NEW YORK, March 6, 2023 /PRNewswire/ -- Major players in the tempeh market are Nutrisoy Pty Ltd., Mighty Bean Tempeh, Totally Tempeh, Margaret River Tempeh, Turtle Island Foods, Primasoy, Gwen Tempeh, Natural Oriental Fresh Foods BV, Alive and Healing, Henry's Tempeh, Lightlife Foods Inc., Squirrel & Crow Soy-Free Tempeh, Tootie's Tempeh, Tempeh Tantrum, and The Hearty Vegan.
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The global tempeh market grew from $4.93 billion in 2022 to $5.3 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The tempeh market is expected to grow to $7.3 billion in 2027 at a CAGR of 8.3%.
The tempeh market consists of sales of fresh tempeh, frozen tempeh, and ready-to-eat tempeh.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Tempeh is defined as high-protein food made from partially cooked, fermented soybean.Tempeh is produced by a controlled fermentation and natural culturing process which combines soybeans into a cake form.
The fungus Rhizopus oligosporus, often known as tempeh starter, is utilised in the fermentation procedure.
North America was the largest region in the tempeh market in 2022.Asia-Pacific is expected to be the fastest growing region in the forecast period.
The regions covered in the tempeh report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products in tempeh are frozen, fresh and ready-to-eat.Frozen tempeh is manufactured by freezing during the processing period.
Frozen tempeh can be frozen indefinitely in a refrigerator to preserve their freshness.The tempeh is originated from soybean, multigrain, others and has both organic and conventional nature.
The different flavours include plain, herb and spices. The tempeh is distributed through various channels such as hypermarket, convenience stores, specialty stores, traditional groceries and online retailers.
The increasing popularity and demand for the vegan diet is expected to drive the growth of the tempeh market in the coming years.A vegan diet excludes animal products such as fish, dairy, meat and eggs.
Vegan and flexitarian diets are becoming more popular as the plant-based business has developed and people becoming more conscious of the difficulties surrounding meat production.People who prefer a vegan diet are increasingly turning to meat substitutes including tempeh, which contain high levels of calcium and protein.
For instance, according to the Vegan and Plant-Based Diet Statistics report for 2021, more than 500,000 people signed up for Vegan in 2021, a 25% increase over the previous year. Therefore, the increasing popularity and demand for the vegan diet propels the growth of the tempeh market.
Collaborations and partnerships has emerged as a key trend in the tempeh market.Major companies operating in the tempeh sector are focused on collaborations and partnerships to enhance their market share and meet the customer demand.
For instance, In September 2020, One Planet Pizza, an India based vegan food company and Better Nature, a US food tech company collaborated to launch their first frozen tempeh pizza.The collaboration enabled Better Nature to develop innovative tempeh products.
Furthermore, In November 2020, Greenleaf Foods, a US based food company strengthens its partnership with Walmart, a US based retail company to expand its Lightlife tempeh products to more than 3500 Walmart locations globally.
In January 2021, Maple Leaf Foods Inc., a Canada-based plant-based protein company acquired Lightlife Foods for a deal of $ 100 million. Through this acquisition, Maple Leaf Foods Inc plans to increase its production capacity of tempeh. Lightlife Foods is a US-based company that produces food for plant-based diets.
The countries covered in the Tempeh market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The tempeh market research report is one of a series of new reports that provides tempeh market statistics, including tempeh industry global market size, regional shares, competitors with a tempeh market share, detailed tempeh market segments, market trends and opportunities, and any further data you may need to thrive in the tempeh industry. This tempeh market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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