Tempeh Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Tempeh Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Tempeh Global Market Report 2024, The tempeh market size has grown strongly in recent years. It will grow from $5.29 billion in 2023 to $5.71 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to rising plant-based diets, growing health consciousness, vegetarian and vegan trends, culinary diversity, sustainable and ethical consumption.

The tempeh market size is expected to see strong growth in the next few years. It will grow to $7.96 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to continued plant-based movement, global cuisine integration, health and wellness trends, innovative product offerings, retail expansion. Major trends in the forecast period include marketing of tempeh as a nutrient-dense superfood, collaborations and partnerships for tempeh product innovation, introduction of convenient and ready-to-eat tempeh products, focus on sustainable and non-GMO tempeh production, incorporation of tempeh in vegan and plant-based diets.

The increasing popularity and demand for the vegan diet is expected to drive the growth of the tempeh market in the coming years. A vegan diet excludes animal products such as fish, dairy, meat and eggs. Vegan and flexitarian diets are becoming more popular as the plant-based business has developed and people becoming more conscious of the difficulties surrounding meat production. People who prefer a vegan diet are increasingly turning to meat substitutes including tempeh, which contain high levels of calcium and protein. For instance, according to the Vegan and Plant-Based Diet Statistics report for 2021, more than 500,000 people signed up for Vegan in 2021, a 25% increase over the previous year. Therefore, the increasing popularity and demand for the vegan diet propels the growth of the tempeh market.

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The tempeh market covered in this report is segmented –

1) By Product Type: Frozen, Fresh and Ready-to-eat

2) By Nature: Organic and Conventional

3) By Flavor: Plain, Herbs & Spice

4) By Source: Soybean, Multigrain, Other Sources

5) By Distribution Channel: Hypermarket, Specialty Retail, Convenience Stores, Traditional Groceries and Online Retailers

Major companies operating in the tempeh market are focusing on innovative products such as tempeh cubes to better meet the needs of their existing consumers. Tempeh cubes are bite-sized portions or cubes of tempeh, a classic fermented soy delicacy from Indonesia, produced naturally by fermentation. For instance, in March 2022, Lightlife Foods, a US-based manufacturing company for tempeh, launched Lightlife Tempeh Cubes. Lightlife Tempeh Cubes are an innovative, ready-to-cook product addition to the brand’s expanding array of best-selling Tempeh products. A quick, healthy shortcut that doesn’t skimp on flavor. Tempeh Cubes, Lightlife’s newest offering, can be purchased at Sprouts retail locations in three delectable, marinated varieties: Teriyaki, Southwest, and Tikka Masala. Tempeh Cubes, which are pre-cut, pre-seasoned, and include 13 grams of protein per serving, allow consumers to create a quick, nutritious, and tasty dinner.

The tempeh market report table of contents includes: