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Tempeh Market Share

Report ID: GMI11567
Published Date: Sep 2024
Report Format: PDF

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Tempeh Market Share

The global tempeh industry competitive landscape is ever evolving, featuring a blend of established players and emerging brands competing for market share. Companies are adopting diverse strategies to set their offerings apart and cater to a growing consumer base. A primary strategy in the industry is product innovation, with manufacturers rolling out flavored and seasoned tempeh products to attract a wider audience. Furthermore, many brands are emphasizing organic, non-GMO, and gluten-free products, addressing the needs of health-conscious consumers and those with specific dietary restrictions.

Brand differentiation stands out as a pivotal strategy in the tempeh market. Tofurky, renowned for its plant-based meat substitutes, capitalizes on its strong brand recognition and extensive distribution network to secure a competitive advantage. In parallel, Henry's Tempeh and Gwen Tempeh are carving their niche by emphasizing artisanal, locally produced high-quality tempeh. Meanwhile, Nutrisoy Pty Ltd and Noffoods are tapping into the growing consumer demand for environmentally responsible products by adopting eco-friendly and sustainable production practices.

Tempeh Market Companies

Top companies operating in the tempeh industry include:

Tofurky
Gwen Tempeh
Henry's Tempeh
Impulse
Nagel GmbH
Noffoods
Nutrisoy Pty Ltd
Rhapsody Natural Foods
Schouten
Tootie’s Tempeh

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of tempeh reached USD 4.3 billion in 2023 and is set to grow at a CAGR of 5.3% between 2024 and 2032, largely due to rising consumer interest in plant-based diets and healthier food options.

Soybean-based tempeh, which was valued at USD 2.7 billion in 2023, continues to dominate the market with an expected CAGR of 5.8% due to its high protein content and widespread availability.

The fresh tempeh segment was valued at USD 2.1 billion in 2023 and is expected to grow at a CAGR of 5.7% from 2024 to 2032. Fresh tempeh remains popular among health-conscious individuals who prefer minimally processed foods.

Supermarkets and hypermarkets held a market share of USD 1.9 billion in 2023, with an anticipated growth rate of 5.8% CAGR during the forecast period. These large retail chains dominate due to the rising consumer demand for plant-based alternatives and the convenience of one-stop shopping.

North America, led by the United States, accounted for USD 1.6 billion of the tempeh market in 2023, with a projected 5.7% CAGR, attributed to the rise in vegan and vegetarian lifestyles and increased availability in mainstream supermarkets and foodservice channels.