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Global Tofu Market Growth, Trends and Forecasts 2018 2023 [Report Updated: 01032018] Prices from USD $4250

20:54 EDT 13 Jul 2018 | BioPortfolio Reports

The global tofu market size is expected to register a CAGR of 4.05% during the forecast period.


Several companies and their scientists are working hard for developing a range of meat free protein products, often called as "synthetic meats" or "alternative meats". For instance, a plant based condiment manufacturing company Hampton Creek recently revealed that it has been developing technology for producing lab made meat often referred as clean meat. Once such products will be launched in market, there will be high competition and growth for tofu market.


Market Dynamics


Major number of people are shifting towards vegan diets and tofu is an excellent substitute for meat products. There is an increasing health awareness among individuals, so consumers will be more attracted to consume tofu as it is gluten free and contains no cholesterol. It is excellent source of protein as well. Besides, the price of soy products is considerably lower than that of milk product and it will affect the preparation price for tofu as well. Ultimately, there will be an increase in market growth for tofu.


Although tofu is rich in calcium content as it has several artificially added coagulants such as calcium sulphate, yet it lacks naturally present calcium. As a result, this causes people reluctant about its consumption. Another major restraint is the high perishability rate of tofu and tofu based products.


The number of lactose intolerant people are increasing in AsiaPacific and US, which will cause customers to consume these products more. Moreover, the distribution salesforce data reveals an inclined buying of plant based products, organic products non GMO products. Hence, the companies will have huge potential in meeting the demands of tofu and tofu based products.


Market Segmentation


Based on type, the global tofu market can be categorized into processed and unprocessed tofu. Processed tofu dominated the market share in 2016, major reason being its longer shelflife and higher preservation capacity. However, unprocessed tofu is expected to show the most rapid growth rate during the forecast period of 20182023. Perhaps, this is due to increasing awareness among individuals for consuming natural products without preservatives.


By application, the tofu market can be segmented into supermarkets/hypermarket, convenience stores, online channels and others. Countries like US are emphasizing on more inflow of plant based products such as tofu instead of meat products in hypermarkets such as Walmart. However, smaller retailers are little skeptical on selling these products, pertaining to its high cost.


Regional Segmentation


According to 2017 data, Asia Pacific dominated the global tofu market in terms of revenue while US leads the market growth specifically due to shifting lifestyle patterns. The major contributing countries in AsiaPacific region are China, Japan, South Korea, Vietnam, the Philippines, Thailand, and Indonesia. China is one of the fastest growing market for soybean and is anticipated to be major exporter as well. This will ultimately affect the growth market for tofu and tofu based products.


Also, emerging nations of Middle East and Africa has huge opportunities to the global tofu market due to its high nutritional benefits. For instance, tofu is currently being used in shawarma, a fast food staple in the Middle East, as a substitute of meat.


MAJOR PLAYERS: HAIN CELESTIA, HOUSE FOODS GROUP, HUGLI HOLDING COMPANY, PULMUONE CO., LTD, VITASOY INTERNATIONAL HOLDINGS LIMITED, THE NISSHIN OILLIO GROUP, LTD. , SAN JOSE TOFU, TOFURKY, EDEN FOODS, MORINAGA COMPANY, KIKKOMAN CORPORATION and AMY'S KITCHEN, amongst others.


Key Developments


January 2017 : Hain Celestial established partnership with Hain Tilda, India to manufacture, market and distribute its product in various categories. Also, Universal Robina Corporation URC has entered into a joint venture with the Vitasoy Group of Hong Kong to explore the market potential of plantbased sustainable beverages in the Philippines.


Reasons to Purchase this Report


Analyzing outlook of the market with the recent trends and Porter's five forces analysis.

Market dynamics, which essentially consider the factors that are impelling the present market scenario, along with growth prospects of the market over the forecast period.

Market segmentation analysis, including qualitative and quantitative research, incorporating the impact of economic and noneconomic aspects.

Countrylevel analysis, integrating the demand and supply forces that are influencing the growth of the market.

Competitive landscape involving the market share of major players, along with the key strategies adopted for development over the past five years.

Comprehensive company profiles, covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players.

3 months analyst support along with the Market Estimate sheet in excel.


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Original Article: Global Tofu Market Growth, Trends and Forecasts 2018 2023 [Report Updated: 01032018] Prices from USD $4250

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