Global Tofu Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

Global Tofu Market: Overview

"The Tofu Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."

Tofu is prepared from soybeans, water, ​ and a coagulant or curdling agent. Tofu is important as well as a rich source of protein for many vegan people and vegetarians globally. Tofu helps in lowering bad cholesterol in the body and aids in relieving certain symptoms of menopause in women.

In general, 1 block of tofu contains nearly 177 calories. It has a good source of all protein and all nine essential amino acids necessary for the normal functioning of the human body. In addition, it is a rich source of manganese, phosphorous, iron, selenium, zinc, calcium, copper, and vitamin B1

The shifting of consumers towards vegan diets is a key factor expected to drive the revenue growth of the target market over the forecast years.  In addition, higher per capita income level, increasing preferences for high nutritional content food items, and growing awareness about health-conscious among individuals are some of the other factors expected to drive revenue growth of the global tofu market. However, the shorter shelf-life of the product and product recalls are the factors that could hamper the growth of the target market to a certain extent.

Global Tofu Market: Segment Analysis

Among the type segments, processed tofu is expected to register the highest market share in terms of revenue, owing to increasing commercial usage of processed tofu by the processed food industry. Among the distribution channel, the convenience store is expected to hold a significant share as compared to other distribution channels, owing to the easy availability of products, and online sale is expected to register the fastest CAGR, due to increasing usage of the internet and smartphone, especially in developing countries.

Global Tofu Market: Trends and Opportunities

Prominent player focuses on expanding their product offering by launching new tofu product as well as expanding their distribution channel in order to expand their geographical presence and customer base, is among the major trend witnessed in the target market.

For instance, In March 2018, Nasoya Foods, Inc., which is a US-based manufacturer and supplies food products launched the launch of ready-to-eat tofu cubes. In February 2017, Universal Robina Corporation (URC) which is a Philippine-based food and beverage company entered into a joint venture with Hong Kong-based Vitasoy group. The objective of this is to produce high-quality, nutritious, and plant-based food and beverage products for Philippine customers.

The market in the Middle East and Africa is expected to create a huge opportunity for the tofu market owing to its high nutritional benefits. For instance, tofu is used in shawarma – a fast food staple in the Arabian countries – as a substitute or alternative to meat.

Global Tofu Market: Regional Analysis

In 2018, the market in the Asia Pacific is expected to register high revenue growth as well as the fastest CAGR in the target market over the forecast period. This is primarily due to, increasing consumer awareness about the benefits of tofu food products, changing taste and preferences of consumers, and the introduction of new products by tofu manufacturers in countries in the region. In addition, the rapidly growing production and consumption of tofu by the consumers of South Korea, China, Hong Kong, Japan, the Philippines, Indonesia, Vietnam, Thailand, and is expected to support the growth of the Asia Pacific tofu market.

Global Tofu Market Segmentation:

Segmentation by type:

• Vitamins & Minerals
• Processed
• Unprocessed

Segmentation by distribution channel:

• Supermarket/Hypermarket
• Convenience Stores
• Online Retailers

Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa