Established players in the tempeh market are tapping opportunities in new regions, banking on local distributors to bolster sales and product quality.
DUBAI, UAE / ACCESSWIRE / February 18, 2020 / Riding the growing trend of veganism, the global tempeh market registered revenues worth US$ 3.84 Bn in 2019. Rapid expansion of flexitarian and vegan populations has accelerated demand for tempeh and foods that have tempeh as a key ingredient. This would remain a significant growth influencer for the global tempeh market. A new Future Market Insights (FMI) report reveals that naturally sourced ingredients would become a key point of focus for manufacturers in the tempeh market.
"Key players are catering to the upsurge in demand for vegan and flexitarian diets, with diverse strategies to maintain their stronghold in the global tempeh market," says the FMI report.
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Tempeh Market: Key Findings
- Soybean-based tempeh holds a dominant market share; multigrain variants are rapidly gaining traction.
- Consumer inclination towards healthier dietary choices is driving demand for naturally sourced, organic and non-GMO tempeh ingredients.
- Fresh tempeh is gaining substantially greater demand as compared to ready-to-eat and frozen variants.
- Asia Pacific (APAC) remains a highly lucrative market for tempeh manufacturers; opportunities abound in North America.
Tempeh Market: Key Driving Factors
- Higher demand for sustainable, plant-based, and functional foods is fueling tempeh sales.
- Aggravating health concerns over meat consumption remains a major driver for the tempeh market.
- Food industry giants are collectively uplifting the all-meat alternatives industry, including tempeh.
Tempeh Market: Key Restraints
- Steep competition from other popular meat substitutes such as tofu continue to restrict penetration.
- High price point of tempeh is among the key restraints, limiting market growth.
- Potential side effects of excessive tempeh consumption remain a major factor, creating skepticism among consumers.
The global tempeh market is moderately fragmented, with presence of a large number of start-ups. The tempeh manufacturing industry is concentrated in Indonesia. Manufacturers are augmenting investments in extension of their product portfolios. Strategic collaborations with local distributors will also be a preferred strategy of prominent companies in the market.
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Some of the major companies operating in the global tempeh market include, but are not limited to, Schouten Europe B.V, Turtle Island Foods, Inc., Natural Oriental Fresh Foods BV, Henry's Tempeh, Impulse Tempeh, Nutrisoy Pty Ltd, SBC Tempeh Manufacturers, Totally Tempeh, Gwen Tempeh, Mighty Bean Tempeh Sunshine Coast, Tempeh Temple, Byron Bay Tempeh, and Margaret River Tempeh.
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SOURCE: Future Market Insights