Rising tempeh

A report on the global tempeh market released by Future Market Insights reveals that the market was worth US$3,842.8 million (AU$5,205.6 million) in 2019, having exhibited a rise during 2013–2018. The market is predicted to continue rising, with a CAGR of 6.1% between 2019 and 2026, due to the rising demand for meat analogues that are similar in texture and taste to meat. During the last few years, tempeh producers have increased production across their manufacturing facilities, while soy-based food materials such as tempeh and tofu gained traction in the market.

According to the report, a large consumer base is looking for products that are naturally sourced; as tempeh is a fermented food product that falls under the category of functional foods, it garners increased consumer interest, leading to increases in demand. The global tempeh market has been segmented into organic and conventional types, where soybean-based tempeh holds the major share. However, the multigrain-based segment is projected to show growth over time, due to its rising application in different food products. The tempeh market is studied on the basis of flavour; in this category the market share for plain is higher than the herbs and spiced category. The fresh type segment accounted for 85% of the total tempeh market share.

Europe and the Asia–Pacific region are predicted to lead the global tempeh market in terms of value, with demand for tempeh high in North America, which is expected to show a high growth rate in future. A rising flexitarian/vegetarian population has led to increased demand for tempeh in North America, with the Latin American market also exhibiting high demand for the product.

The tempeh market is rising as consumers are seeking natural food products that will improve their health. Consumers are also showing interest in GMO-free and organic products in the food and beverage industry which provide distinctive mouthfeel along with claimed health benefits.

Image credit: ©stock.adobe.com/au/fahrwasser