Tofu Market Analysis

Global Tofu Market Overview

Tofu Market Size was valued at USD 1.5 billion in 2023. The Tofu industry is projected to grow from USD 1.6 Billion in 2024 to USD 2.7 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.01% during the forecast period (2024 - 2032). Increasing consumer preferences for plant-based food products, expansion of the food and beverage industry, and easy availability of the product in online and retail stores are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Tofu Market Trends

• 
  

  Increasing Adoption Of Plant-Based Diets By Consumers Worldwide To Boost Market Growth

  
  

The key factor driving the tofu market is the increasing adoption of plant-based diets by consumers worldwide. Tofu is a popular plant-based protein source that is rich in nutrients, low in fat and calories, and is a good alternative to meat products. The growing awareness about the health benefits of plant-based foods, concerns about animal welfare, and environmental sustainability are some of the reasons why consumers are shifting towards plant-based diets. Additionally, the rising number of vegans, vegetarians, and flexitarians is further contributing to the growth of the tofu market. Moreover, the availability of a wide range of tofu products, such as flavored, smoked, and marinated tofu, is increasing the appeal of tofu among consumers. The tofu market is also being driven by the expanding retail distribution network, the development of new tofu products, and the growing popularity of tofu-based dishes in the foodservice industry.

Government authorities are recognizing the health and environmental benefits of plant-based diets and are encouraging citizens to incorporate more plant-based foods into their diets, including tofu. For instance, in 2020, the Brazilian government released a new dietary guideline recommending that individuals consume more plant-based foods and reduce their intake of processed and ultra-processed foods, which include many meat products. The Netherlands' government has been promoting plant-based diets as part of its sustainability initiatives. In 2019, the Dutch government launched a campaign encouraging citizens to reduce their meat consumption by participating in "Meatless Monday" and promoting plant-based protein sources such as tofu. Thus, such factors has enhanced the Tofu market CAGR across the globe in the recent years. Furthermore, there has been a successful expansion into emerging markets in Tofu which is another factor driving the growth of the Tofu market revenue.  

Tofu Market Segment Insights

Tofu Type Insights

The Tofu market segmentation, based on Type, includes Organic and Conventional. The Conventional segment currently holds the largest market share in the Tofu market revenue, and this is expected to continue in the coming years. The demand for conventional tofu is being driven by a variety of factors, including the increasing popularity of plant-based diets, the growth of the foodservice industry, and the convenience and affordability of tofu compared to other protein sources.

Tofu Distribution Channel Insights

The Tofu market segmentation, based on Distribution Channel, includes Food Retail and Food Service. The Food Retail segment currently holds the largest market share in the Tofu market.  The food retail segment includes supermarkets, hypermarkets, convenience stores, and online retail channels, where consumers can purchase tofu for consumption at home. The food retail segment is also expected to continue growing, driven by factors such as the increasing availability of tofu products in supermarkets and the growing demand for healthy and sustainable food options.

FIGURE 1: TOFU MARKET, BY DISTRIBUTION CHANNEL, 2024 & 2032 (USD bILLION)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Tofu Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. In 2022, the Asia Pacific tofu market held the largest market share with 45.3%. Growing consumer knowledge of the product's health advantages is predicted to increase regional product demand. As a result of its easy access to the product and the presence of numerous manufacturers there, Japan was the largest regional consumer. To satisfy Japan's high demand for their products, a number of food companies with U.S. roots have begun to sell packaged tofu there. The high concentration of middle-class age groups in China makes it one of the major markets with significant potential. Jiaxing Jiajiale Foods Co. Ltd., Hebei Gaobeidian DouDou Food (Group) Co. Ltd., and Hangzhou Huayuan Bean Food Co. Ltd. are significant Chinese producers. Moreover, China Tofu market held the largest market share, and the India Tofu market was the fastest growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

FIGURE 2: TOFU MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

North America is predicted to have the fastest CAGR. Customers favor soy-based products for ethical and health-related reasons. The growing demand for plant-based foods among Americans is expected to fuel regional expansion. As the product is regarded as a good meat alternative with high protein levels, it is anticipated that the expanding vegan population in the U.S. and Canada will contribute to the regional demand.

Europe Tofu market accounts for the significant market share during forecast period. The tofu market in Europe is growing, driven by factors such as increasing consumer demand for plant-based protein sources, growing awareness of the health benefits of tofu, and the rising popularity of vegetarian and vegan diets. Additionally, the foodservice industry is also driving the growth of the tofu market in Europe, with an increasing number of restaurants and cafes offering tofu dishes on their menus. The demand for tofu through food service channels is expected to continue growing in the coming years, particularly in urban areas where plant-based diets are more popular. Further, the Germany Tofu market held the largest market share, and the UK Tofu market was the fastest growing market in the European region.  

