Tofu Market Key Players, Product and Production Information Analysis and Forecast – 2027

Tofu Market Research Report: Insights by Type (Organic and Conventional), by Distribution Channel {(Food Retail – Supermarkets & Hypermarkets, Convenience Store, Online & Others) and Foodservice)}, by Region – forecast until 2028

Market overview
Market Research Future (MRFR) reveals in its new in-depth study that in 2020, the tofu market size reached $1988.47 million. The new study also reveals that the tofu market is expected to register a healthy CAGR of 6.30% between 2020 and 2027.

Growth Boosters and Obstacles
The increasing prevalence of vegan and plant-based diets, especially in developed countries like Germany, UK and US, would have a major impact on the tofu market. This is in response to the growing number of initiatives and campaigns to reduce animal slaughter. These initiatives have helped increase the demand for tofu, which is healthy and gluten-free, as well as being an important source of protein.
A strategic decision made by big brands is to market their products through online channels and social media. These online channels help increase brand awareness among consumers, while attractive packaging and tofu products with different ingredients and flavors ensure customer loyalty. Manufacturers are partnering with different distribution centers, like supermarkets and health stores to increase the presence of their tofu products.
Additionally, the booming retail industry along with the growing popularity of the e-commerce sector can also present an attractive opportunity for manufacturers. Established businesses are turning to online shopping channels as these require lower spend than traditional outlets. E-commerce helps organizations easily reach a wider customer base, which results in expanded business exposure. As a result, the increasing prominence of online shopping platforms among consumers will prove very favorable to the tofu industry.

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Segmental review
Organic and conventional are the main types of tofu on the market. Organic tofu products enjoy significant demand around the world, for a number of crucial reasons. Growing awareness of the toxic impact of pesticides as well as fertilizers used on conventional produce is directing attention to organic tofu. Additionally, the emerging “Go Vegan” trend and increased preference for plant-based foods, especially among Europeans and Americans, could be a favorable factor for the organic tofu category in the coming years.
The distribution channels are food retail (online, convenience store, supermarkets and hypermarkets, etc.) coupled with Foods Service)}. The wide availability of a variety of tofu products in in-store distribution channels has led to the dominance of this segment in the market. The growing number of supermarkets and hypermarkets is also boosting tofu sales.

Regional status
The largest market for tofu is Asia-Pacific, which would continue to grow at a significant rate between 2020 and 2027. The increase in the number of launches of new flavors and ingredients infused into tofu by local companies will promote the APAC industry. With the dramatic rise in cholesterol, obesity, and other types of lifestyle diseases, consumers are increasingly opting for plant-based foods like tofu. The rapid increase in urbanization has paved the way for more retail stores, convenience stores, and restaurants where tofu products are widely sold. The popularity of e-commerce sector in China, Indonesia, India and many other countries has boosted the rate of consumption considering the ease of distribution in terms of offline and online modes.
North America is a very attractive tofu market, with Canada and the United States identified as leading countries. Both countries are home to a large pool of well-known brands that frequently introduce tofu products under their own brands. These brands are striving to meet the growing consumer demand for high quality and excellence and are working to create a niche in the growing plant-based food industry.
In Europe, French, German, Spanish and Italian consumers are increasingly aware of healthy plant-based products that boost immunity and ensure well-being. This has resulted in an increase in tofu sales over the years. High economic status and growing health consciousness among people has also led to an increased preference for tofu, with preventive care becoming a major trend in Europe.

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Featured companies
Bell Food Group (Switzerland), Vitasoy International Holdings (USA), Moringa & Co. (France), Eden Foods, Inc. (USA), Kikkoman Corporation (Japan), Hain Celestial Group (USA), The Nisshin Oillio Group, Ltd (Japan), Dean Foods (USA), House Foods Group Inc. (Japan) Pulmuone Co., Ltd. (South Korea) are the leading manufacturers of tofu in the global market.

NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and if necessary, we will review Covid19 footprints for better market and industry analysis. Kindly get in touch for more details.

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