According to HTF Market Intelligence, the Global Tofu Market market to witness a CAGR of 9.0% during forecast period of 2023-2028. Global Tofu Market Breakdown by Application (Food and Beverages Industry, Restaurants and Hotels, Others) by Type (Organic, Conventional) by Distribution Channels (Direct, Distributors) by Packaging (Box, Can, Plastic container, Pouch, Others) and by Geography (North America, South America, Europe, Asia Pacific, MEA). The Tofu Market market size is estimated to increase by USD 1.10 Billion at a CAGR of 9.00% from 2023 to 2028. The report includes historic market data from 2017 to 2022E. Currently, market value is pegged at USD 1.6 Billion.
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The tofu market refers to the industry involved in the production and distribution of tofu, a plant-based protein that is a popular food item in many parts of the world. Tofu is made from soybeans and is often used as a meat substitute in vegetarian and vegan diets.
Tofu Market market – Key Segment Analysis
The market share growth by the Food and Beverages Industry segment will be significant during the forecast period. The segment is driven by the Health benefits associated with tofu consumption, including low fat and calorie content, and high protein content.
Tofu Market market – Competition Analysis
The global Tofu Market market is seeing several joint ventures to intensify the capability of manufacturers and/or companies to establish geographic footprints to new territory. The vendors are accelerating M&A strategies to expand their geographical reach, which is shaping the market toward new growth cycle. The list of players that are profiled in the study are Hain Celestial Group Inc. (United States), Pulmuone Foods Co., Ltd. (South Korea), House Foods Group Inc. (Japan), Vitasoy International Holdings Ltd. (Hong Kong), Morinaga & Co., Ltd. (Japan), San Jose Tofu Co., Inc. (United States), Nasoya Foods USA, LLC (United States), Hodo Foods (United States), Kikkoman Corporation (Japan), Eden Foods, Inc. (United States).
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Tofu Market
Market Drivers
- Health benefits associated with tofu consumption, including low fat and calorie content, and high protein content
Market Trend
- Growing demand for sustainable and environmentally friendly food options
Market Opportunities
- Opportunities for technological innovation and development of new tofu products and flavors
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What key data is demonstrated in this Tofu Market market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Tofu Market market between 2023 and 2028
- Precise estimation of the size of the Tofu Market market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behaviour
- Value in dollar term and growth of the market industry across APAC, Europe, North America, South America, and Middle Eastand Africa; further broken down by major country within region.
- Thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Tofu Market market players
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FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
- Political (Political policy and stability as well as trade, fiscal, and taxation policies)
- Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
- Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
- Technological (Changes in digital or mobile technology, automation, research, and development)
- Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
- Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)
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