New York, US, June 28, 2021 (GLOBE NEWSWIRE) — Tofu Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Tofu Market Information by Type, Product, Distribution Channel, and Region – Forecast till 2028,” the market is estimated to reach USD 1,219.7 Million by 2028 at 6.3% CAGR.
Market Scope:
Tofu is a food ingredient made of condensed soy milk that is hard-pressed into dense white blocks in a process fairly similar to cheesemaking and is one of the widely recognized and used ingredients in Asian cuisine. Tofu is healthy for eating as it is reinvigorated with vitamins and minerals. Owing to its adaptability and nutritious value, this staple of Asian fares for hundreds of years has become more popular recently in Western vegetarian and vegan cooking, especially in fusion food items.
Market Drivers:
The rising acceptance of the vegan and vegetarian regimes has been a crucial growth driver for the tofu market. After the initial COVID-19 occurrence, the retailing of tofu has augmented considerably across the board. The ability to store tofu products for a longer period of time and a lesser level of perishability are key factors motivating the tofu market
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Competitive Landscape:
The Important Companies operating in the Tofu Market are:
- House Foods Group Inc. (Japan)
- Eden Foods, Inc. (U.S.)
- Moringa & Co. (France)
- Bell Food Group (Switzerland)
- Vitasoy International Holdings (U.S.)
- Pulmuone Co., Ltd. (South Korea)
- The Nisshin Oillio Group, Ltd. (Japan)
- Hain, Celestial Group (U.S.)
- Kikkoman Corporation (Japan)
- Dean Foods (U.S.)
The willingness to experiment with different ingredients and preparation options is estimated to promote the development of the tofu market. With growing apprehensions about GMOs, sustainability, and allergies, Peafu, a British startup, has a substitute product. Peafu is similar to tofu but made with peas as an alternative, specifically from yellow peas cultivated in the U.K. Unlike standard tofu, it is not contingent on imported soybeans, which are frequently grown on deforested land. According to Peafu, these peas are already grown UK-wide but presently are often expended for animal feed because there is no customer market. Growing them also has other advantages; the pea root nodules fix nitrogen from the atmosphere, denoting those fewer chemical fertilizers are required.
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Market Segmentation:
The global tofu market is segmented into four categories on the basis of types, products, applications, and distribution channels. However, these four categories are again divided into their sub-segments which are mentioned below.
By Type: Organic, Conventional
By Product: Processed Tofu, Unprocessed Tofu
By Application: Food Processing, Restaurants and Hotels, Catering, Household
By Distribution Channel: Specialist Stores, Direct Sales, Convenience Stores, Online Stores, Hypermarkets and Supermarkets
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Regional Analysis:
The North American region’s tofu market is predicted to observe extensive growth throughout the forecast period. In the North American region, the U.S. is likely to garner the peak revenue segment and CAGR growth in the forecast period. Tofu in the U.S. was considered as a niche product due to the strong control of meat products. Though, the mounting trend of vegan diets and veganism coupled with a rising understanding of tofu as a valuable source of protein has caused an increasing its growth prospects.
The Asia Pacific tofu market has observed positive development. Tofu is consumed for ages in Japan, China, South Korea, and many other southeast Asian nations, contributing significantly to its demand in the region. The development of the tofu market in the Asia Pacific region is further bolstered by the presence of strong manufacturers presence in some of the key national markets of China, Japan, and South Korea are also motivating the tofu market. Moreover, half of the requirement for tofu across the world is managed by these Southeast Asian nations.
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