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Tempeh Market Trends

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

Tempeh Market Trends

Globally, the tempeh industry is witnessing swift expansion, propelled by several pivotal trends. A primary driver is the surging consumer appetite for plant-based proteins, aligning with a wider movement towards healthier and more sustainable eating habits.
 

As individuals grow increasingly health-conscious and cognizant of the environmental repercussions of animal farming, foods like tempeh are rising in favor. This is due to tempeh's rich protein profile, benefits for gut health, and its essential nutrients. Furthermore, the ascent of flexitarians where individuals curtail meat consumption without fully embracing vegetarianism has spurred heightened interest in tempeh as a versatile and nutritious substitute for meat.
 

Product innovation is another significant force molding the tempeh market. Manufacturers are rolling out an array of tempeh-centric offerings, including pre-flavored tempeh, convenient ready-to-eat meals, and alternative meat products such as tempeh burgers and sausages, thereby appealing to a wider audience. The burgeoning sway of social media, coupled with endorsements from plant-based influencers, has amplified the market's momentum, enlightening a broader audience about tempeh's adaptability and its significance in a well-rounded diet.

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.

Tempeh Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 10
  • Tables & Figures: 172
  • Countries covered: 14
  • Pages: 200
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