer preferences. The inclination towards soy-based products is motivated by both health considerations and philosophical inclinations, spurring the demand for these alternatives. Particularly in the United States, there's a notable surge in interest among consumers for plant-based foods, a trend poised to significantly propel regional growth.
Asia Pacific asserted its dominance by holding the largest market share, accounting for 56.3% of the total market. The driving force behind this stronghold is the rising escalating consumer awareness regarding the health benefits associated with tofu consumption, a factor expected to further ignite the regional demand for the product.
Global Tofu Market By Region
- Largest
- Fastest
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Tofu Market Dynamics
Drivers
Surging Consumer Appetite for Vegan Food Alternatives to Fuel Market Growth
- The global tofu market is experiencing remarkable growth, propelled by substantial advancements within the food and beverage sector and a surging consumer appetite for vegan food alternatives. This growth trajectory mirrors the industry's response to evolving consumer preferences, notably the increasing demand for plant-based products. Tofu, renowned for its versatility and nutritional benefits, has emerged as a frontrunner in meeting these preferences, serving as a cornerstone within the flourishing market for vegan food options.
Restraints
High Amount of Tofu Consumption may Impede the Market Demand
- Certain recommendations caution against daily consumption of soy-based foods, specifically tofu, especially for individuals with specific health concerns. Women diagnosed with estrogen-sensitive breast tumors are often advised to consider limiting or avoiding tofu consumption due to its phytoestrogen content. However, it's important to note that scientific findings on this matter remain inconclusive, and individual health circumstances should be considered, with dietary choices made in consultation with healthcare professionals to assess any potential risks associated with high levels of tofu intake.
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Tofu Market Competitive Landscape
The competitive environment of the global tofu Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.
Top Player’s Company Profiles
- Pulmuone
- Hain Celestial Group
- CJ CheilJedang
- Zuming Bean Products
- Shanghai Tramy Green Food Group
- Hangzhou Bean Food
- Shenyang Fulai Food Industrial
- Sunrise Soya Foods
- Vitasoy International Holdings Limited
- Kikkoman Corporation
- Nasoya
- Soyarich Foods
- Invigorate Foods
- Kong Kee Food
Recent Development
- In February 2024, Tindle, a plant-based food brand, is extending its scope from Singapore to a worldwide crowd utilizing imaginative experiential and influencer marketing methodologies.
- In March 2023, Shiseido Asia Pacific Pte. Ltd. has gone into a strategic distribution partnership agreement with Global SS Beauty Brands Limited, an auxiliary of Shoppers Stop, India's driving premium style and excellence destination. The coordinated effort expects to extend the brand presence of Shiseido Gathering in India by sending off its worldwide cosmetics brand, NARS Beauty Care Products, to key urban areas during the final part of 2023.
- On September 27, 2023, Pulmuone, the biggest tofu organization universally known for brands like Nasoya and Wildwood in the US, disclosed the Robot Chef Chulchul Box. This creative vending machine idea, created in a joint effort with Yo-Kai Express, conveys hot connoisseur feasts in only 90 seconds. Expanding on Pulmuone's past progress in the automated candy machine area in the U.S., the Robot Culinary expert Chulchul Box means to take special care of South Korean shoppers, furnishing them with a helpful method for getting a charge out of top-notch food in a hurry.
Tofu Key Market Trends
- The market's trajectory is deeply influenced by the burgeoning food and beverage industry and a rising inclination among consumers toward vegan food products. This trend aligns with a broader shift in health consciousness, spurred by a growing awareness of various lifestyle disorders. Consequently, there's a notable surge in the adoption of low-fat, low-cholesterol food alternatives, particularly those derived from plant-based sources such as soy. This inclination reflects a proactive approach among consumers towards healthier dietary choices, driving the demand for vegan and soy-based products as preferred options that cater to both dietary needs and wellness aspirations.
Tofu Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global tofu market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The surge in tofu's demand can be primarily attributed to its role as a prime high-protein source and a desirable vegetarian substitute for meat and dairy products. Its versatility shines through its incorporation into a wide spectrum of dishes, ranging from burgers and hot dogs to sauces, ice creams, shakes, and desserts, among other culinary creations. As consumers increasingly lean towards premium offerings, the trajectory of organic tofu experiences a noteworthy upswing.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.81 billion |
| Market size value in 2031 | USD 4.43 billion |
| Growth Rate | 5.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Tofu Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Tofu Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Tofu Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Tofu Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Tofu Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Tofu Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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