Global Tempeh Market - Segmented by Product Type, Distribution Channel and Geography (2018 - 2023)
Tempeh is a meat substitute that can be consumed as a snack or with everyday meals. It is a type of fermented soy cake product, which is low in fat and contains high protein. Moreover, tempeh is known for its texture, attractive flavor, and superior digestibility. Consumption of tempeh has various health benefits, such as increasing bone density, enhancing muscle growth, and decreasing cholesterol level, as it is a rich source of fiber, calcium, iron, phosphorus and minerals, among others. Tempeh is an efficient alternative to meat, as it is comprised of considerable levels of riboflavin, thiamine, niacin, folate, vitamin B6, and vitamin B12.
Vegan Trends to Drive the Expansion
Increasing lactose intolerance in populations across the globe has been a decisive factor for the rise in the popularity of tempeh products. The remarkable rise of vegan population in countries such as India, Italy, Germany, the United States, Australia, and the United Kingdom is expected to drive the development of the tempeh market over the forecast period. Soy-based products have been gaining prominence across regions owing to the health claims, which has also encouraged the development of tempeh market. Health consciousness among young consumers for functional foods is one of the factors that has increased the demand for tempeh market. High prices of tempeh, coupled with steep competition from substitutes like tofu may restrict the development of the tempeh market in the years to come. Excessive consumption of tempeh leads to harmful effects, such as cramps, allergies, nausea, and headaches that could confine the development of the tempeh market. The introduction of ready-to-eat tempeh products with a range of taste and flavors is expected to create a potential scope for the tempeh market.
The market is segmented by product type and distribution channel. By product type, the market has been segmented into regular and organic tempeh. Strict rules and regulations from regulatory bodies regarding the natural label claim is likely to fuel the growth of organic tempeh in Western Europe. On the basis of distribution channel, the market is segregated into convenience stores, mass merchandiser, online channel, and others. The mass merchandiser segment is likely to hold a significant market share, as there is an availability of different kind of products across brands.
Asia-Pacific to Grow at a Considerable Pace
The shift in consumer preferences to a vegan diet is one of the key factors influencing the growth of tempeh market in the Asia-Pacific region, which is growing at a faster rate. The rapid expansion of foodservice channels offering different cuisines to vegetarians is likely to fuel the demand for tempeh market over the forecast period. North America is the most lucrative market for tempeh, due to a rise in the availability of ready-to-eat tempeh products across different flavors. The growing trend of snackification is expected to improve the popularity of tempeh in this region, as it is considered a healthy alternative to meat.
The major players include - LALIBELA FARM, AMERICAN SOY ASIA, THE CULTERED BEAN COMPANY, ALIVE & HEALING INC., IMPULSE FOODS, NUTRISOY PTY LTD., LIGHTLIFE FOODS, SOY BEAN COMPANY, RHAPSODY NATURAL FOODS, FUTURE FOOD, amongst others.
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