Tofu Market Analysis Report By Distribution Channel, By RegionAnd Segment Forecasts From 2019 To 2025

Industry Insights

The global tofu market size was accounted for USD 2.31 billion, in 2018 and is projected to grow at the CAGR of 5.2% between the forecast period, 2019 to 2025. The growing consumer inclination towards a vegan diet owing to the health benefits especially from developed countries such as Germany, and the U.S. along with rising awareness about the product is a key factor propelling the market growth. Tofu comes with gluten-free content and one ounce of the product contains an ample amount of carbohydrates and proteins. The U.S. food & drug administration (USFDA) suggests consuming soy protein of 25 grams regularly to maintain cholesterol levels.

The product is also a high protein carrying source and option for dairy and meat products. Tofu is also useful in making sauces, hot dogs, shakes, burgers, desserts, and ice cream products. The increasing demand for these food products is expected to boost the market growth. Popular tofu products include firm, silken, cubed & sprouted super firms, extra firm, and others.

Tofu is produced with gluten-free content and made from soy curd. According to studies, one in every 133 individuals in America has celiac disease. Celiac disease prevalence is 4% in South America, 0.8% in Europe, 0.6% in Asia, and 0.5% in North America. This factor is anticipated to increase the demand for gluten-free tofu products in the coming few years. Popular tofu brands include Nasoya Tofu, Azumaya Tofu, Trader Joe’s, and House Food Tofu. Around 65% of the population in the world is intolerant to lactose. The lactose-free option such as tofu is expected to foster market growth.

Distribution Channel Insights

The tofu market is segmented into hypermarkets & supermarkets, online, specialty stores, and grocery stores, depending on the distribution channel. In 2018, hypermarkets & supermarkets accounted for the revenue of USD 1.3 billion in the overall market. These channels allow consumers to choose from a large variety of products under one roof. The products are also offered at affordable prices. Supermarkets also provide quality assurance to their products.

Online channel is projected to exceed the highest CAGR of 7.7% over the forecasted period. The availability of all global brands is increasing the trend of online shopping. The growing e-commerce industry and the increasing number of mobile users are expected to propel market growth. Furthermore, cashback offers, doorstep & faster delivery options are gaining traction among consumers and influencing them to purchase products from online platforms.

Regional Insights

In 2018, Asia Pacific led the market with the largest share of over 56.0% in the overall market. The increasing consumer awareness owing to the health advantages associated with it are expected to propel the demand for the product. Japan is the market leader owing to the presence of a large number of manufacturers in the region.

Major manufacturers in the Chinese market are Jiaxing Jiajiale Foods Co. Ltd., hanghaiXuyang Green Food Co. Ltd., and Hangzhou Huayuan Bean Food Co. Ltd.

North America region is projected to grow at the highest CAGR of 6.1% during the forecasted period. Consumers highly prefer soy-based food products owing to their health benefits and the high content of nutrients in them. Moreover, the increasing vegan population in Canada and the U.S. is projected to contribute to the market growth.

Tofu Market Share Insights

Leading players in the market include House Foods Group Inc.; Invigorate Foods; Hugli Holding Company; Hain Celestial; Pulmuone Co., Ltd; San Jose Tofu; The Nisshin Oillio Group, Ltd.; Tofurky; Morinaga & Company; and Eden Foods. Top players in the market invest high in increasing their product portfolio and distribution network across the globe.

For instance, in 2019, Invigorate Foods has spent around USD 8 million in the Indian market. The company also launched a product called GenkiYa Tofu. Companies also focus on merger & acquisitions strategies. For instance, in 2018, Keystone natural holdings LLC acquired Superior Tofu Ltd.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2015 to 2025. For the purpose of this study, Million Insights has segmented the global tofu market report on the basis of distribution channel, and region:

• Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
    • Supermarkets & Hypermarkets
    • Grocery Stores
    • Online
    • Specialty Stores

• Regional Outlook (Revenue, USD Million, 2015 - 2025)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
    • the Asia Pacific
        • China
        • Japan
    • Central & South America
        • Brazil
    • Middle East &Africa (MEA)