Tempeh Market is segmented By Product Type (Fresh, Frozen, Ready-to-eat), By Form (Conventional, Organic), By Source (Soybean, Multigrain, Others), By Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, Traditional Groceries, Online Retailers), and By Region (North America, South America, Europe, Asia Pacific, Middle East, and Africa)– Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Market Size
Tempeh Market is expected to grow at a CAGR Of 15.1% during the forecast period 2024-2031
Tempeh Market study analysis offers an in-depth outlook on the market containing quantitative and qualitative data. It gives an outlook and forecast of the global market based on market segmentation. It also provides global Tempeh Market size, and growth, along with the latest trends, opportunities, and forecast till 2029 for the global market with esteem to major countries such as the United States, Canada, Brazil, Germany, Italy, Spain, United Kingdom, Russia, European countries, United Arab Emirates, Saudi Arabia, South Africa, Japan, China, India, South Korea, Australia, and rest of the countries over the globe.
Among all regions, the North American Tempeh Market is expected to hold the largest share of the global market over the forecast period. Whereas the European Tempeh Market is projected to continue its presence globally during the period of 2024-2031.
Market Summary
Metrics |
Details |
Market CAGR |
15.1% |
Segments Covered |
By Product Type, By Form, By Source, By Distribution Channel, and By Region |
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
Fastest Growing Region |
Asia Pacific |
Largest Market Share |
North America |
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Market Dynamics
The global tempeh market is growing rapidly due to the rising demand for meat alternatives and rapidly expanding food chain services & online stores are likely to grow over the forecast period.
Growing demand for meat alternatives drives the growth of the market
The demand for meat alternatives is increasing across various regions due to a spate of illnesses related to improper handling and processing of meat. Along with this the reduction in consumption of red meat owing to a growing focus on leading a healthy lifestyle is also fueling growth. Being savory, tasteful and healthy, allows consumers to indulge while also allowing them to follow their health regimes.
Moreover, increasing demand for tempeh in developed and developing countries due to several benefits associated with it such as building a stronger immune system, increasing antibodies, reducing sugar, regulating appetite decreasing cholesterol levels, improving muscle growth, and others. This is a key factor projected to drive the growth of the global market during the forecast period. Growing demand for ready-to-eat tempeh among individuals due to busy lifestyles and rising number of working populations across the globe resulting in increasing demand for tempeh across the globe are other factors expected to proliferate the growth of the global market.
In addition, rising lactose intolerance among individuals and an increasing number of vegan populations across the globe resulting in the growing demand for tempeh are among other factors projected to boost the growth of the target market.
Presence of a large number of competing products is hampering the growth of the tempeh market.
The availability of tempeh alternative like tofu, textured vegetable protein (TVP), seitan, and Quorn etc are the major factors restraining the market growth.
COVID-19 Impact on Tempeh Market
The COVID-19 outbreak had a positive impact on the tempeh market significantly. One aspect of this was the fact that the availability of fresh meat was severely impacted by disruptions to regional and global supply chains. This was particularly problematic for meat compared to dry goods, which can be stockpiled comparatively easily. Furthermore, employees of meat-processing plants usually work in very close quarters. As a result, some facilities became the first Covid-19 hotspots, while many have had to be retrofitted entirely to be safe enough for people to return to work, further limiting the availability of meat products. Another factor was related to health and wellbeing. With people leading more sedentary lifestyles as a result of lockdowns, many have turned to what are perceived to be healthier eating alternatives.
Industry Analysis
The global tempeh market provides in-depth analysis of the market based on various industry factors such as porter’s five forces, regulatory analysis, value chain analysis, patent analysis.
Market Segmentation Analysis
The soyabean segment is expected to hold the largest market share in the global tempeh market
The soybean segment is expected to grow at a descent CAGR during the forecast period, owing to the growing awareness among consumers regarding its health benefits such as reduction of obesity and blood sugar levels and its wide application in various food products such as baked goods and snacks. According to the United Soybean Board, the shares of consumers that consume soyfoods in the United States from 2010 to 2020 have been showing a constantly increasing trend. Also, innovations in this sector have further fueled market growth. For instance, ADM expanded its non-GMO soybean processing capabilities in Germany to meet the growing demand for non-GMO and high-protein soybean meals across Europe in 2017. The company also acquired Harvest Innovations (US), an industry leader in minimally processed, expeller-pressed soy proteins, oils, and gluten-free ingredients to increase its product portfolio.
Market Geographical Share
Asia-Pacific region holds the largest market share in the global tempeh market
Strong growth can be witnessed in the tempeh market in the Asia-Pacific region, especially in China, India, and South-East Asian countries. The domestic consumption of tempeh is high in Indonesia, and the country heavily imports soybean from the US. According to the United States Department of Agriculture (USDA), more than 60% of soybean is imported from the US. Also, the American Soybean Association-International Marketing’s establishment of the Forum Tempeh Indonesia to offer financial and infrastructural support to local tempeh producers in Indonesia contributes to the potential of the tempeh market in Indonesia.
Market Companies and Competitive Landscape
The tempeh market is highly competitive, owing to big market players in the industry. The key players of tempeh which are contributing to the growth of the global market include Nutrisoy Pty Ltd., The Future Food Team, Lalibela Farm, The Cultered Bean Company and Lightlife Foods Inc. are key players in the market among others.
Focus is given on the company's growth, acquisition, product launches and collaboration along with new product development as strategic approaches taken by the leading companies to improve their market awareness among consumers.
For instance, in May 2019, Lightlife and Field Roast Grain Meat Co. partnered with Dot Foods, bringing new heat to the plant-based category. In March 2019, vegan brand Plant Power announced the launch of its tempeh products in the UK supermarket chain Sainsbury's, being among the first of its kind to stock tempeh in the mainstream United Kingdom retail market.
In January 2019, Swedish Temptations, a Swedish start-up, has developed an organic, vegan, gluten-free tempeh made entirely out of split peas, which the founder hopes will help consumers transition to a more sustainable diet.
Key Companies to Watch
Nutrisoy Pty Ltd:
Overview: Nutrisoy is a market leader, producing over 30 different varieties of high-quality tofu and tempeh products, supplying stores nationwide as well as selected international markets. At Nutrisoy, food safety is paramount. Quality assurance procedures are adhered to throughout all processing, packaging and storage operations. Comprehensive programs with strict quality guidelines are consistently maintained to achieve the highest levels of hygiene and food safety. Nutrisoy is certified by HACCP, SQF, WSEP, CFMSR, and ACO, and is audited to these standards annually.
Product Portfolio: Organic Tempeh 300g- It is a certified organic plain tempeh with a delicious, nutty flavour.
The global tempeh market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.