In a recent published report, Kenneth Research has updated the market report for Tempeh Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Tempeh Market products.
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The tempeh market was valued at USD 153.9 million by 2017, growing with 8.23% CAGR during the forecast period, 2018-2025
Tempeh is a food product that is derived from Soy. It is a popular Indonesian dish that is prepared by the fermentation process of Soy. It is a popular healthy option in the meat alike product category. This product is globally gaining traction owing to its nutrient dense profile. It is extremely rich in vitamins and minerals, it is also prebiotic in nature due to the fermentation process. It has good dietary fiber and protein content that makes it for vegetarian diets. Growth in the food industry acts as a catalyst for the demand for this product. Therefore, this nutrionally dense product is not only healthy but also a great meat alternative.
The global demand for nutritive vegan/ vegetarian based food products is the key market driver for this products. There is a shift from the meat to meat analogue industry that is occurring significantly. As per DSM Food Specialties, the meat analogue market is already at a sizable value of USD 2 billion. This is expected to rise continually due to the growth in the number of people who wish to opt for Veganism. Since this product is various nutritious, it is recommended to older people as well, this is also one of the growth drivers for this industry. Consistent Research and development to develop variety of products that can act as meat alternatives within this sector will further boost the industry.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The major form type is segmented into conventional and organic. Currently, in terms of the market share, the conventional product dominates the industry. It has been observed that there is a fast growth observed with organic tempeh market. Strong growth is witnessed due to the shift towards healthier organic foods and thus the production of organic food is increasing considerably. Also, there is an increase in the awareness of Non-GMO (genetically modified organisms) foods which are basically further giving impetus to natural organic food sources.
Distribution Channel Takeaway
Categorization of this industry is also done on the basis of distribution channels. There are two core distribution channels, which includes online and offline sources. Currently, the offline stores such as over the counter distribution, local markets, grocery stores are the predominant sources of distribution across the globe. However, when it comes to the fastest growing category, the most important one is the online channels. Online marketing, growth of digital marketing and E-commerce and the sheer accessibility the internet provides are one of the primary reasons why this segment is growing rapidly. E-commerce is now promoting the tempeh market significantly therefore online portal is expected to dominate the distribution channel revenues in years to come.
The Asia Pacific dominates the market in terms of revenue generation. The growing awareness of organic and healthier vegan or vegetarian food is going to be a catalyst for this regional growth. Regions of Europe and North America are expected to shift their focus towards the growth of organic tempeh manufacturing, driving the overall industry development.
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Key Vendor Takeaway
Listed are some of the key players when it comes to the manufacture of Tempeh, these are Turtle Island Foods, Inc., Mighty Bean Tempeh Sunshine Coast, Nutrisoy Pty Limited, Organic Village Food, Totally Tempeh, Margaret River Tempeh, Byron Bay Tempeh, Primasoy, SBC Tempeh Manufacturers, Alive & Healing Inc., Gwen Tempeh, Lalibela Farm Tempeh, Tempeh Temple, Rhapsody Natural Foods, Henry’s Tempeh, Impulse Tempeh, TOFU Manufaktur Nagel GmbH, Tempea Natural Foods Ltd., Schouten Europe B.V. and Natural Oriental Fresh Foods BV. The expansion and growth of the industry can be judged by the growth of its players. Turtle Island Foods, Inc, founder of Tofurky set up a new plant in Oregon in the year, 2012.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
Traders, Distributors, and Suppliers
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCT
MARKET, BY FORM
MARKET, BY DISTRIBUTION CHANNEL
MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of the World
Middle East and Africa
About Kenneth Research
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