From 2023 to 2033, the global tempeh market is predicted to rise at a 5% CAGR and are predicted to reach around US$ 6.8 billion by 2033.
A sizable portion of the population wishes to either avoid or reduce their meat consumption by becoming vegan or vegetarian or by becoming flexitarians or meat reducers. As a result, high-quality protein sources that also contain other nutritional elements like vitamins and minerals, particularly vitamin B12, are in demand.
Consumers believe that a plant-based diet and tempeh use to promote good health while also being environmentally beneficial, therefore, interest in these products is fast expanding. Plant-based and plant-based proteins unquestionably represent a significant trend that will play out in research, politics, and food systems over the next decade, at the very least. As a result, the demand for plant-based meals like tempeh is not only growing but is also being viewed as a permanent shift in diet, driven by a number of variables and consumer types.
Because tofu is the most similar analog for a meat substitute, additional soy food items such as tempeh are gaining popularity. Foods made from soy, such as tempeh and tofu, provide a wide range of economic benefits, from agricultural to commercial.
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Key Takeaways
- Germany Leads with Strong Growth: Germany establishes itself as a significant player in the international market, with a strong 5.9% value share in 2022.
- India Advances: The Indian tempeh market has shown extraordinary growth, and in 2022 it will hold a sizeable 14.1% value share, indicating enormous potential and opportunity.
- Stable Performance in the United Kingdom: With a respectable 5.4% value share in 2022, the U.K. retains a strong presence in the tempeh market, demonstrating stability and continuous development.
- China’s potential Position: Thanks to its substantial customer base, China is likely to hold a 4.4% value share of the worldwide tempeh market in 2022, indicating potential growth prospects.
- Australia and Japan Display Resilience: The market for tempeh in Australia (2.6%) and Japan (3.6%) is expanding steadily, demonstrating the countries’ resilience.
Competitive Landscape
Many small and major businesses are vying for market share in the fiercely competitive tempeh market. In the upcoming years, there will still be fierce rivalry in the tempeh industry. The rising demand for tempeh and the rising number of businesses joining the market are to blame for this. Businesses with distinct product offerings and excellent customer support are more likely to succeed in the marketplace.
Tempeh Queen:
Tempeh Queen: Based in Portland, Oregon, Tempeh Queen is a small, independent tempeh manufacturer. In 2009, two friends who were passionate about producing tasty and environmentally friendly tempeh launched the business. To make its tempeh, Tempeh Queen employs organic soybeans and a conventional fermenting method. Additionally, the business sells a range of tempeh items, such as burgers, crumbles, and skewers.
Noble Bean:
Since 1994, Noble Bean, a Canadian business, has been making tempeh. The business offers its goods in both the US and Canada. Noble Bean is renowned for producing premium tempeh using organic soybeans and a time-honored fermentation method. Additionally, the business sells a range of tempeh items, such as burgers, crumbles, and strips.
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Small World Foods:
A company called Small World meals makes a range of vegan meals, including tempeh. Two friends who were passionate about creating wholesome and sustainable food launched the business in 1989. To make its tempeh, Small World Foods uses organic soybeans and a conventional fermentation procedure. Additionally, the business sells a range of tempeh items, like as burgers, crumbles, and dogs.
Gardein:
Tempeh is one of the many plant-based foods produced by the firm Gardein. Two friends who were passionate about creating wholesome and sustainable food launched the business in 1995. To make its tempeh, Gardein employs organic soybeans and a conventional fermentation procedure. The business also sells a range of tempeh items, such as meatballs, nuggets, and breakfast burgers.
Recent Developments
- Several new tempeh products have been introduced in recent years by well-known food manufacturers like Lightlife, Tofurky, and Amy’s Kitchen. This is a sign that the tempeh market is maturing and that consumer interest in tempeh products is rising.
- The popularity of recipes and foods made using tempeh has increased recently. This is a result of tempeh’s rising popularity and the expanding selection of tempeh recipes available online and in cookbooks.
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