Tempeh Market To Reach $7.68 Billion By 2030 | CAGR: 5.8%

Tempeh Market Growth & Trends 

The global tempeh market size is expected to reach USD 7.68 billion by 2030 and is expected to expand at a CAGR of 5.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. Consumer preference for healthier foods has significantly increased the demand for vegetarian and vegan options, including soy foods and tempeh. The soy segment has seen substantial growth in recent years, driven by heightened consumer awareness of its health benefits, such as reducing obesity and lowering blood sugar levels. In addition, soy's broad application in various food products, including baked goods and snacks, has contributed to its popularity. Innovations within this sector have further accelerated the market growth of tempeh.

Despite tempeh's neutral taste and sometimes off-putting odor, its compatibility with a variety of Asian and Western cuisines has led to increased consumer preference. In response, manufacturers are developing odorless tempeh products to better appeal to consumers. The growing demand for these products is also supported by promotional campaigns and investments aimed at encouraging plant-based meat consumption.

Consumers perceive a plant-based diet and the use of tempeh as beneficial for both health and the environment, leading to a rapid expansion of interest in these products. The trend toward plant-based diets and proteins is expected to influence research, policy, and food systems significantly over the coming decade. As a result, the demand for plant-based foods such as tempeh is not only increasing. Still, it is also seen as a lasting shift in dietary preferences driven by various factors and consumer demographics.

Tempeh, along with tofu, is gaining traction as a meat substitute due to its similarity to meat analogs. Soy-based foods, including tempeh and tofu, offer a range of economic benefits, from agricultural production to commercial applications.

In September 2023, CFSS  B.V. and Marel India Pvt. Ltd. formed a strategic partnership to enhance tempeh production in India, marked by the signing of a Memorandum of Understanding (MoU) during a trade mission. This collaboration aims to address protein deficiency in the Indian population through the production of tempeh, a fermented vegan product made from soybeans, using Small Fermentation Units (SFUs) established in Bangalore. The initiative, known as Tempeh Today, involves sourcing soybeans from local farmers, who receive support to improve quality and yield through partnerships with local NGOs. The goal is to set up 20 standardized production locations across India, with online monitoring from the Netherlands to ensure consistent quality.

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Tempeh Market Report Highlights

• Fresh segment accounted for a share of 46.7% in 2023. Fresh tempeh has a superior taste and texture, offering a firm and nutty consistency that many consumers find appealing. The fresh variety provides a more authentic tempeh experience, enhancing its culinary versatility?

• Soya bean is expected to grow at a significant CAGR 6.0% from 2024 to 2030.  Soybean tempeh has a neutral flavor that easily absorbs the taste of marinades and spices, making it versatile for various culinary applications. It can be grilled, fried, baked, or added to soups and stews, providing flexibility in meal preparation?

• Sales through retail stores accounted for a share of 13.9% in 2023. Retail channels such as grocery stores, supermarkets/hypermarkets and health food shops are easily accessible to individual consumers. This convenience allows people to purchase tempeh as part of their regular grocery shopping routine without needing to visit specialty stores or wholesalers

• North America is expected to grow at a significant CAGR from 2024 to 2030. With increasing awareness of health and wellness among consumers, and tempeh’s nutritional profile-high in protein, fiber, and probiotics-aligns with their focus on healthier eating options. The rise of plant-based diets and vegetarianism/veganism has increased interest in tempeh as a versatile and nutritious meat substitute

Tempeh Market Segmentation

Grand View Research has segmented the global tempeh market on the basis of type, source, distribution channel, and region:

Tempeh Type Outlook (Revenue, USD Million, 2018 - 2030)

• Frozen

• Fresh

• Ready-to-Eat

Tempeh Source Outlook (Revenue, USD Million, 2018 - 2030)

• Soya Beans

• Multi-grain

• Others

Tempeh Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

• Foodservice

• Retail

  • Hypermarkets & Supermarkets

  • Convenience Stores

  • Online

  • Others

Tempeh Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • Spain

  • Italy

  • France

• Asia Pacific

  • China

  • India

  • Japan

  • Australia & New Zealand

  • South Korea

  • Indonesia

• Central & South America

  • Brazil

• Middle East & Africa

  • South Africa

List of Key Players in the Tempeh Market

• Byron Bay Tempeh

• Margaret River Tempeh

• Tootie’s Tempeh

• Mighty Bean Sunshine Coast

• Nutrisoy Pty Ltd

• Turtle Island Foods, Inc.

• Plant Power

• Maple Leaf Foods Inc.

• Primasoy

• Lalibela Farm Tempeh