Tofu Market -Overview

The efforts being made toward a healthy diet by individuals are estimated to benefit the progress of the tofu market. The market's report is efficiently analyzed as per MRFR, which provides outlooks for the global markets. A CAGR of 6.3% is estimated to shape the global tofu market in the forecast period.

The adaptability of tofu in a wide range of dishes is estimated to spur the expansion of the tofu market share in the upcoming period. The development of a taste for tofu in the new geographical region's consumer base is predicted to bolster the tofu market companies.

Segmental Analysis

The segmental study of the tofu market is carried out on the basis of type, distribution channel, and region. The distribution channel segment of the tofu market consists of foodservice and food retail such as supermarkets hypermarkets, convenience stores, and online. The region segment of the tofu market consists of Asia Pacific, North America, Europe and other notable regions. The type segment of the tofu market consists of conventional and organic.

Regional Overview

The regional assessment of the tofu market consists of Asia Pacific, North America, Europe and other notable regions. The North American region is projected to observe substantial growth throughout the forecast period. In the region, the US is likely to earn the highest income share and CAGR growth throughout the review period. Tofu in the US has in history been believed to be more of a niche product due to the strong demand for meat products in the region. Though, the rising tendency of veganism and vegan diets combined with increasing awareness of tofu as a decent source of protein has caused an increase in its development prospects. The Asia Pacific regional tofu market has strong control over the global demand as tofu was created in China and has been eaten for ages in South Korea, China, Japan, and many other southeast Asian countries. The development of the tofu market in the Asia Pacific region by the occurrence of a few important global companies in countries such as Japan, China, and South Korea. Moreover, half of the call for tofu across the globe is credited to the contribution of these Southeast Asian countries.

Competitive Analysis

The measures being undertaken to ensure seamless functioning of the market is estimated to lay off in the long run. The market is projected to witness a period of turbulence with the impact of the pandemic on the workforce and the economy as a whole. The collaborative efforts of the market contenders are expected to broaden the horizons for development in the foreseeable future. The contenders in the market are likely to see aggressive competition in the coming years. The reimagined market structure is predicted to rely on a combination of robust online selling capabilities and a capable supply chain. The investment towards cutting-edge technology is anticipated to take a sharp surge with amplified funding accessibility. The formation of strong trade relations among several regions is forecasted to have a beneficial effect on growth. The focus on the client's needs is estimated to be more important than before as changes in living standards can have a notable bearing on the popularity of certain market trends.

The eminent companies in the tofu market are Moringa Co. (France), Kikkoman Corporation (Japan), Vitasoy International Holdings (US), Pulmuone Co., Ltd. (South Korea), Bell Food Group (Switzerland), Eden Foods, Inc. (US), Hain Celestial Group (US), House Foods Group Inc. (Japan), The Nisshin Oillio Group, Ltd. (Japan), and Dean Foods (US).

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Industry Updates:

Apr 2021 Pulmuone, a South Korean food company best documented for top tofu and soybean-based unpreserved food products, has recognized the presence of a novel plant-based meat line, demonstrating its first access into the category. The business intends to offer more than 20 types of plant-based products, from vegan meal kits and coconut-based yogurt to soy-based meat mince and chicken tenders.

Feb 2021 The Tofoo Co, a British company, has inaugurated the UK's first frozen tofu product. The product known as Tofoo Chunkies has been designed to make tofu more accessible. The Chunkies can be served out in a sandwich or with chips and peas as per the company. The company's unsalted Naked block is the most well-liked product in the entire chilled meat-free category.

Dec 2020 Starbucks UK has marked the start of 2021 with some radical plant-based options being introduced for Veganuary. The novel Beyond Meat Breakfast Sandwich highlight a Beyond Meat sausage patty, a portion of vegan cheese, tofu egg substitute, and Starbucks' signature tomato relish. This unveiling indicates the introduction of the Beyond Meat Breakfast Sausage in the UK, which has been madly popular in the US.

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