According to a report by the market research institute Market Insights Reports (MIR), the global tofu market will continue to grow by around 4.05 percent per year on average in the forecast period 2018-2023. One reason for this positive prospect is, among other things, the worldwide increase in veganism and the associated change in consumer behaviour.
Tofu has been well-known for many years as an inexpensive and healthy meat alternative, and is recording steadily growing sales and production figures. According to the report, the market volume is expected to reach an impressive 24 billion US dollars by 2022 alone. Tofu is not just popular as a food and as a source of plant-based protein; it is also significantly cheaper than other alternatives.
Furthermore, the report provides a multitude of data and facts about different world regions and individual market segments as well as the competitive climate. It is evident that the Asia-Pacific region dominates, and will presumably continue to show the strongest sales development in the future. However, the USA is catching up and has become one of the largest producers in this sector. Overall, all the regions studied are benefiting from the increased demand for alternative crop products and are all recording a growth in trade.