The Global Tempeh Market size was estimated at USD 4.9 billion in 2021 and is expected to hit around USD 7.9 billion by 2031, poised to grow at a compound annual growth rate (CAGR) of 6.1% from 2022 to 2031.
Global Tempeh Market: Breakup by Region, 2022 & 2031
Source: Primary Research and Secondary Research Analysis
The manufacturing, marketing, and consumption of tempeh, a fermented soybean product, are all part of the global sector known as the global tempeh market. Traditional Indonesian meal known as tempeh is produced from fermented soybeans that have been compressed into a cake-like shape. It is consumed not only in Indonesia but also in many other countries throughout the world as a popular source of plant-based protein.
First, sustainability has emerged as a major issue for all sectors of society. More customers are looking for products that were made ethically and with the environment in mind. This results in a rise in demand for environmentally friendly raw material sourcing, waste-reducing packaging technologies, and production methods with smaller carbon footprints on the worldwide market. Businesses having a competitive advantage are likely to align with these sustainability aims.
Second, the development of e-commerce and the digital revolution is still reshaping the world market. Online purchasing has become more popular as a result of the COVID-19 epidemic, and this tendency is here to stay. In order to appeal to the digitally sophisticated customer base, firms are actively investing in their online presence, user-friendly interfaces, and logistics.
Thirdly, wellness and health continue to be important. Consumers are looking for healthier food options and workout products as well-being awareness rises. The development of the health food and fitness sectors has been fueled by this trend, which has resulted in advances in product formulas and marketing techniques.
Last but not least, increased cross-cultural interchange has influenced consumer tastes and inclinations. In order to connect with a more diverse and international audience, businesses are increasingly incorporating diversity and multiculturalism into their marketing strategy.
Recent Developments:
First, the demand for tempeh has grown as people have become more aware of its health advantages. Tempeh is a desirable alternative for health-conscious consumers due to its high protein, probiotic, and nutritional content. Food firms have innovated and released new tempeh-based items, such as tempeh burgers, tempeh bacon, and tempeh snacks, in response to the increased customer interest in healthy eating.
Second, the market for tempeh has grown dramatically as a result of the rise in vegetarianism and plant-based diets. Due to its high protein content and adaptability in many recipes, tempeh is a great meat substitute for consumers who are limiting their meat intake for environmental and health reasons. As a result, the selection of tempeh products in both conventional supermarkets and traditional markets has increased.
Furthermore, worries about sustainability are significantly influencing the tempeh industry. Soybean and other components used to make tempeh are increasingly being sourced sustainably and ethically by both growers and consumers. To meet the rising demand for sustainable food options, businesses are placing an increased emphasis on open supply chains and environmentally friendly packaging.
Global Tempeh Market Research Report, 2020-2031.
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