Tofu Market Is Likely to Experience a Tremendous Growth by 2029

The global tofu market is anticipated to grow significantly at a CAGR of 8.8% over the forecast period. Tofu has gained high popularity as an ingredient in many end-use applications due to its usage as an alternative for other milk products. Rapidly rising people's concern regarding animal welfare, personal health, and sustainability is driving a shift in consumer interest from animal to plant-based products. Animal-derived protein consumption is associated with high cholesterol, fat, and calorie levels, which increase the risk of cardiac disease, high blood sugar levels, and obesity; thus, people are inclined toward vegan protein sources. Such factors have considerably increased the pace of the tofu market's expansion. Furthermore, the young consumers are opting for an alternative to red meat, however they are not ready to give up protein; thus, they are switching to plant-based protein products, such as tofu and others, which is boosting the key market players to develop and launch plant-based tofu globally. For instance,

·        In 2021, Tofoo Company launched UK's first frozen tofu, Tofoo Chunkies, to increase the consumer reach and accessibility to various tofu products.

·        In 2021, House Foods Group invested in building a 350,000-sq-ft manufacturing plant for the production of tofu and tofu-based products for US consumers owing to increasing demand.

·        in 2019, Japan-based food manufacturer Invigorate Foods invested over USD 8 million in India to boost its soy-based product offerings in the country. In the same year, the company launched a product Genki-Ya Tofu, made of fresh soy milk extracts.

·        In 2019, Invigorate Foods spent around USD 8 million in the Indian market. The company also launched a product called GenkiYa Tofu.

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Market Coverage

•                 The market number available for – 2021-2029

•                 Base year- 2021

•                 Forecast period- 2023-2029

Segment Covered-

•                 By Type

•                 By Product

•                 By Distribution Channel  

Regions Covered-

•                 North America

•                 Europe

•                 Asia-Pacific

•                 Rest of the World

Competitive Landscape- House Foods Group, Moringa & Co., Pulmuone Co., The Tofoo Co., Keystone Natural Holdings, and others.

Tofu Market– Segmentation

By Type

•                 Organic

•                 Conventional

By Product

•                 Processed

•                 Unprocessed

By Distribution Channel

•                 Supermarkets/Hypermarkets

•                 Convenience stores

•                 Online Retailers

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 Tofu Market by Region 

North America

·        United States

·        Canada

Europe

·        UK

·        Germany

·        Spain

·        France

·        Italy

·        Rest of Europe

Asia-Pacific

·                  India

·                  China

·                  Japan

·                  South Korea

·                  Rest of APAC

Rest of the World

•                 Latin America

•                 Middle East and Africa 

Company Profiles

•                 Amy's Kitchen

•                 CJ CheilJedang

•                 Eden Foods

•                 Hain Celestial Group

•                 Hangzhou Bean Food

•                 Invigorate Foods

•                 Kikkoman Corp.

•                 Kong Kee Food

•                 Nasoya

•                 Sagamiya Foods

•                 Shanghai Tramy Green Food Group

•                 Shenyang Fulai Food Industrial

•                 Soyarich Foods

•                 Sunrise Soya Foods

•                 Taifun-Tofu

•                 Tofurky

•                 Vitasoy International Holdings Ltd.

•                 Zuming Bean Products

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