Tempeh Market to Reach US$ 5,846.9 Mn by 2026 - Persistence Market Research
NEW YORK, July 11, 2018 /PRNewswire/ --
Demand for Tempeh to Increase among the Global Vegan Population Owing to Its High Protein Content and Texture Similarity with Meat Products
The demand for meat analogs which taste and appear exactly like meat is preferential amongst consumers who have aggressively reduced meat consumption in their diets. Almost 16% of the global population consumes soybean, while many are also focusing on habituating the consumption of mostly plant-based foods. Over the last few years, tofu manufacturers have increased their production by 10%. Besides, tofu is also the most similar analog for a meat substitute, and consequently, other soyfood products like tempeh are also gaining popularity. Soy food products like tempeh and tofu also offer an economic benefit, right from the agricultural to the commercial class. Tempeh meets at the nexus of many converging trends, such as the demand for ethically sourced food, traditional food, probiotic, and savory food. Asia Pacific is the leading market in terms of probiotic product launches, mainly driven by countries such as China, South Korea, and Australia. The tempeh market is also expected to witness a concomitant growth due to the aggressive growth of its sister segment - fermented vegan drinks.
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These are some of the factors leading to the rapid increase in penetration of tempeh in unconventional recipes especially in Western cuisines, projected to account for a revenue of US$ 5,846.9 Mn by 2026, increasing from an estimated US$ 3,629.7 Mn in 2018. This is reflective of a robust CAGR of 6.1% from 2018 to 2026.
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How did Tempeh, a Traditional Staple of Indonesia Become Widely Accepted?
Tempeh, which is a staple Indonesian diet, is regularly produced in corrosive bins and with wood fuel to boil soybeans, in Indonesia. Around 80-90% of the tempeh production in Indonesia takes place in small and medium enterprises. The production methods carried out by these enterprises are highly unsustainable, being labor intensive and unhygienic, and the toxic fumes produced harm the workers and the environment. These practices are regarded as very unclean, and the products of very poor quality, in regions such as Europe and North America, where delivering high product quality is the most prized marketing strategy. The whole process has restricted the growth of the tempeh market in the rest of the world to a great extent. As tempeh is part of the sustainable products market, which often promotes a healthy and rejuvenating lifestyle for consumers, wrong production methods depict a very bad picture of tempeh in the backdrop of the clean and hygienic trend of this industry.