Tofu Market Scope:
Market Research Future (MRFR) reveals in its new extensive study that in 2022, the tofu market size had touched USD 2.34 Billion. The new study also reveals that the tofu market shall gather a healthy CAGR of 5.3% between 2022 and 2030.
Tofu Market Growth Boosters and Impediments:
Escalating prevalence of vegan and plant-based diet, especially in developed nations like Germany, the UK, and the United States would have a major impact on the Tofu Market. This is in response to the mounting number of initiatives and campaigns that aim to cut down animal slaughter. These initiatives have helped raise the demand for tofu, which are healthy, as well as gluten-free, while being a significant protein source.
A strategical move taken up by the major brands include marketing their products on online channels and social media. These online channels help elevate brand awareness among consumers while attractive packaging and tofu products with different ingredients and flavors ensure customer loyalty. Manufacturers are teaming up with different distribution centers, like supermarkets, and health stores to augment the presence of their tofu products.
Furthermore, the flourishing retail industry along with the rising popularity of the e-commerce sector can also be an attractive opportunity for the manufacturers. Established firms are inclining towards online shopping channels since these require lower expenditure compared to the traditional retail outlets. E-commerce helps organizations easily reach out to a wider customer base, thereby resulting in extensive business exposure. As a result, the growing significance of online shopping platforms among consumers will prove to be quite favorable for the tofu industry.
Major Key Players:
Bell Food Group (Switzerland), Vitasoy International Holdings (US), Moringa & Co. (France), Eden Foods, Inc. (US), Kikkoman Corporation (Japan), Hain Celestial Group (US), The Nisshin Oillio Group, Ltd. (Japan), Dean Foods (US), House Foods Group Inc. (Japan) Pulmuone Co., Ltd. (South Korea) are the eminent tofu manufacturers in the worldwide market.
Tofu Market Segmental Review:
Organic and conventional are the major types of tofu in the market. Organic tofu products enjoy significant demand worldwide, for several crucial reasons. Mounting awareness about the toxic impact of the pesticides as well as fertilizers used on conventional products steer the focus towards organic tofu. Moreover, emerging “Go Vegan” trend and the heightened preference for plant-based foods, particularly among Europeans and Americans could be a favourable factor for the organic tofu category in the years to come.
Distribution channels are Food Retail (Online, Convenience Store, Supermarkets & Hypermarkets, and more) coupled with Foods Service)}. High availability of a variety of tofu products in store-based distribution channels has led to this segment’s dominance in the market. Soaring number of supermarkets and hypermarkets boost the sales of tofu as well.
The biggest market for tofu is Asia Pacific, which would continue to thrive at a significant pace between 2022 and 2030. The surge in the number of launches of new flavours and ingredients infused in tofu by local firms will favour the APAC industry. With the dramatic increase in cholesterol, obesity, and other kinds of lifestyle diseases, consumers are increasingly opting for plant-based foods like tofu. Rapid increase in urbanization has paved the way for a higher number of retail stores, convenience stores and restaurants where tofu products are sold extensively. Popularity of the e-commerce sector across China, Indonesia, India, and many more countries has fostered the consumption rate, considering the ease of distribution in terms of offline as well as online modes.
North America forms a highly attractive Target Tofu Press, with Canada and the United States identified as leading countries. Both the countries house a massive pool of renowned brands that frequently introduce tofu products under their own labels. These brands are striving to meet with the soaring demand for high quality and excellence among consumers and are working on creating a niche in the fast-expanding plant-based food industry.
In Europe, consumers in France, Germany, Spain, and Italy are growing aware about healthy plant-based products that enhance immunity and ensure well-being. This has given way to heightened sales of tofu over the years. High economic status plus growth in health consciousness among people has also resulted in a higher preference for tofu, with preventative care becoming a major trend in Europe.
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