Tempeh Market Size, Share, Growth, and Industry Analysis, By Type (Soybean Tempeh and Black Bean Tempeh), By Application (Supermarkets and Hypermarkets, Specialist Retailers,Online Retailers, and Others.) and Regional Forecast to 2032

Updated On: 10 September 2024

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TEMPEH MARKET REPORT OVERVIEW

The global Tempeh Market size was USD 3.90 billion in 2023 and the market is projected to touch USD 6.03 billion by 2032, exhibiting a CAGR of 4.4% during the forecast period.

Soybean is an Indonesian traditional food that is made from the fermented part of soybeans called tempeh. While fermenting, the soybeans mixture is a solid mass with the consistency of cake, which can be cubed sliced, or crumbled, even though a crumbled shape is standard, and utilized in various foods. Because of its dense, organized traits and as an alternative strong, smoky nutty flavor which may be very near real meat, it is broadly used in vegetarian and vegan diets. Other kinds of grains except soybeans also can be integrated into such protein to adjust taste and vitamin profiles. Reputed for holding very excessive levels of protein, dietary fiber, vitamins, and minerals is tempeh. Also, the frame receives stepped-forward intestinal fitness from the probiotics present in it.

The growth of the tempeh marketplace around the arena has been propelled through consumers’ attention regarding plant-based diets and the health benefits that include the fermentation system of meals. The intake of that is gradually growing in global markets, especially in North America and Europe where human beings are looking forward to consuming meals that are extra like meat. The market has been segmented based on distribution channels (supermarkets/ Hypermarkets/ specialty shops/ internet) and the basis of merchandise. To satisfy the growing demand for it, important players in the marketplace are specializing in expanding their portfolio of products as well as their logistics networks. This is consistent with a developing trend of fitness and environmental-aware techniques to ingesting conduct as seen through eating habits.

COVID-19 Impact: The Pandemic Increased the Market Growth Due to Increased Consumer Awareness of Health and Sustainability

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market growth and demand returning to pre-pandemic levels.

Due to growing purchaser awareness of sustainability and fitness, the pandemic accelerated the shift closer to plant-based totally diets, which was excellent for the tempeh commercial enterprise. Because of its dietary advantages, cooking adaptability, and prolonged shelf lifestyles, tempeh has grown to be a popular opportunity for protein supply as more human beings cook dinner at home and try out new dishes. Furthermore, a developing variety of clients has been incorporating extra plant-based totally options, such as tempeh, into their diets because of issues approximately the supply chains for meat in addition to a greater emphasis on immune gadget guide and personal health. Due to the increase in calls for, tempeh products noticed increases in sales and visibility in traditional and online retail channels.

LATEST TRENDS

"Growing Demand for Organic and Clean-Label Products Leads to Market Growth"

Increased client demand for plant-based protein substitutes, inspired by accelerated environmental and health attention, is the most modern fashion in the tempeh market. With more individuals selecting to follow plant-primarily based diets like vegetarianism and veganism, or just reducing lower back on animal consumption, tempeh is turning into increasingly more well-liked due to its high protein content material and probiotic features. Its popularity is also growing due to flavor and variety improvements, which include the discharge of tempeh created from diverse grains and beans. The market is increasing and becoming extra accessible to a much wider audience, similar to the benefit of purchasing online and the availability of tempeh in supermarkets, fitness food shops, and area of expertise outlets.

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MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Soybean Tempeh and Black Bean Tempeh

• Soybean Tempeh: Because of its high protein content and versatility in culinary applications, soybean tempeh is the most popular and extensively consumed kind.
• Black Bean Tempeh: This type of tempeh, made from fermented black beans, has a distinct flavor profile and appeals to customers looking for plant-based protein alternatives.

By Application

Based on application the market is classified into Supermarkets and Hypermarkets, Specialist Retailers,Online Retailers, and Others.

