New Study Expects Tempeh Market to Touch US$ 5,846.9 Mn Valuation by 2026-End
Verfasser: pradnya_86 on Monday, 16 July 2018The demand for meat analogs which taste and appear exactly like meat is preferential 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 like tempeh are also gaining popularity. Soy food products like 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 food, traditional food, 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 a concomitant growth due to the aggressive growth of its sister segment - fermented vegan drinks.
These are some of the factors leading to the rapid increase in penetration of tempeh in unconventional recipes especially in Western cuisines, projected to account for a revenue of US$ 5,846.9 Mn by 2026, increasing from an estimated US$ 3,629.7 Mn in 2018. This is reflective of a robust CAGR of 6.1% from 2018 to 2026.