(MENAFN- GlobeNewsWire - Nasdaq) DUBAI, United Arab Emirates, Nov. 07, 2022 (GLOBE NEWSWIRE) -- As per the survey report released by FMI, The overall value of the total sales of tempeh in 2022 was found to be US$ 4.7 Billion . The global tempeh market is expected to reach a market valuation of US$ 8.7 Billion by the year 2032, accelerating with a CAGR of 6.4% by 2022-2032.
The fermented and functional food market is a primary driver of the tempeh market's growth. The increased health consciousness among customers is reflected in a large number of product introductions in the functional food business. Probiotics are one of the key goods that are propelling the business forward.
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Furthermore, consumers are always on the lookout for newer and better products on the market that will help them balance their healthy lifestyles while still satisfying their decadent desires. Tempeh straddles a number of intersecting trends, including the quest for ethically sourced food, traditional foods, probiotics, and savoury foods.
In terms of probiotic product introductions, Asia Pacific is the most active region, with China, South Korea, and Australia leading the way. Due to the explosive growth of its sister area, fermented vegan drinks, the tempeh industry is likely to rise in lockstep.
Key Takeaways from Market Study
The market is segmented based on source, wherein the soybean is anticipated to account for a significant share in the global market in 2022 and is expected to witness a lucrative growth rate of 6.3% during the forecast period The Asia Pacific tempeh market is anticipated to dominate the global market with a market share of around 77.2% in 2022, but South Asia is expected to witness a lucrative growth rate during the forecast period On the basis of distribution channel, the direct channel is expected to hold a dominating share in 2022, but the online retail store is expected to witness a lucrative growth rate over the forecast period Based on product type, fresh tempeh is dominating the global market in 2022
“Increasing number of consumers are opting for meat substitutes and vegan products, and this trend is paving way for newer varieties of soy food products in the market. Consumer awareness regarding meat substitutes especially soy food products is said to increase at an exponential rate over the forecast period.” said a lead analyst at FMI.
Consumption of Plant-based Foods is Becoming Increasingly Mainstream
Since many people find it difficult to completely eliminate meat from their diets, flexitarianism is considered a more feasible dietary transition than becoming vegan or vegetarian. Flexitarians are vegetarians who derive their protein from sustainable sources like plant-based meals rather than meat.
This trend is backed by a slew of food behemoths, who are all rooting for the all-meat alternative products industry to develop, including tempeh. With the use of new food technology, manufacturers are also attempting to create plant-based food products with meat-like texture and taste. This shows how strong the desire for plant-based meat alternatives is among consumers.
Who is winning?
Some of the leading companies offering tempeh are Turtle Island Foods, Inc., Nutrisoy Pty Ltd, Mighty Bean Tempeh Sunshine Coast, Totally Tempeh, Byron Bay Tempeh, Margaret River Tempeh, Organic Village Food, Gwen Tempeh, Tempeh Temple, Primasoy, SBC Tempeh Manufacturers, Lalibela Farm Tempeh, Alive & Healing Inc., Henry's Tempeh, Rhapsody Natural Foods, TOFU Manufaktur Nagel GmbH, Impulse Tempeh, Schouten Europe B.V., Natural Oriental Fresh Foods BV, Tempea Natural Foods Ltd., and Others.
Get Valuable Insights into Tempeh market
Future Market Insights, in its new offering, provides an unbiased analysis of the tempeh market presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the tempeh market based on by source (soybean, multigrain, and others), by nature (organic and conventional), by flavor (plain and herbs & spices), by product type (frozen, fresh, and ready-to-eat), by distribution channel (direct and indirect), and across seven major regions.
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About the Food & Beverage Division at Future Market Insights
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has aanalyzedthe food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
Tempeh Market by Category
By Source:
Soybean Multi-grain Others
By Nature:
By Flavor, Tempeh Market is Segmented as:
By Product Type:
Frozen Fresh Ready-to-eat
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
Explore FMI's Extensive Coverage on Food and Beverage Domain:
: The Soy Food Products market is valued at USD 45 Bn in 2022 and is projected to grow at a CAGR of 5.1% during the forecast period, to reach a value of USD 73 Bn by 2032.
: The global vegan protein bars market is expected to reach a market valuation of US$ 176.2 Mn by the year 2022, accelerating with a CAGR of 10.2% by 2022-2032.
: On analysing the market share on the graph, it is expected that North America and Asia-Pacific accounts for the majority of share in terms of value and volume in global soybean oil market.
: The Soluble Corn Fibre market is valued at USD 530.6 Mn in 2022 and is projected to grow at a CAGR of 4.9% during the forecast period, to reach a value of USD 932.3 Mn by 2032.
: Furthermore, with rising applications in pharmaceuticals, dietary supplements, food & beverages, etc., the overall demand for green supplements is projected to grow at a CAGR of 3.8 %, reaching around US$ 818.0 Mn by 2032.
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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