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 Asia-Pacific 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.
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 shelf-life and higher preservation capacity. However, unprocessed tofu is expected to show the most rapid growth rate during the forecast period of 2018-2023. 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.
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 Asia-Pacific 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.
- 2017- 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.
- 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 plant-based sustainable beverages in the Philippines.
Major players – BARISTA, GLORIA JEANS, HONEST COFFEE COMPANY, JACOBS DOUWE EGBERTS, LAVAZZA, MCCAFE (MCDONALDS), MICHELS PATISSERIE, NESTLÉ, STARBUCKS and THE COFFEE CLUB, among others.
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- Analyzing outlook of the market with the recent trends and Porters five forces analysis
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- Regional and Country level 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 in the past five years
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1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definitions
2. Market Insights
2.1 Market Overview
2.2 Market Trends
2.3 Industry Attractiveness – Porters Five Forces Analysis
2.3.1 Bargaining Power of Suppliers
2.3.2 Bargaining Power of Consumers
2.3.3 Threat of New Entrants
2.3.4 Threat of Substitute Products and Services
2.3.5 Degree of Competition
3. Market Dynamics
3.1.1 Consumer Shift towards Vegan Diet
3.1.2 Growing Health Conscious among Consumers
3.2.1 High Perishability Rate of Tofu and Tofu-based Products
3.2.2 Availability of Other Substitute Products
3.3.1 Substitute for Lactose Intolerant
4. Market Segmentation
4.1 By Type
4.2 By Distribution Channel
4.2.2 Supermarkets / Hypermarkets
4.2.3 Convenience Stores
4.2.4 Online Channels
5. Regional Market Analysis
5.1 North America
5.1.4 Rest of North America
5.2.7 Rest of Europe
5.3.5 Rest of Asia-Pacific
5.4 South America
5.4.3 Rest of South America
5.5.1 South Africa
5.5.2 Rest of Africa
6. Competitive Landscape
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
7. Company Profiles
7.1 Hain Celestia
7.2 Pulmuone Co., Ltd
7.3 The Nisshin Oillio Group, Ltd.
7.4 Eden Foods
7.5 Morinaga & Company
7.6 House Foods Group
7.7 Hugli Holding Company
7.8 Nutrition et Soja