The global tofu market grew at a CAGR of around 5% during 2014-2019. Tofu, or bean curd, refers to a creamy and protein-rich soy product that is made from curdling fresh soy milk and pressing it into a solid block. Unprocessed tofu is commonly available in a variety of textures, including extra-soft, soft, silken, firm and extra-firm. It is widely used in multiple cuisines as it can effectively absorb flavors from spices, seasoning, sauces and marinades. It is a rich source of various nutrients and health-promoting compounds, such as iron, calcium, magnesium, copper, zinc, amino acids and vitamin B1, which aid in improving heart and bone health and weight management.
The significant growth in the food and beverage industry, along with increasing consumer preferences for vegan food products, is among the key factors driving the growth of the market. In line with this, growing health consciousness and increasing instances of various lifestyle disorders have led to the widespread adoption of low-fat and low-cholesterol vegan and soy-based food products. Furthermore, the continual launch of innovative product variants, such as tofu-based sauces, burgers, hot dogs, ice creams, shakes and desserts, is acting as another growth-inducing factor. Restaurants, cafes and other eateries are experimenting with multiple flavors and combinations of tofu to offer innovative and unique dishes to their customers. Additionally, the premiumization of gluten-free and low carb diets across the globe has also catalyzed the inclusion of organic tofu in the diets. Other factors, including aggressive promotional activities by manufacturers on social media platforms, the easy product availability through various e-commerce retail chains, rising consumer expenditure and rapid urbanization, are projected to drive the market further. Looking forward, IMARC Group expects the market to continue to exhibit moderate growth during the forecast period (2020-2025).
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The competitive landscape of the industry has also been examined with some of the key players being Amy's Kitchen, Eden Foods Inc., Hain Celestia, House Foods Group, Kikkoman, Morinaga & Company, Pulmuone, Tofurky, Vitasoy, etc.
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