Global Tofu Market Size, Share, Opportunities, And Trends By Product Type (Silken, Regular, Firm, Smoked, Others), By Application (Meat Substitute, Desserts And Snacks, Soups And Salads, Others), By Distribution Channel (Hypermarkets And Supermarkets, Convenience Stores, Online Retail, Specialty Stores, Others), And By Geography - Forecasts From 2024 To 2029

Tofu has been a stable food in Asia for over 2000 years. Tofu is created from soy milk and has a cheese-like structure and taste. Tofu is known to be able to absorb different ingredients with ease and is stored in water-filled packs or aseptic cartons. It is known to contain various nutrients and benefits that can improve human health by enhancing the body functions of a person. It is considered a good plant-based product due to the ease of digesting tofu, which is due to the removal of the soybean fibre during the manufacturing process. Tofu is also beneficial for the reduction of risk and dangers of heart diseases by reducing the level of bad LDL cholesterol and also by maintaining the level of good HDL cholesterol in the body.

Introduction:

The global tofu market is expected to witness a significant increase in growth during the forecasted period of 2024-2029 due to various factors, such as the increasing vegan population. This influences the increase in consumption of plant-based food and proteins, which is also influenced by the increase in consumers who are health conscious in the market after the COVID19 Pandemic.

Market Drivers:

• Health Benefits: The increase in consumption of tofu can be linked to the increase in awareness of the health benefits obtainable from the consumption of tofu. Tofu has been considered a healthy plant-based food product, containing various nutrients and minerals that are beneficial to the human body and also help improve the overall performance of the body. It is known to be easy to digest due to the removal of the fibre content in the soymilk during the manufacturing of tofu. It is also known to help in the reduction of heart diseases by lowering the bad LDL cholesterol and increasing or maintaining the good HDL cholesterol in the body. Tofu has been proven to be rich in isoflavones as well, helping in the reduction of the risk of osteoporosis, which is a disease associated with reduced bone density and increased bone fractures. This is due to the soy isoflavones, genistein, and daidzein remaining in the soy protein during the production of tofu. Due to several benefits such as these, the tofu market growth will be driven by the increase in awareness of the health benefits of soy food products, and can also be linked to the increase in the consumption of tofu in the soy food category. The US Soybean Export Council indicates the increasing consumption and production of tofu being the top soy food production in the production of food-grade soybean production statistics, with an increase in growth from 49% in 2020 to 52% in 2021. The increase in the production and consumption of tofu can be linked to the increase in the awareness of the health benefits among consumers in the market, driving the tofu market growth.
• Growing Vegan population: The increasing vegan population is expected to drive the global tofu market, due to the plant-based properties of tofu catering to the needs of the vegan demographic. The World Animal Foundation states that the global vegan population accounts for an estimated 88 million. It has been also stated that the vegan food market is expected to increase to reach $31.4 billion by 2026. The vegan market growth will drive the global tofu market growth as well since tofu has been manufactured using soymilk, which is extracted from soybeans. The protein and other nutrients that are in soybeans allow tofu to be a good plant-based food product that benefits the needs of the vegan population.

Key Players:

• Morinaga Nutritional Foods, Inc.: A global leader and a well-known company known for the production of soy food products, which include some of their well-known brands such as Mori-Nu Silken Tofu.
• Pulmuone Corporation: A global leader well known for the production and manufacturing of plant-based food products, which include tofu and soybean sprouts.

Regional Analysis:

The Asia Pacific region is expected to witness a significant increase in growth during the forecasted period of 2024-2029. Tofu has been considered a staple food in the Asian region. The increasing production and consumption of Tofu can be linked to the increasing production of soymilk, which is extracted from soybeans, and soybeans. Regional soy food consumption has displayed an increase in growth in the past and is expected to display a significant increase during the forecasted period. The US Soybean Export Council states that the soymilk volumes and total soy foods sales were displayed the highest in the Asia region, accounting for an increase in the CAGR of 2.9% during the period of 2015-2020. Asia made up 72% of the global soy foods sales, with an estimated volume of 83% of the global soy foods. China and Japan played a major role in the market growth, with an estimated US$6,809 million and US$1,829 million in Soy food sales in 2020, respectively. The overall sales of soy foods in the Asia region accounted for an estimated US$11,621 million in 2020, which is an increase from US$11,205 million in 2019. The presence of such players in the market, along with the increase in production and consumption of soy food products, which includes tofu as the main product, will drive the regional tofu market growth during the forecasted period.

Market Developments:

• September 2021: Cauldron Foods announced the launch of their plant-based products that were made available in the Asda and Waitrose supermarket chains. The three products in their range are dubbed Quick & Tasty Tofu Block, Tofu Mince, and Frozen Middle Eastern Falafels, which are all ready-to-eat or ready-meal food products that allow consumers to prepare food in minimal time. The Quick & Tasty Tofu Block and the Cauldron Authentic Tofu Block were made with organic and sustainable soya beans and are rich in protein, calcium, and gluten-free.

Segmentation:

• By Product Type:
  • Silken
  • Regular
  • Firm
  • Smoked
  • Others
• By Application:
  • Meat Substitute
  • Desserts and Snacks
  • Soups and Salads
  • Others
• By Distribution Channel:
  • Hypermarkets and Supermarkets
  • Convenience Stores
  • Online Retail
  • Specialty Stores
  • Others
• By Geography:
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others