Global Tofu Market - Growth, Trends and Forecasts (2018 - 2023)
The global tofu market size is expected to register a CAGR of 4.05% during the forecast period.
Several companies and their scientists are working hard for developing a range of meat free protein products, often called as synthetic meats or alternative meats. For instance, a plant based condiment manufacturing company Hampton Creek recently revealed that it has been developing technology for producing lab made meat often referred as “clean meat”. Once such products will be launched in market, there will be high competition and growth for tofu market.
Market DynamicsMajor number of people are shifting towards vegan diets and tofu is an excellent substitute for meat products. There is an increasing health awareness among individuals, so consumers will be more attracted to consume tofu as it is gluten free and contains no cholesterol. It is excellent source of protein as well. Besides, the price of soy products is considerably lower than that of milk product and it will affect the preparation price for tofu as well. Ultimately, there will be an increase in market growth for tofu.
Although tofu is rich in calcium content as it has several artificially added coagulants such as calcium sulphate, yet it lacks naturally present calcium. As a result, this causes people reluctant about its consumption. Another major restraint is the high perishability rate of tofu and tofu based products.
The number of lactose intolerant people are increasing in Asia-Pacific and US, which will cause customers to consume these products more. Moreover, the distribution salesforce data reveals an inclined buying of plant based products, organic products & non GMO products. Hence, the companies will have huge potential in meeting the demands of tofu and tofu based products.
Based on type, the global tofu market can be categorized into processed and unprocessed tofu. Processed tofu dominated the market share in 2016, major reason being its longer shelf-life and higher preservation capacity. However, unprocessed tofu is expected to show the most rapid growth rate during the forecast period of 2018-2023. Perhaps, this is due to increasing awareness among individuals for consuming natural products without preservatives.
By application, the tofu market can be segmented into supermarkets/hypermarket, convenience stores, online channels and others. Countries like US 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 little skeptical on selling these products, pertaining to its high cost.
According to 2017 data, Asia Pacific dominated the global tofu market in terms of revenue while US leads the market growth specifically due to shifting lifestyle patterns. The major contributing countries in Asia-Pacific region are China, Japan, South Korea, Vietnam, the Philippines, Thailand, and Indonesia. China is one of the fastest growing market for soybean and is anticipated to be major exporter as well. This will ultimately affect the growth market for tofu and tofu based products.
Also, emerging nations of Middle East and Africa has huge opportunities to the global tofu market due to its high nutritional benefits. For instance, tofu is currently being used in shawarma, a fast food staple in the Middle East, as a substitute of meat.Major PLAYERS: HAIN CELESTIA, HOUSE FOODS GROUP, HUGLI HOLDING COMPANY, PULMUONE CO., LTD, VITASOY INTERNATIONAL HOLDINGS LIMITED, THE NISSHIN OILLIO GROUP, LTD. , SAN JOSE TOFU, TOFURKY, EDEN FOODS, MORINAGA & COMPANY, KIKKOMAN CORPORATION and AMY'S KITCHEN, amongst others.
January 2017 : Hain Celestial established partnership with Hain Tilda, India to manufacture, market and distribute its product in various categories. Also, Universal Robina Corporation (URC) has 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.
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