(Food-Beverage-News.Com, December 29, 2021 ) Tempeh Market is poised to grow at a CAGR of 6.8% throughout the forecast period of 2021-2026 with an estimated revenue of 336.2 million by 2026. Tempeh is an Indonesian food made from soybeans or any bean that has a higher nutritional value. The process entails fermented soybean, by microorganisms like Rhizopus oligosporus, and the resultant is pressed to form soy cakes of compact sizes. Tempeh can be consumed in three ways- fresh, ready to eat and frozen. Each type having its advantages and nutritional value.
Tempeh has gained traction due to an uprising of vegetarianism, and the meat-eaters have started adopting tempeh due to its high protein value, which is equivalent to that of red meat. Tempeh is rich in lean proteins, which makes it a favorite amongst children and also is high in mycoprotein, which is cholesterol-free, making tempeh the topmost alternative for red meat. It also assists in losing excess fat and maintaining the carbohydrate ratio within the body. The tension around consuming animal meat is growing optimally, which makes plant-based food the favorite sources of protein, and the rising understanding about the ill-effects of red meat is going to propel the tempeh industry outlook.
Tempeh Market Segmentation - By Nature
The tempeh market by nature is distributed into two categories, namely- organic and conventional. In the year 2020, the conventional tempeh industry contributed to the maximum share in the revenue. The reason for the dominant share was owing to the pandemic, that made the entire factories shut down, thereby hindering the processes that are needed to harvest and use organic tempeh.
Throughout the forecast period of 2021-2026, the organic segment is positioned to grow at the fastest CAGR of 7.4%. The reason for the growth is due to the rising awareness about organic produce, and much higher nutrient content than the former. The younger generation believes in promoting fair and eco-friendly trade, which is restricted by following conventional methodology. The conventional method makes use of huge amounts of pesticides and other harmful chemicals which take away the nutritional value of tempeh and is harmful to the environment. The organic method depends highly on machines, and the quality remains persistent throughout the product, unlike conventional.
Tempeh Market Segmentation - By Source
The tempeh industry is bifurcated according to the source by which it is obtained, soybean and multigrain are the popular sources from which tempeh is made. In the year 2020, soybean dominated the tempeh market size due to its various health benefits, and nutritional contributions. Soybean tempeh contains rich amounts of protein, vitamins and minerals and is a better option than other plant-based protein alternatives.
Throughout the forecast period of 2021-2026, Soybean Tempeh is poised to grow at a CAGR of 7.2%, which is higher than the latter. The accompanying reason is the presence of prebiotic, which improve gut performance and also help in better digestion and absorption. Optimal consumption of soybean tempeh can keep one full for the entire day, as the meal is rich in proteins making the person eat less, which in turn helps in appetite control and weight loss.
Tempeh Market Segmentation - By Geography
Asia-Pacific contributed to the maximum tempeh market share in 2020, owing to the various health benefits it offers, but also due to the fact of Indonesia being the originator of tempeh. The presence of tempeh for hundreds of years would make the Asia-pacific region provide a steady growth rate during the projected period.
On the other hand, due to the uprising of vegetarianism in the North American region, the demand for plant-based protein has risen significantly. Tempeh is a close ally of meat products, as the nutritional contribution of the former is in line with the latter. The maximum number of tempeh manufacturers have registered in the North American region during the past year, unlocking the true potential of the market.The CAGR of North America is projected to grow at the fastest CAGR of 7.7 during projected period of 2021-2026.
Tempeh contains optimal amounts of minerals, which if taken in regulation can improve the bone growth and density for the children. Tempeh consumption also helps the adults to avoid osteoporosis, a disease that causes porous bones and bone loss. Tempeh can be substituted for milk, as the former contains similar mineral value.
Decreases oxidative stress
The presence of antioxidants in soy isoflavones can help in reducing the oxidative stress. The following works by breaking down the disease-causing free radicals, which can cause diabetes, heart diseases and other chronic illnesses.
Tempeh Market Challenges
Presence of close substitutes
Although tempeh offers huge nutritional value as compared to other plant-based diets, the presence of tofu, another soy-based protein supplement challenges the market share of tempeh.
Tempeh Market Landscape
The Tempeh market primary tactics are product launches, mergers and acquisitions, joint ventures, and R&D activities. The top 10 companies operating in the Tempeh Market are Turtle Island Foods, Inc., Nutrisoy Pty Ltd, Mighty Bean Tempeh Sunshine Coast, Totally Tempeh, Byron Bay Tempeh, Margaret River Tempeh, Organic Village Food, Gwen Tempeh, Tempeh Temple, Primasoy, Schouten Europe B.V.
Acquisitions/Technology Launches
In March 2021, Maple Leaf foods entered an acquisition of a 118,000 -square-foot of a tempeh producing plant, through which it plans on producing 4.5 million kilograms of tempeh on a yearly basis. The project came into works after alignment of company’s near-term goals, by catering to the rising demand of plant-based protein in North America.
Key Takeaways
North America shows the maximum potential for the growth forecast of tempeh industry during the projected period of 2021-2026.
The demand is contributed to the rising veganism movement across the country, which is motivating them to adopt to the closest substitute of red meat.
Soybean Tempeh is high in proteins, minerals and all the necessary vitamins making it the favourite plant-based protein food.
An in-depth SWOT Analysis, i.e., Strength, Weakness, Opportunities and Threats would be provided in the market report of Tempeh Market.
Challenges lie in the near future due to a disturbed production year, owing to covid restrictions.
Plant based alternative like tofu, seitan and chickpeas offer a threat to the tempeh industry.
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