Market Forecast
In 2020, the global tofu market was valued at USD 1,219.7 million and is expected to register a CAGR of 6.3% between 2021 and 2028.
Tofu, also known as bean curd, is a food prepared by coagulating soy milk and pressing the resulting curds into solid white blocks of varying softness. There are various types of tofu available in the market. Most common types of tofu are silken, soft, medium, firm, extra firm, and super firm. Silken tofu is the most common type of tofu and are used in application such as dressings, sauces, smoothies and yogurt or egg substitutions.
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Tofu market is experiencing an exponential growth rate since last couple of years. Increasing awareness regarding its health benefits have prompted its substantial demand in last couple of years. Tofu is a good source of protein for vegetarian and vegan diets. They also prove to be good alternative source of meat. Many studies suggest that the consumption of tofu is effective in controlling cardiovascular diseases. It also proved to be effective in controlling type 2 diabetes, kidney diseases, as well as osteoporosis. Growing awareness of such health benefits of tofu has resulted in rising popularity across the globe. Another key factor fueling the growth of the market is the rising popularity of international cuisines such as Douhua, Chanpurū, and Sapotahu with seafood, among others. The usage of tofu across multiple cuisines owing to its effectiveness in absorbing flavors from spices, seasoning, sauces, and marinades has further resulted in increasing its usage among the consumers. Furthermore, the rising trend of vegan food consumption has helped in making tofu a great alternative source of protein. Increasing health consciousness owing to various lifestyle disorders have prompted the growth of veganism. This has subsequently led to the growth of the tofu market.
Additionally, the outbreak of COVID-19 has resulted in a surge in demand for tofu across the globe. Owing to the lockdown restrictions, the sudden scarcity of meat has resulted in steep increase in demand for tofu worldwide. As tofu is a good source of protein, it became a mainstream alternative of meat during the pandemic days. According to Plant Based Foods Association (PBFA), sales of all plant-based food including tofu has witnessed a surge in sales of over 90% in US during March end, 2020 compared to the previous year. In UK, sales of tofu have increased by over 80% post Covid-19 lockdown, according to MRFR analysis. Many food-based e-commerce channels have witnessed surge in sales of tofu and other plant-based food products. However, this surge is relatively for a small period of time till lockdown eases.
Market USP
Increasing demand for healthy source of protein alternatives
Growth Opportunities in the Market
Growing demand for Organic Tofu: Demand for organic tofu across the globe is increasing for numerous reasons. Rising awareness regarding the harmful effects of pesticides and fertilizers is pushing towards the growth of organic tofu. Additionally, increasing trend of “Go Vegan” and plant-based food, especially among European and American population is thriving the organic tofu growth since lastcouple of years.
Easy Availability of tofuin Store-Based distribution channels: The easy accessibility of tofu in store-based distribution channels has resulted in its dominance. Additionally, the increasing number of store-based channels for sale and purchase of tofu worldwide, such as supermarkets and hypermarkets and convenience storesas well as several other local stores, have resulted in the dominance of store-based distribution channels.However, during the COVID-19 outbreak, individuals prefer online purchases. E-commerce companies are also providing discounts and various options to promote a healthy and safer way of purchases during this tough times.
Key Players
Hain Celestial Group (US)
House Foods Group Inc. (Japan)
Moringa & Co. (France)
Vitasoy International Holdings (US)
Pulmuone Co., Ltd. (South Korea)
Eden Foods, Inc. (US)
The Nisshin Oillio Group, Ltd. (Japan)
Kikkoman Corporation (Japan)
Bell Food Group (Switzerland)
Dean Foods (US)
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