In this market research report, Technavio covers the market outlook and growth prospects of the global tofu market for 2017-2021. Broadly, tofu products can be segmented into two categories: fresh or unprocessed tofu (produced directly from soy milk) and processed tofu (produced from fresh tofu). The processed segment accounted for close to 85% of the market share in 2016.
“Growing vegan population base and an increasing number of people with lactose intolerance, are driving the growth of the market. These people prefer tofu as an alternative non-meat and non-milk source of protein in their diets,” says Manjunath Reddy, a lead food research expert from Technavio.
Technavio’s research analysts segment the global tofu market into the following regions:
Tofu market in APAC
APAC is the fastest-growing segment of the global tofu market. The major contributing countries in this region are China, Japan, South Korea, Vietnam, the Philippines, Thailand, and Indonesia. The rising demand for nutritional diet and increasing disposable income have significantly helped in the growth of the tofu market in APAC.
Plant-based proteins such as tofu extracted from soy have high demand in APAC. The production of soy in the region is led by China, followed by Japan. Consumers are more inclined toward soy-based foods such as tofu as it is easily digestible, has a high amount of protein, and has high nutritional values.
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Tofu market in the Americas
The region is expected to witness a moderate growth during the forecast period. The demand is driven by the US, which is a leader in the global tofu market. Factors like an expanding vegan population base and shifting lifestyles of people who prefer healthy food items with high protein contents are driving the growth of the market in the Americas. Also, the increasing number of people with lactose intolerance is driving the demand for dairy alternatives such as tofu.
“In recent years, there has been an increasing demand for GMO-free soy across various nations and the exports from the region has significantly increased,” says Manjunath.
Tofu market in EMEA
France and Germany are the leading consumers of plant-based protein. With the increasing obesity rates and other health concerns across Europe, consumers have become more conscious about their choice of food products. Also, the excess consumption of animal protein across the region is damaging the health of consumers.
MEA contributes the least to the market. However, there is a growing demand for soy-based food like tofu in the Middle Eastern countries. For instance, tofu is now being used in shawarma, a fast food staple in the Middle East, instead of meat.
The top vendors in the global tofu market as highlighted in this market research analysis are:
- Hain Celestial
- House Foods Group
- Hügli Holding
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