According to a new report by Future Market Insights, the global tempeh market was valued at US$ 3,842.8 Mn in 2019. The market has exhibited a considerable rise during 2013 -2018 and the trend is likely to continue as the market exhibits a CAGR of 6.1% between 2019 and 2026.
Nearly 16% of the world population takes soybean, while several are concentrating on getting accustomed to the intake of plant-based products on most occasions. From the past few years, tempeh producers have amplified production across their manufacturing facilities. Besides this, soy-based food materials such as tempeh and tofu are gaining traction in the market. Soy-based foods such as tofu and tempeh also provide an economic advantage, starting from farming to the advertisements.
The tempeh market is witnessing rising demand as consumers are looking for natural food products that will improve their health. Furthermore, customers are showing interest in GMO-Free and organic products in the food and beverage industry which provides distinctive mouthfeel along with health benefits.
“The rising popularity of vegan and flexitarian diet is anticipated to boost the market for tempeh in the forecast period. Key players are adopting diverse strategies to maintain a strong foothold in the tempeh market.” says a study analyst.
Key Takeaways from Tempeh Market Study
- According to study on the tempeh market, a large consumer base is looking for products that are naturally sourced. Tempeh is a fermented food product and falls under the category of functional foods, which grabs the rapidly rising consumer interest for healthy lifestyle and healthy food. Thus, the demand for tempeh is surging.
- The global tempeh market has been segmented based on source, where the soybean-based tempeh holds the major share. However, in the upcoming period, the multi-grain based segment is projected to show optimistic growth in due to its rising application in different food products.
- Based on nature, the global tempeh market is segmented into organic and conventional types. Due to growing health concern, consumers are looking for products that are grown naturally and are free from chemicals and are not genetically modified.
- The global tempeh market is studied on the basis of flavor; in this category the market share for plain is higher than herbs& spiced category.
- In terms of product type, the fresh type segment accounted for 85% of the total tempeh market share.
- Europe and APAC are expected to lead the global tempeh market in terms of value. The demand for tempeh is considerably high in North America, which is anticipated to show a high growth rate in the upcoming years. Due to the increasing number of flexitarian/ vegan population, the demand is expected to increase in North America. The Latin America market, dominated by Brazil, is also exhibiting high demand for tempeh.
Who is winning?
Turtle Island Foods, Inc., Henry’s Tempeh, Nutrisoy Pty Ltd, Totally Tempeh, Mighty Bean Tempeh Sunshine Coast, Margaret River Tempeh, Byron Bay Tempeh, Organic Village Food, Tempeh Temple, Primasoy, Gwen Tempeh, Rhapsody Natural Foods, Lalibela Farm Tempeh, SBC Tempeh Manufacturers, TOFU Manufaktur Nagel GmbH, Alive & Healing Inc., Impulse Tempeh, Natural Oriental Fresh Foods BV, and Schouten Europe B.V. are some of the key market players.
Leading companies operating in the tempeh market are aiming at regional expansion via targeting the local distributers to upscale their tempeh sales and to provide high-quality products to the customers.
- In May 2014, the company Turtle Island Foods, Inc. launched an online shopping website dedicated to consumers in Brazil. This will enable all its Brazilian vegan consumers to buy its 10 vegan products – vegan sausages, ground soybeans, and tempeh.
- In October 2017, Turtle Island Foods, Inc. launched a range of protein-packed vegan sandwiches. It launched four sandwiches which include the following – tempeh, bacon, lettuce, and tomato, chipotle chicken, hamstyle salad, and chicken sweetcorn.
- In October 2016, the company Henry’s Tempeh expanded its processing facility based in Kitchener. The company is further targeting doubling its production capacity, which is a significant feat considering the tricky process of producing tempeh.