Global Tofu Market - Growth, Trends and Forecasts (2017 - 2022)
The global tofu market size is expected to reach USD XX million by 2022, registering a CAGR of 3.8%.
Several companies are developing a range of meat-free protein products, often called "synthetic meats" or "alternative meats". For instance, a plant-based condiment manufacturing company, Hampton Creek, is developing a technology to produce lab-made meat referred as “clean meat”. With the launch of this product, the market for tofu is expected to witness high competition and growth.
Shift towards Plant-based Diets- Potential Growth Driver An increased number of people are shifting towards vegan diets and tofu is an excellent substitute for meat products. There is a rising health concern among individuals, as a result, consumers are increasingly attracted towards tofu that is gluten-free, cholesterol-free and an excellent source of protein. As the price associated with soy products is lower than milk products, the preparation price for tofu is increasing, which is boosting the market growth for tofu.
Absence of Naturally Present Calcium- Challenge
Although tofu has rich calcium content, owing to several artificially-added coagulants such as calcium sulphate, it lacks naturally present calcium, as a result, people are reluctant towards its use and consumption. Another major restraint is the high perishability rate of tofu and tofu-based products.
Substitute for Lactose Intolerant People- Upcoming Opportunity
The number of lactose-intolerant people are increasing in Asia-Pacific; however, the United States is expected to witness an acceleration in terms of consumption of these products. Moreover, the distribution sales force data reveals an inclined buying rate of plant-based products, organic products, and non-GMO products. Therefore, the major companies are expected to witness a huge potential, with regards to satisfying the demands for tofu and tofu-based products.
Processed Tofu Continues To Lead Market Share In 2016
Based on type, the global tofu market can be categorized into processed and unprocessed tofu. Processed tofu dominated the market share in 2016, due to its longer shelf-life and higher preservation capacity. However, unprocessed tofu is expected to witness a rapid growth rate during 2017-2022 (the forecast period), due to the rising awareness regarding the consumption of the natural products without preservatives.
Hypermarkets Such As Walmart to Increase Inflow of Plant-based Protein Products like Tofu
Countries like the United States are emphasizing on more inflow of plant-based products, such as tofu, instead of meat products in hypermarkets, such as Walmart. However, smaller retailers are quite skeptical on selling these products pertaining to its high cost.
Asia-Pacific Leading at the Regional Front
As of 2016, Asia-Pacific dominated the global tofu market, in terms of revenue, while the United States led the market growth, specifically, due to the shifting lifestyle patterns. The major growing countries in this region include China, Japan, South Korea, Vietnam, the Philippines, Thailand, and Indonesia. China is one of the fastest growing markets for soybean and is anticipated to be a major exporter as well, thus, accelerating the market growth for tofu and tofu-based products.
Emerging countries of Middle East & Africa have great opportunities in the global tofu market, due to the high-nutritional benefits associated with tofu and tofu-based products. For instance, tofu is being used in shawarma, a fast-food staple in the Middle East, as a meat substitute.
The Key Tofu Manufacturing Companies Include:
Hain Celestial Group (New York, US) House Foods Group (Osaka, Japan) Huegli Holding (Steinach, Switzerland) Morinaga & Company (Tokyo, Japan) Pulmuone Co. Ltd. (Seoul, South Korea) Vitasoy International Holdings Limited (Tuen Mun, Hong Kong) Recently, Hain Celestial partnered with Hain Tilda, India, to manufacture, market and distribute its product in various categories. Moreover, Universal Robina Corporation (URC) entered into a joint venture with the Vitasoy Group of Hong Kong to explore the market potential of plant-based sustainable beverages in the Philippines.