Market trend research brand Future Market Insights recently launched a report on Tempeh
In 2019, the global tempeh market was valued at $3,842.8 million, demonstrating a considerable rise in popularity of the product between 2013 and 2018.
It is now predicted that this trend is likely to continue, as an annual growth rate (CAGR) of 6.1 per cent between 2019 and 2026 has been revealed.
Research shows that nearly 16 per cent of the world’s population consumes soybean products, while more people are set on escalating their intake of plant-based products on a regular basis.
In addition to this, a rising number of consumers are looking for naturally sourced food products that will improve their health. Tempeh is a fermented food product and falls under the category of functional foods, which attracts those seeking healthy food and lifestyle choices.
An interest in meat-free, GMO-free and organic products in the food and beverage industry is also adding to this development.
Rising demand for meat substitutes that are similar in texture and taste to meat is also considerably aiding this growth.
Other key points to note are that when the study focuses on flavour, consumers tend to opt for plain over herbs and spiced products.
Because of this shift, tempeh producers have increased production across their manufacturing facilities, and soy-based food items are progressing in the market.
A Future Market Insights study analyst commented: “The rising popularity of vegan and flexitarian diet is anticipated to boost the market for tempeh in the forecast period.”
“Key players are adopting diverse strategies to maintain a strong foothold in the tempeh market.”
The demand is also higher in North America, which is predicted to show a high growth rate in the upcoming years due to the increasing number of flexitarians and vegans.
The Latin America market, dominated by Brazil, is also demonstrating a high call for the product.
Who is winning?
Leading companies operating in the tempeh market are focussing on regional expansion by targeting local distributors in a bid upscale their sales, whilst providing high-quality products to the customers.
In May 2014, the company Turtle Island Foods, Inc. (the makers of Tofurky) launched an online website dedicated to consumers in Brazil offering a variety of vegan sausages, ground soybeans, and tempeh.
Following this, in October 2017, they also launched a range of protein-packed vegan sandwiches including tempeh, bacon, lettuce, and tomato, chipotle chicken, ham-style salad, and chicken sweetcorn.
In October 2016, the company Henry’s Tempeh expanded its processing facility based in Kitchener, doubling its production capacity – a significant achievement considering the process of producing tempeh can be difficult.
These insights are based on a report on the Tempeh Market by Future Market Insights.