Tempeh Market Size, Share, Industry Trends and Forecast to 2030

Market Size & CAGR of Tempeh Market in 2021

The global tempeh market is estimated to have a market size of USD 430 million in 2021 with a compound annual growth rate (CAGR) of 6.5% from 2021 to 2026. Tempeh, a traditional Indonesian fermented soybean product, has gained popularity in recent years due to its numerous health benefits and versatility in various cuisines.

COVID-19 Impact on the Tempeh Market

The COVID-19 pandemic has had a mixed impact on the tempeh market. On one hand, the increased focus on health and immunity-boosting foods has driven up the demand for plant-based protein sources like tempeh. However, the disruptions in the supply chain and foodservice sector have posed challenges for manufacturers and distributors. As a result, the market has seen fluctuations in demand and pricing during the pandemic period.

Tempeh Dynamics

Tempeh, known for its nutty flavor and firm texture, has witnessed a surge in demand among health-conscious consumers looking for sustainable and plant-based protein alternatives. The growing trend of veganism and vegetarianism has further propelled the market for tempeh, as it is a rich source of protein, fiber, and essential nutrients. Additionally, the versatility of tempeh in various recipes and dishes has made it a popular choice among chefs and home cooks alike.

Segments and Related Analysis

The tempeh market can be segmented based on distribution channel, product type, and region. Common product types include soy tempeh, black bean tempeh, and chickpea tempeh, each offering unique flavors and nutritional profiles. Distribution channels for tempeh include supermarkets/hypermarkets, specialty stores, online retailers, and foodservice outlets. Region-wise, Asia Pacific holds a significant share in the global tempeh market due to the rich tradition of tempeh consumption in countries like Indonesia and Malaysia.

By Region Analysis

- Asia Pacific: Asia Pacific is the largest consumer of tempeh, with Indonesia being the leading producer and exporter of this fermented soybean product. - North America: The tempeh market in North America is experiencing steady growth due to the increasing adoption of plant-based diets and the availability of a wide range of tempeh products. - Europe: European countries like the Netherlands and Germany are witnessing a rise in demand for tempeh as a sustainable protein source. - Latin America: Countries like Brazil and Mexico are showing a growing interest in tempeh as a healthy alternative to meat-based proteins.

Key Market Players and Competitive Landscape

The tempeh market is characterized by the presence of both global and regional players, each striving to capture a significant market share through product innovation and strategic partnerships. Some key market players in the tempeh industry include Turtle Island Foods, Nutrisoy, Lalibela Farm, Mighty Bean, and Lightlife Foods. These companies are focusing on expanding their product portfolios, enhancing distribution networks, and investing in marketing and promotional activities to stay competitive in the market.

Recent Happenings in the Tempeh Market

- In recent years, tempeh has gained popularity in Western markets as a versatile and healthy protein source, leading to an increase in demand for tempeh-based products. - The growing trend of plant-based diets and sustainable food practices has further boosted the consumption of tempeh worldwide. - Various food companies and restaurants are incorporating tempeh into their menus to cater to the increasing demand for plant-based options among consumers.