Growing Adoption of Veganism to Favor Growth of the Global Tofu Market

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The global tofu market is currently valued at USD more than USD 742 million and is expected to reach around USD 874 million by 2021, says Technavio.

Technavio has announced its latest market research report on the global tofu market, under its food portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Hain Celestial, House Foods Group, Hügli Holding, MORINAGA, Pulmuone, and VITASOY.

According to Manjunath Reddy, a lead analyst for food research at Technavio, “Veganism is gaining traction in the global market as a style of living and philosophy. People are increasingly adopting vegan diets because of the ethical concern toward animals and for a better environment. Morevover, people perceive a vegan diet to be healthy and prefer consuming dairy alternatives such as tofu.”

The vegan diet strongly favors animal rights, and vegan consumers do not consume meat. This has a positive impact on the global tofu market, as vegan consumers will look out for more plant-based alternatives such as soy-based foods. According to the People for the Ethical Treatment of Animals (PETA), about 2.5% of the US population followed a vegan diet in 2015, and nearly 12% of the UK population and 10% of Sweden population follow a vegan diet.

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Recent innovations in tofu

Manufacturers in the market space are currently focusing on the better utilization of the by-products, such as wet okara (tofu dreg in the form of pulp consisting of insoluble parts of soybean, which is left over after pureed soybeans are filtered in the production of tofu and soy milk), of tofu processing. These co-products have healthy proteins and fats, which can be beneficial to human health. For instance, sprouted tofu (tofu made from germinated soybeans) is gaining popularity among vegan consumers across the globe. Sprouted tofu has a less beany or grassy flavor and better aroma.

Increasing demand for plant protein nutrients

The growing awareness among consumers about the health benefits of plant protein nutrients is propelling the demand for soy protein ingredients market. Soybeans contain more protein than milk, eggs, and meat and are comparatively less expensive. Many new start-ups that manufacture plant-based proteins are venturing into the market space. There is also a noticeable rise in investments made in the research and development of new and innovative product variants. For instance, popular global entrepreneur Bill Gates invested in two plant-based protein start-ups, Hampton Creek and Beyond Meat, in 2015.

This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.

A more detailed analysis is available in the Technavio report titled, ‘Global Tofu Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.

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