Tofu market size is forecast to reach $3.1 billion by 2026, growing at a CAGR of 5.9% during the forecast period 2021-2026. Tofu is another name for bean curd which is produced by coagulating soy milk derived from soybeans, followed by pressurizing the resultant into solid blocks of different levels of softness, with the help of oxidative improving agent like lipoxygenase, and food additives mainly Glucono delta-lactone. With the growing incidence of consumers shifting to vegan diet worldwide, the consumption of tofu is gaining a lot of traction. Additionally, it is a rich source of plant protein as well as other nutrients which makes it an ideal substitute of milk products. It is also considered gluten-free which is set to further enhance the overall market developments of the Tofu Market for the period 2021-2026.
Competitive Landscape:
The top 5 players in the Tofu industry are –
1. Hain Celestial
2. Hugli Holding Company
3. The Nisshin Oillio Group
4. Eden Foods
5. Morinaga & Company
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Segmental Analysis:
1. Supermarkets/Hypermarkets segment held the largest share in the Tofu Market in 2020 and is estimated to grow at a CAGR 5.2% during the forecast period 2021-2026. This is owing to the easy availability of products of various line-ups from different companies under one single roof.
2. Asia Pacific dominated the Tofu Market with a major share of 36.5% in 2020. This is attributed to the growing number of consumers including tofu in their diet mainly because of its health benefits, especially in some of the countries namely Japan, Vietnam, the Philippines, South Korea, Thailand, and Indonesia. Additionally, China is progressively growing in the soybean market and is one of the major exporters. This is likely to bolster the market growth of tofu and tofu-based products in this region.
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Report Coverage |
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Report Attributes |
Details |
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By Distribution Channel |
Supermarkets/Hypermarkets, Grocery Stores, Online, and Specialty Stores |
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By Geography |
North America, Europe, Asia-Pacific and Rest of World |
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Market Drivers and Challenges:
1. Growing number of consumers shifting to vegan diet: Over the recent past, most of the major economies have witnessed a wide segment of their consumer base turning to vegan diet due to various reasons.
2. Very high in nutritive content: The main ingredient of tofu is soybean, which makes it very high in plant protein content. Tofu is also constituted of isoflavones like phytoestrogens that has both estrogen-agonist or estrogen-antagonist properties.
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