Tofu Market 2020-2024 | Health Benefits of Tofu will Accelerate Market Demand | Technavio
The global tofu market size is poised to grow by USD 140.37 million during 2020-2024, progressing at a CAGR of over 3% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The tofu market is driven by the health benefits of tofu. Tofu is one of the world's most concentrated sources of high-quality vegetable protein. The frozen, dried tofu has twice the protein of beef, fish, and chicken, and negligible cholesterol levels. It also contains a wide range of essential amino acids and is a rich source of calcium, iron, and phosphorus. Genistein, a predominant isoflavone present in soy, has antioxidant properties that hinder the growth of cancer cells. Soy isoflavones present in tofu are also known to decrease bone loss and increase bone mineral density during menopause.
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The major tofu market growth came from the processed segment and is expected to witness the fastest growth during the next five years.
APAC was the largest tofu market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the rising demand for nutritional diet and increasing disposable income.
The global tofu market is fragmented. 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 help clients improve their market position, this tofu market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the global tofu market 2020-2024 is expected to have positive growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Growing Adoption of the Vegan Lifestyle will be a Key Market Trend
Veganism has become a style of living and philosophy. The vegan diet strongly favors animal rights, and vegan consumers do not consume meat. This can positively affect the global tofu market, as vegan consumers will look out for more plant-based alternatives such as soy-based foods. Tofu has gained popularity over the years, especially as a vegetarian and vegan-approved source of protein. Vegan diet followers and healthy diet adopters are the major targeted consumers for soy milk and cream.
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Tofu Market 2020-2024: Key Highlights
CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will assist tofu market growth during the next five years
Estimation of the tofu market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the tofu market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of tofu market vendors
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North America - Market size and forecast 2019-2024
Europe - Market size and forecast 2019-2024
South America - Market size and forecast 2019-2024
MEA - Market size and forecast 2019-2024
Key leading countries
Market opportunity by geography
Market drivers ? Demand led growth
Market challenges
Market trends
Vendor Landscape
Vendor landscape
Competitive Scenario
Landscape disruption
Vendor Analysis
Vendors covered
Market positioning of vendors
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
Vitasoy International Holdings Ltd.
Appendix
Scope of the report
Currency conversion rates for US$
Research methodology
List of abbreviations
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