• Supermarkets and hypermarkets: These sizable retail establishments are important tempeh distribution channels because they give customers convenient access to a wide range of tempeh items in one place.
• Specialty Retailers: These businesses target specialized audiences that value distinctive and premium tempeh options, concentrating on organic and healthy foods.
• Online retailers: With the growth of e-commerce, they can now offer a more convenient way for customers to buy tempeh, frequently with a greater selection of brands and varieties than physical locations.

DRIVING FACTORS

"Rising Health Consciousness and Demand for Plant-Based Proteins Drives the Market Growth"

One of the primary factors of the tempeh market is the developing consumer popularity of the health benefits associated with plant-based diets. As more human beings are trying to reduce their meat consumption due to fitness concerns, ethical reasons, or environmental sustainability, tempeh has emerged as a famous opportunity. High in protein, fiber, and probiotics, tempeh appeals to those seeking out nutritious, plant-based options. The developing style of veganism and vegetarianism, coupled with the notion of tempeh as an herbal and minimally processed food, in addition, propels its demand globally.

"Expanding Availability and Product Innovation Leads to Market Expansion"

The marketplace for tempeh is also fueled by way of the product's developing accessibility through traditional retail channels and ongoing product innovation. More and greater supermarkets, hypermarkets, and internet merchants are wearing tempeh, extending its accessibility to a greater variety of customers. To accommodate a wide variety of tastes and possibilities, manufacturers also are innovating by way of presenting new flavors, formulas, and packaging. Growth within the market is being driven using those advances as greater customers end up privy to and inclined to try tempeh, alongside centered advertising projects that spotlight its health advantages and range in cooking.

RESTRAINING FACTORS

"Limited Consumer Awareness and Understanding of Tempeh Impedes Market Growth"

The fundamental danger to the tempeh marketplace boom is the lack of understanding and call for the clients closer to this fermented soy and its usefulness and applicability as a plant-based protein. Thus, even though being highly useful to at least one’s fitness, this fermented soy remains now not a famous ingredient outside particular markets and cultures. In addition, it has a specific flavor and mouthfeel that might not be favored by all of the purchasers especially folks who aren't used to eating fermented products. The requirement of suitable renovation and relatively lesser shelf stability as compared to different plant-derived proteins additionally pose a few issues for shops and vendors.

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TEMPEH MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Asia Pacific to Dominate the Market due to Product's Origin and Cultural Significance"

Especially due to the origin and cultural significance of the product in countries like Indonesia, where it is a traditional staple, the Asia-Pacific region currently holds the largest tempeh market share as it is a source of protein inexpensive and nutritionally strong. Additionally, the increasing popularity of vegetarian and vegan food options in Asia Pacific as well as the expanding awareness of plant-based foods has increased the popularity of this product. The region’s dominant position in the tempeh market is due to its products a well-established manufacturing and supply chain.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

A wide spectrum of major companies, including both well-known producers and up-and-coming labels that specialize in plant-based protein products, define the market. These businesses are leading the way in product development, providing a range of alternatives derived from various grains and beans to suit the tastes of diverse customer segments. To improve accessibility and reach a larger audience, a large number of these market participants are investing in growing their distribution channels, which include supermarkets, specialty shops, and online platforms. To cater to consumers who are environmentally conscious and health sensitive, several market participants are also emphasizing organic certifications and sustainable production methods, which is fueling industry expansion and competitiveness.

List of Market Players Profiled

• Meatless (Netherlands)
• The Nisshin Ollio (Japan)
• Vbites Foods (U.K.)
• MGP Ingredients (U.S.)
• Garden Protein International (Canada)
• AMY's Kitchen (U.S.)
• Morningstar Farms (U.S.)

INDUSTRIAL DEVELOPMENT

March 2024: Greenleaf Foods, the SPC owner of prominent plant-based brands Lightlife and Field Roast and a wholly-owned subsidiary of Maple Leaf Foods Inc., has announced that Lightlife Tempeh, the most popular tempeh brand in the United States and Canada, would now be offered in a new format: Tempeh Protein Crumbles.    

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence the market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.