Global Tempeh Market Worth USD 258.7 Million By 2025: Hexa Research

FELTON, California, March 19, 2019 /PRNewswire/ -- The global tempeh market is expected to reach USD 258.7 million by 2025. Shifting preference towards vegan food and the increasing acceptance of fermented soy food as an alternative to meat products is expected to spur demand over the forecast period of 2017 to 2025. Strong growth is expected from countries such as the U.S. and U.K. where fermented soy food products are increasingly being preferred as an effective source of protein.

Demand for tempeh is expected to strengthen from both retail as well as food service providers. While increasing penetration of vegan culture will drive retail demand, the eating out culture in western countries will spur demand from food service providers. Tempe is a rich source of protein, available in the ready-to-eat form, and easy to cook, which makes it a good food option for time-pressed consumers.

Consumption of vegan food reduces the chance of cardiovascular diseases, blood pressure, obesity, stroke, and carcinogenic disorders. According to the Academy of Nutrition and Dietetics, an organization of food and nutrition professionals in the U.S., vegan diet is essential and suitable for all age groups and genders. Millennials are expected to remain the key consumer group, where increasing health consciousness and the shift to vegan culture will remain prominent over the coming years.

Growing awareness about environmental sustainability has also added to the growth of the market. According to estimates, meat production accounted for more than 14.0% of the global greenhouse gas emissions in 2017. The increasing realization among consumers has increased the importance of environmentally sustainable food products including soy fermented food such as tempeh as an alternative to meat products.

The market for organic tempeh is expected to be more than USD 115 million by the end of 2025. Organic food certification and non-GMO labeling regulations for food packaging in Europe and North America are expected to result in tempeh manufacturing firms increasing their spending on organic tempeh products in the near future.

Browse full research report with TOC on "Tempeh Market Size And Forecast, By Product Type (Conventional, Organic), By Distribution Channel (Offline, Online), By Region (North America, Europe, Asia Pacific, Rest of the World) And Trend Analysis, 2019 - 2025" at: https://www.hexaresearch.com/research-report/tempeh-market

Asia Pacific dominated the market in 2017 and is expected to continue the dominance with expected market revenues exceeding USD 90 million by the end of 2025. Rising awareness towards health benefits associated with soy food in the region will drive demand in the coming years. Countries such as Indonesia, China, and Japan are among the key consumers driving growth in the region.

The offline channel will remain dominant, however, growth in the online channel will supersede over the coming years. Time-pressed and tech-savvy millennials are expected to prefer the online channel as it enlists a wide variety of products at various price points, provides the convenience of ordering on-the-go, and doorstep delivery. In the offline channel, hypermarkets and supermarkets will remain the prominent formats in the coming years.

The global tempeh market is fragmented in nature and is marked by the presence of multiple companies operating at regional and domestic levels. In the coming years, companies are expected to launch new products and strengthen their presence by expanding their reach and visibility. Growth is expected from western countries such as the U.S. where increasing inclination towards vegan culture is expected to drive demand for the fermented soy product.

Some of the key companies in the market include Noble Bean Inc, Turtle Island Foods, Inc., LIGHTLIFE FOODS, INC., Nutrisoy Pty Ltd, Lalibela Farm, Mighty Bean Tempeh Sunshine Coast, HENRY'S TEMPEH INC., and Organic Village Food.

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Hexa Research has segmented the global tempeh market report based on type, distribution channel and region: -

Segmentation by product type

• Conventional
• Organic

Segmentation by distribution channel

• Offline
• Online

Segmentation by region

• North America
• Europe
• Asia Pacific
• Rest of the World

Key countries market

• U.S.
• UK
• China
• Japan
• Indonesia

Key players analyzed

• Noble Bean Inc
• Turtle Island Foods, Inc.
• LIGHTLIFE FOODS, INC.
• Nutrisoy Pty Ltd
• Lalibela Farm
• Mighty Bean Tempeh Sunshine Coast
• HENRY'S TEMPEH INC.
• Organic Village Food
• Schouten
• TEMPEA NATURAL FOODS LTD.

About Hexa Research

Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

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SOURCE Hexa Research