The report covers forecast and analysis for the tempeh market on a global and regional level. The research report presents a comprehensive valuation of the market, competition, opportunities, emerging trends, and industry-validated market figures. The study provides historic data of 2016 to 2018 along with a forecast from 2019 to 2026 based revenue (USD Million).
The global tempeh market is expected to grow at a double-digit CAGR within the forecast period and has enormous opportunities in the upcoming future. The demand for meat substitutes such as tempeh is rising globally owing to its popularity among vegans. Moreover, the health benefits associated with tempeh as a soy-based fermented product is further stimulating market growth. In addition to this, reduction in consumption of red meat owing to the growing focus on leading a healthy lifestyle is further boosting the market growth.
Based on the product type, the global tempeh market has been bifurcated into the regular and organic type. The largest market share was contributed by the regular tempeh type segment in 2018 in terms of revenue owing to its low cost compared to its organic counterpart. The organic tempeh segment is expected to witness the fastest growth at a high CAGR owing to the growing vegan population globally coupled with rising consumer preferences for organic products.
The global tempeh market is categorized into convenience stores, mass merchandisers, online channels, and others which are based on the channel of distribution. In the global tempeh market, the online channel segment accounted for the largest market share in 2018. The market is expected to gain significant growth within the forecast period owing to the increasing internet penetration along with the high usage of e-commerce websites for ordering products. The mass merchandiser segment is expected to witness substantial growth globally as mass merchandisers have the highest footfall and usually stock a large variety of products at varying prices.
Based on the region, Asia-Pacific accounted for the largest market share in 2018. The consumption of tempeh is highest in the region, especially in Indonesia, which is also the largest producer of tempeh. Moreover, the product is used as a staple source of protein in the country. Rising health awareness among consumers has boosted the demand for tempeh products in the region. North America region is anticipated to show remarkable growth over the forecast timeline. Rising vegan population and the demand for meat alternatives are expected to add value to the market over the coming years. Furthermore, consumer inclination towards the consumption of ready-to-eat tempeh foods is again expected to accelerate the regional market growth over the next few years. The Europe market is expected to show considerable growth over the years. Since tempeh is extensively consumed by aging adults for preventing join paint and digestive problems; the market is expected to witness sizeable growth owing to an increasing geriatric population in the region.
The tempeh market is highly consolidated, with major players including Lalibela Farm, American Soy Asia, The Cultured Bean Company, ALIVE & HEALING INC., and Impulse Foods accounted more than half share in the tempeh market. The major strategies implemented by these leading companies in the market are new product launches, mergers & acquisitions, and partnerships. These companies are more focused on investing in innovations, collaborations, and expansions, to increase their market share.
Tempeh Market : Regional Segment Analysis