The global tofu market is estimated to reach USD 3.28 billion, by the end of 2025, and is expected to grow at the CAGR of 5.2% from 2019 to 2025, according to a new report by Million Insights. The growing inclination towards plant based products owing to the healthy fitness benefits and growing population of vegan consumers is a major factor driving market growth. Additionally, increasing prevalence of glutamic disorders and lactose intolerance are expected to propel the demand for the product in the next few years.
The tofu product includes is of flavones that help in reducing the problem of cardiovascular diseases and breast cancer. In addition, the tofu is enriched with calcium, sodium, zinc, magnesium, iron, phosphorous, and potassium. All these key factors are projected to gain attraction among health aware people, which in turn is boosting the product demand.
In 2018, supermarkets & hypermarkets channels have dominated the tofu market with a share of over 50.0% in the market. Due to the low sales and operating overheads the consumer gets these products at an affordable price rate. Supermarkets also give quality assurance about the product while purchasing. The presence of a variety of product is gaining traction among consumer thus is anticipated to impact positively on the channel’s growth.
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Online channels are projected to grow at a significant rate owing to the high offers on product buying such as discounts, home delivery services. Major e-retailers in the market are Grofers, AliExpress, Amazonand others.
Asia Pacific region led the market by holding a market revenue share of over 50.0% in the year 2018. The growing awareness about the health benefits regarding tofu products in emerging countries like India and China. Japan holds the highest share in the market. Top manufacturers across the globe have their units in the Japanese market.
Leading players in the market include House Foods Group Inc., Invigorate Foods, Hugli Holding Company, Hain Celestial, Pulmuone Co., Ltd, San Jose Tofu, and Tofurky. Companies engage in strategic merger & acquisitions and new product launches to increase their reach across the world. For example, Inviogorate Foods has launched new product called Genkiya tofu in the Indian market.
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Further key findings from the report suggest:
• Online channel of the tofu market is anticipated to grow at the CAGR around 7.8% over the forecasted period.
• In 2018, specialty stores segment accounted for revenue over USD 187.6 million.
• North America region is projected to exceed at the highest CAGR of over 6.1% during the forecasted period.
Million Insights has segmented the global tofu market based on distribution channel, and region:
Tofu Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
• Supermarkets & Hypermarkets
• Grocery Stores
• Online
• Specialty Stores
Tofu Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• Asia Pacific
• China
• Japan
• Central & South America
• Brazil
• Middle East & Africa
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