Tofu Key Market Players & Competitive Insights

Major market players are investing heavily in R&D to expand their product lines, which will help the Tofu market grow even further. Market participants are also pursuing a variety of strategic initiatives to expand their footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. To expand and survive in an increasingly competitive and rising market environment, Tofu industry must offer cost-effective items.

The Tofu market major player such as Dean Foods (US), Kikkoman Corporation (Japan), Eden Foods Inc (US), Vitasoy International Holdings (US), House Foods Group Inc (Japan), Bell Food Group (Switzerland), The Nisshin Oillio Group Ltd. (Japan), Pulmuone Co. Ltd (South Korea), Hain Celestial Group (US), Moringa & Co (France), and Others.

Kikkoman Corporation is a Japanese food and beverage company that is known for its soy sauce products. The company was founded in 1917 and is headquartered in Noda, Chiba Prefecture, Japan. Kikkoman is one of the world's largest producers of soy sauce and exports its products to more than 100 countries. In terms of the tofu market, Kikkoman is also a significant player. The company produces a range of tofu products, including firm and silken tofu, as well as tofu-based products such as tofu burgers and sausages. Kikkoman's tofu products are made using high-quality soybeans and are popular both in Japan and abroad. The company's tofu products are often used as a healthy, vegetarian alternative to meat and are a popular source of protein for those following plant-based diets. Kikkoman's strong reputation for quality and sustainability has helped it to establish itself as a leading player in the tofu market.

Eden Foods Inc is a US-based food company that was founded in 1969 and is headquartered in Clinton, Michigan. The company is known for its natural and organic food products and has a strong focus on sustainability and environmental responsibility. Eden Foods also produces a range of tofu products. The company's tofu is made using organic, non-GMO soybeans and is available in a range of styles, including firm, extra firm, and soft. Eden Foods' tofu products are popular among those following plant-based diets and are often used as a source of protein in vegetarian and vegan dishes. The company's focus on natural, organic, and sustainably-sourced ingredients has helped it to establish itself as a leading player in the tofu market.

Key Companies in the Tofu market includes

• 
  

  Dean Foods (US)

  
  


• 
  

  Kikkoman Corporation (Japan)

  
  


• 
  

  Eden Foods Inc (US)

  
  


• 
  

  Vitasoy International Holdings (US)

  
  


• 
  

  House Foods Group Inc (Japan)

  
  


• 
  

  Bell Food Group (Switzerland)

  
  


• 
  

  The Nisshin Oillio Group Ltd. (Japan)

  
  


• 
  

  Pulmuone Co. Ltd (South Korea)

  
  


• 
  

  Hain Celestial Group (US)

  
  


• 
  

  Moringa & Co (France)

  
  


• 
  

  Others

  
  

Tofu Industry Developments

March 2022 The Tofu Co. has collaborated with popular sriracha brand Flying Goose to develop a new product - sriracha tofu. The tofu blocks are infused with chili and marinated in sriracha, providing a spicy and tangy flavor. Such innovative business strategies are significantly boosting the sales of tofu products in the market.

November 2021 Mori-Nu Plus is a new fortified tofu product that has been recently launched by Morinaga Nutritional Foods, Inc. The product is now available to consumers through direct-to-consumer channels. Mori-Nu Plus is an excellent source of protein, calcium, and vitamin D, providing consumers with a nutritious and convenient food option.

May 2021 Cauldron Foods, a vegetarian food brand, has recently introduced two new products to its existing range of tofu and snacks. These additions reflect the brand's commitment to offering a diverse and innovative product range to its customers. Additionally, the tofu market's growth is also influenced by the various inorganic strategies implemented by market players, which are crucial to the market's overall development.

Tofu Market Segmentation

Tofu Type Outlook

• 
  

  Organic

  
  


• 
  

  Conventional

  
  

Tofu Distribution Channel Outlook

• 
  

  Food Retail

  
  


• 
  

  Food Service

  
  

Tofu Regional Outlook

• 
  

  North America

  
  
  
  
  • 
    

    US

    
    
  
  
  • 
    

    Canada

    
    
  
  
  
  


• 
  

  Europe

  
  
  
  
  • 
    

    Germany

    
    
  
  
  • 
    

    France

    
    
  
  
  • 
    

    UK

    
    
  
  
  • 
    

    Italy

    
    
  
  
  • 
    

    Spain

    
    
  
  
  • 
    

    Rest of Europe

    
    
  
  
  
  


• 
  

  Asia-Pacific

  
  
  
  
  • 
    

    China

    
    
  
  
  • 
    

    Japan

    
    
  
  
  • 
    

    India

    
    
  
  
  • 
    

    Australia

    
    
  
  
  • 
    

    South Korea

    
    
  
  
  • 
    

    Australia

    
    
  
  
  • 
    

    Rest of Asia-Pacific

    
    
  
  
  
  


• 
  

  Rest of the World

  
  
  
  
  • 
    

    Middle East

    
    
  
  
  • 
    

    Africa

    
    
  
  
  • 
    

    Latin America