World Tofu Market size is estimated to reach $3.28 Billion by 2025 and is poised to grow at a CAGR of 5.19% during the forecast period 2020-2025. Tofu refers to a creamy, protein-rich soy product made by curdling fresh soy milk and pressing it into a solid mass. Unprocessed tofu is commonly available in a variety of textures, including super soft, smooth, silky, firm, and extremely durable. It is widely used in many kitchens as it can effectively absorb flavors from condiments, seasonings, sauces, and pickles. It is a rich source of many nutrients and health-promoting compounds, such as iron, calcium, magnesium, copper, zinc, amino acids, and vitamin B1, which help improve heart, bone health, and weight management. The significant growth in the food and beverage industry, along with increasing consumer preferences for plant-based food products, are among the main factors driving the market growth.
World Tofu Market Segment Analysis – By Type
The World Tofu Market based on Mode of Type can be further segmented into Processed, and Unprocessed. Processed type segment registered for the highest revenue in 2019 and is estimated to grow at highest CAGR over the forecast years 2020-2025. This is owing to its longer shelf-life and the higher preservation capacity. However, unprocessed type segment is set to grow with a fastest CAGR of 6.3% owing to the rise in demand for natural products without preservatives.
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World Tofu Market Segment Analysis – By Distribution Channel
The World Tofu Market based on Mode of Distribution Channel can be further segmented into Grocery Stores, Online Channel, Supermarkets & Hypermarkets, Specialty Stores, and others. The Supermarkets & Hypermarkets segment registered for highest revenue in 2019 and projected to grow at the highest CAGR during the forecast period 2020-2025. Through Supermarkets & Hypermarkets, consumers can access a variety of products in one place, which gives them the option to choose the product and quantity according to their requirements owing to lower operating and selling costs, and these channels offer products at lower prices. Many supermarkets offer a quality guarantee of their products which is estimated to significantly drive the growth of the segment.
World Tofu Market Segment Analysis – By Geography
The World Tofu Market based on Geography can be further segmented into North America, Asia-Pacific, Europe, and Rest of World. Asia-Pacific registered for the highest revenue in 2019 with share of 36.1% and is set to grow over the forecast period 2020-2025 owing to the increasing demand for nutritional diet and increasing disposable income among the consumers in the region. The increasing consumer awareness of the health benefits of the product is estimated to increase regional demand for the product. However, North America is estimated to outpace all the regions by clocking the highest CAGR during the forecast period 2020-2025 owing to the increasing vegan population in the U.S. and Canada.
World Tofu Market Drivers
Increasing demand for vegan diet
The World Tofu Market is driven by the shift in consumer interest from animal products is mainly attributed to people’s increasing concern about animal welfare, personal health, and most importantly, sustainability. Eating animal protein is associated with a high level of cholesterol, fats and calories, which increases the risk of heart disease, high blood sugar and obesity. Hence, people show a tendency towards the vegetarian source of protein. This has created a good platform for the growth of the tofu market.
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World Tofu Market Challenges
Availability of Substitutes
The high presence of unsaturated fatty acids in soybeans that are harmful to an individual health are the major factors restraining the growth of the World Tofu market. However, the availability of substitute products for Tofu is acting as a major challenge for the growth of the World Tofu Market during the forecast period 2020-2025.
World Tofu Market Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the World Tofu Market. Key companies of this market Hain Celestial, The Nisshin Oillio Group Ltd, House Foods Group Inc, Hugli Holding Company, Pulmuone Co Ltd, San Jose Tofu, Invigorate Foods, Tofurky, Eden Foods, and Morinaga & Company.
In April 2019, Invigorate Foods, Japan-based food manufacturer invested over $8m in India to boost its soy-based product offerings in the country.
In January 2018, Keystone Natural Holdings LLC announced that it has completed the acquisition of Canada based Superior Tofu Ltd and J.P. Veggies Inc. This acquisition provides KNH with a broader product portfolio, greater channel reach and expanded product innovation capabilities.
Geographically, the Asia-Pacific area is poised to see extraordinary development owing to the increasing demand for nutritional diet and increasing disposable income among the consumers in the region and is set to continue during forecast period 2020-2025.
The demand for the World Tofu Market is owing to growing demand for vegan diet.
The availability of substitute products for Tofu is estimated to restrain the market growth during the forecast period 2020-2025.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the World Tofu Market report.
Related Reports :
A. Plant-based Food Market
B. Meat Substitutes Market
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