Tofu Market Size to Grow by $ 140.37 Million through 2020-2024 | Forecast and Trend Analysis

Technavio has been monitoring the tofu market and it is expected to grow by $ 140.37 million accelerating at a CAGR of over 3% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. 

Tofu Market: Receive FREE Sample Report

Tofu Market: Emerging Trends to Impact Market Growth

• The launch of new products is one of the key tofu market trends.
• There was an increase in the demand for soy-based foods such as tofu due to their functional advantages.
• Tofu manufacturing companies are introducing several tofu products to cater to the demands of health conscious consumers.
• Nasoya Foods USA, a subsidiary of Pulmuone, recently introduced three tofu products, namely Organic Sprouted Super Firm Vacuum Packed Tofu, Organic Extra Firm Tofu Twin Pack, and Organic Tofu Vegetable Dumplings. Additionally, well-established restaurant chains such as McDonald’s are focusing on including tofu dishes in their offerings.

Tofu Market: Vendor Analysis

The market is fragmented due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Arla Foods amba, Bel Group, Danone SA, Dean Foods Co., House Foods Group Inc., Kikkoman Corp., The Hain Celestial Group Inc., The Tofurky Co. Inc., Valsoia Spa, and Vitasoy International Holdings Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Technavio offers custom research reports with detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will help clients keep up with new product launches in direct & indirect COVID-19 related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19 Download a Free Sample Report 

The report provides insights into the following FAQs:

1. What is the market CAGR?
   The market is accelerate at a CAGR of over 3%.
    
2. What is the incremental growth of the market?
   The market is expected to grow by $ 140.37 mn through 2020-2024.
    
3. What is a key factor driving this market?
   health benefits of tofu will drive market growth over the forecast period.
    
4. What are the key regions covered in this market research report?
   APAC, North America, Europe, South America, and MEA are the key regions featured in this research report.
    
5. Which is the leading geographic region for this market:
   47% growth will originate from APAC
    
6. Who are the leading market vendors?
   The leading vendors in this market are Arla Foods amba, Bel Group, Danone SA, Dean Foods Co., House Foods Group Inc., Kikkoman Corp., The Hain Celestial Group Inc., The Tofurky Co. Inc., Valsoia Spa, and Vitasoy International Holdings Ltd.
    
7. What are the market segments covered in this report?
   The market is segmented by Product (Processed and Unprocessed) and Geography (APAC, North America, Europe, South America, and MEA)