Tofu Market Segment Analysis By Distribution Channel
Supermarkets/Hypermarkets segment held the largest share in the Tofu Market in 2020 and is estimated to grow at a CAGR 5.2% during the forecast period 2021-2026. This is owing to the easy availability of products of various line-ups from different companies under one single roof. Due to low operating charges and high selling overheads, supermarkets can offer products at comparatively lesser price than its other counterparts. Additionally, there are a handful of hypermarkets which allow quality assurance of their products, thereby bolstering the growth of this segment. However, many established players are catering to online sales channels like Amazon and Alibaba, in order to boost sales, promote and market their products. With the penetration of internet in sub-urban and rural areas, it has become increasingly convenient. Online segment is estimated to register the higher CAGR over the period 2021-2026.
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Tofu Market Segment Analysis By Geography
Asia Pacific dominated the Tofu Market with a major share of 36.5% in 2020. This is attributed to the growing number of consumers including tofu in their diet mainly because of its health benefits, especially in some of the countries namely Japan, Vietnam, the Philippines, South Korea, Thailand, and Indonesia. Additionally, China is progressively growing in the soybean market and is one of the major exporters. This is likely to bolster the market growth of tofu and tofu-based products in this region.
However, Europe is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the growing number of consumers turning to vegan diet for health and wellness concerns. Rising awareness regarding animal cruelty because of which consumers are adopting vegan diet is also increasing the growth of the market in this region.
Tofu Market Drivers
Growing number of consumers shifting to vegan diet
Over the recent past, most of the major economies have witnessed a wide segment of their consumer base turning to vegan diet due to various reasons. The primary reason is the awareness regarding ill effects, like high cholesterol, blood pressure and cardiac arrest, of over consumption of animal products for a prolonged period of time. Moreover, due to growing awareness surrounding animal cruelty and behavior, a lot of consumers are adopting vegan diet, primarily due to ethical reasons. Thus, increasing the growth of the Tofu Market during the forecast period 2021-2026.
Very high in nutritive content
The main ingredient of tofu is soybean, which makes it very high in plant protein content. Tofu is also constituted of isoflavones like phytoestrogens that has both estrogen-agonist or estrogen-antagonist properties. These products when consumed on a regular basis helps to combat certain ailments like cancer and osteoporosis. Thus, increasing the growth of the Tofu Market during the forecast period 2021-2026.
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Tofu Market Challenges
Perishable rate of tofu-based products
Some of the factors that are set to impede the growth of the Tofu market owing to the extensive perishable rate of tofu and tofu-based products. It needs to be consumed almost immediately which often makes it hard to store and preserve even for shorter durations of time.
Tofu Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Tofu Market. In 2020, the Tofu Market share is fragmented by the top ten players present in the market. The Tofu Market, top 10 companies are Hain Celestial, Hugli Holding Company, The Nisshin Oillio Group, Eden Foods, Morinaga & Company, Hugli Holding Company, and Vitasoy International Holdings among others.
Asia Pacific dominated the Tofu Market in 2020 owing to the increasing consumer awareness regarding the health benefits of tofu. The Tofu market scope for different regions will be provided in the final report.
Tofu is very high in nutritive content, at par with milk products coupled with the growing number of consumers shifting to vegan diet are likely to aid the market growth of the Tofu Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Tofu Market report.
Extensive perishable rates of tofu and tofu based products is poised to create the hurdles for the Tofu Market.
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