Global Tempeh Market 2021 (Includes Business Impact of COVID-19)

                                          
Report updated on 11th September, 2021: Global Tempeh Market 2021 (Includes Business Impact of COVID-19)
Global Tempeh Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2030 is a recent report generated by Trusted Business Insights. The global Tempeh market report has been segmented as per product type, form, source, sales channel, and region.
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The global Tempeh market size was valued at USD$187.41 million in 2020 and is projected to reach USD $391.91 million by 2030, and is anticipated to expand at a CAGR of 7.62% over the forecast period from 2020 to 2030.


Global Tempeh Market: Overview


Tempeh is produced from the fermentation of soybean and using special fungus Rhizopus oligosporus. It is a type of fermented soy cake product and can be consumed as a snack or with rice in everyday meals. It contains high nutritional value and mainly used in several vegetarian cuisines across the globe. In addition, the tempeh contains high levels of various vitamin such as B2, B6, B3, and B5 and it is a high source of phosphorus, magnesium, fiber, calcium, iron, protein, and others. The tempeh is most popular across the globe and easily available in the market and also it is the best alternative for meat-based products and meat.


Global Tempeh Market: Dynamics


Increasing demand for tempeh in developed and developing countries due to several benefits associated with it such as build stronger immune system, increasing antibodies, reduces sugar, regulate appetite, decrease cholesterol level, improve muscle growth, and others. This is a key factor projected to drive growth of the global market during the forecast period. In addition, increasing consumption of tempeh among health-conscious individuals and rising availability of tempeh in various distribution channel including hypermarket or supermarkets, e-commerce, convenience stores, and others across the globe. These are major factors forecasted to support growth of the target market over the forecast period.

Growing demand for ready-to-eat tempeh among individuals due to busy lifestyle and rising number of working population across the globe resulting in increasing demand for tempeh across the globe are other factors expected to proliferate growth of the global market. In addition, rising lactose intolerance among individuals and an increasing number of vegan population across the globe resulting in the growing demand for tempeh are among other factors projected to boost growth of the target market.

Furthermore, high focus to provide healthier food products across the globe by major tempeh manufactures and increasing tempeh selling through e-commerce platform across the globe are other factors expected to propel growth of the global tempeh market in the upcoming years.

However, high cost associated with tempeh and availability of tempeh alternative like tofu is major factors projected to restraint growth of the target market.


Global Tempeh Market: Segment Analysis


Rapid consumption of organic tempeh across the globe due to rising health awareness among individuals is the primary factor driving revenue growth of the organic tempeh segment among the form segments.

Among the sales channel, the supermarkets or hypermarkets segment is forecasted to register significant share in the global tempeh market, owing to various facilities provided by supermarkets or hypermarkets such as competitive pricing, easy shopping, product discounts, product comparison and visibility under one roof, and others.


Global Tempeh Market: Region Analysis


The Asia Pacific tempeh market is projected to dominate in terms of revenue in the global market followed by the market in North America, owing to high tempeh production and consumption in the countries such as Japan, India, China, US, and Canada in these regions. In addition, high preference for Soy-based products among individuals and high concern about health projected to drive growth of the Asia Pacific and North America market. The market in the Middle East & Africa, Europe, and Latin America are expected to witness moderate growth in terms of revenue, owing to raising awareness about various health benefits associated with tempeh among consumers in many countries in these regions.

Global Tempeh Market Segmentation:

Segmentation by Product Type:

  
Fresh
  
Frozen
  
Ready-to-eat

Segmentation by Form:

  
Conventional Tempeh
  
Organic Tempeh

Segmentation by Source:

  
Multi-grain
  
Soybean

Segmentation by Sales Channel:

  
Supermarkets or Hypermarkets
  
Food and Drink Specialty Stores
  
Convenience Stores
  
E-commerce


Key Market Players included in the report:


  
ADP, LLC
  
Alphabet Inc.
  
Ascentis Corporation
  
Automatic Data Processing Inc.
  
Bamboo HR LLC
  
Bullhorn, Inc. (Vista Equity Partners)
  
ClearCompany Inc.
  
Cornerstone
  
Greenhouse Software, Inc
  
IBM Corporation
  
iCIMS Inc.
  
International Business Machines Corp.
  
JazzHR
  
Jobvite, Inc
  
Oracle Corporation
  
Paycor, Inc
  
PeopleFluent, Inc
  
Racarie Software
  
Recruiterbox Inc, Infor
  
SAP SE
  
SilkRoad Technology
  
Ultimate Software
  
Workday, Inc.
  
Zoho Corporation Pvt. Ltd


Below are the key development related to Tempeh Market in 2020 and 2021.


July 2021: Plant Power Launches Oriental Spare Ribz and Smoked Tempeh Block in the UK. British tempeh brand Plant Power has launched a new product, Oriental Tempeh Spare Ribz, in the UK, as a follow-up to the company’s hugely successful Sticky BBQ Tempeh Spare Ribz. The plant-based ribs are free of bones and coated in a sticky sweet and sour sauce. The product is now available at the company’s key retail partners and via its online store, which also offers a custom subscription service. Plant Power’s tempeh is stocked at over 1000 distribution points in the UK, the Republic of Ireland, and the UAE. In order to offset its carbon emissions, the company funds a mangrove tree to be planted in Mozambique for each order placed. So far, it has planted over 1,500 trees. Source

June 2021: BETTER NATURE LAUNCHES ACCESSIBLE NEW PRODUCT RANGE AND RECIPES FOR AN ALL-NATURAL MEAT-FREE SUMMER. following a £1.6 million Seed Round led by the Good Food Fund and Seedrs, fast-growing meat-free brand Better Nature are launching their brand-new product range. With new flavours at lower prices, they plan to make their tasty products even more accessible, keeping up with growing consumer demand for more healthy, naturally delicious meat-free food. Launching just in time for summer, these new products can be the staple of any vegan BBQ, brunch or Sunday roast dinner with the family. Source

January 2021: Greenleaf Foods to expand plant-based production with new facility. Maple Leaf Foods’s Greenleaf Foods subsidiary will acquire and convert a production facility in Indianapolis, US, to expand the firm’s plant-based production capacity. Greenleaf Foods produces a range of plant-based protein products sold under the Lightlife and Field Roast brands in Canada and the US. The purchase of the new plant comes as the company seeks to increase the production capacity of tempeh, due to ‘growing demand’ for its Lightlife tempeh products. The acquisition of the 118,000 square foot plant in Indianapolis is expected to close in early April, and the company will then install tempeh production equipment at the site, with an estimated initial capacity of approximately 4.5 million kilograms of tempeh annually. According to estimates provided by Maple Leaf Foods, the cost of the project is approximately $100 million, and production at the plant is estimated to begin in the first half of 2022. When fully operational, the site will employ approximately 115 people. Source