Fort Collins, Colorado, Oct. 31, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Tempeh Market size was valued at USD 3.8 Billion in 2022 and is expected to reach a market size of USD 6.3 Billion by 2032 at a CAGR of 5.3%.
Tempeh, a traditional Indonesian soy-based protein source, has gained significant popularity in recent years, both in its home country and internationally. This fermented soybean product has become a staple in vegetarian and vegan diets, and its growth in the market can be attributed to several key factors.
The tempeh market is growing due to the increasing demand for healthier dietary choices. Consumers prefer plant-based protein alternatives that are nutrient-rich, low in saturated fats, and cholesterol-free. Studies show that a vegan diet can reduce the risk of heart disease by 22%. Tempeh meets these requirements and is a great choice for health-conscious individuals seeking a balanced and nutritious diet. It is rich in protein and essential nutrients such as fiber, vitamins (B2, B3, B5, and B6), and minerals (iron, magnesium, and phosphorus).
Vegetarian and vegan diets are on the rise due to the environmental impact of meat consumption. Tempeh, a protein-rich meat substitute, has gained popularity among these dietary groups as an excellent source of plant-based protein. Tempeh production is more environmentally friendly than meat production, emitting lower greenhouse gases and requiring less land usage. According to a study by Nature Foods, animal-based foods produce 57% of GHG emissions in the food industry, while plant-based foods only produce 29%. This aligns with consumers' sustainability goals and contributes to market growth.
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Segmentation Overview:
The global tempeh market has been segmented into source, nature, distribution channel, and region. Soybean-based tempeh dominates the market due to its nutty flavor and firm texture. It is a rich source of protein, fiber, vitamins, and minerals, making it popular among vegetarians and vegans. The most widely available type of tempeh is conventional tempeh, which is produced using non-organic raw materials and conventional farming methods. It is more affordable and appeals to a broader consumer base.
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Tempeh Market Report Highlights:
- The global tempeh market growth is anticipated at a CAGR of 5.3% by 2032.
- Consumers are increasingly concerned about animal abuse in meat production, leading to a shift towards plant-based meat products.
- The Asia Pacific is leading in tempeh market growth due to its origin in Indonesia and its widespread availability in local markets. The growing interest in vegetarian diets in many Asian countries has also boosted the demand for tempeh as a protein source.
- Some prominent players in the tempeh market report include Nutrisoy Pty Ltd., Mighty Bean Tempeh, Totally Tempeh, Margaret River Tempeh, Turtle Island Foods, Primasoy, Gwen Tempeh, Natural Oriental Fresh Foods BV, Alive and Healing, Henry's Tempeh, Lightlife Foods Inc., Squirrel & Crow Soy-Free Tempeh, Tootie's Tempeh, Tempeh Tantrum, and The Hearty Vegan among others.
Industry Trends and Insights:
- Margaret River Senior High School students recently learned how to make tempeh from experts at the Margaret River Tempeh Company.
- Soyco Malaysian Peanut Satay Tofu prevailed in the "Best Vegan Product" award in the Healthy Food Guide Awards 2022.
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Tempeh Market Segmentation:
- By Source: Soybean, Multigrain, and Others
- By Nature: Organic and Conventional
- By Distribution Channel: Supermarkets/Hypermarkets, Specialty Stores, Online Retail, and Grocery Stores
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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