Tempeh Market Size, Share, Growth Report 2032

Tempeh Industry Prospective:

The global tempeh market size was evaluated at $145 million in 2022 and is slated to hit $500 million by the end of 2030 with a CAGR of nearly 16.2% between 2023 and 2030.

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Tempeh Market: Overview

Tempeh is a traditional food in Indonesia made up of fermented soybeans. Reportedly, the product is made with the help of a controlled fermentation process binding soybeans into a cake form. For the record, a fungus is utilized in the fermentation process and is referred to as tempeh starter. Furthermore, tempeh is a key protein source and has proved to be an apt choice for vegans & vegetarians as well as health-conscious people. Tempeh is also utilized for the prevention of digestive problems and joint pain in individuals.  

Key Insights

• As per the analysis shared by our research analyst, the global tempeh market is projected to expand annually at the annual growth rate of around 16.2% over the forecast timespan (2023-2030)
• In terms of revenue, the global tempeh market size was evaluated at nearly $145 million in 2022 and is expected to reach $500 million by 2030.
• The global tempeh market is anticipated to grow rapidly over the forecast timeline owing to the demand for meat substitutes such as tempeh is rising globally owing to its popularity among the vegan population
• In terms of product type, the organic segment is anticipated to register the highest CAGR over the forecast period.
• Based on the distribution channel, the online channel segment is expected to lead the segmental growth over the period from 2023 to 2030
• Region-wise, the North American tempeh industry is projected to register the fastest CAGR during the assessment timespan.

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Tempeh Market: Growth Factors

Growing intake of meat alternatives to scale up the global market demand over forecast years

The demand for meat substitutes such as tempeh is rising globally owing to its popularity among the vegan population across the globe. Moreover, the health benefits associated with tempeh as a soy-based fermented product are further stimulating the global tempeh market growth. In addition to this, a reduction in consumption of red meat owing to the growing focus on leading a healthy lifestyle will boost the global market trends. Escalating preference towards a ready-to-eat diet is likely to spur the expansion of the global market.

Furthermore, huge demand for plant-based food items is likely to translate into immense growth for the market globally. With an increase in the consumption of tempeh, a plant-based meat product, the market for tempeh is likely to witness a mammoth growth in the upcoming years. The introduction of new product variants is predicted to contribute remarkably towards the global market size in the coming years. In January 2024, Better Nature Tempeh, a key manufacturer of various kinds of tempeh, introduced a smoky tempeh for Veganuary to cater to the escalating demand for the meat-free consumer segment.

Tempeh Market: Restraints

Climbing costs of tempeh can hinder the expansion of the industry globally over 2023-2030

The easy availability of product substitutes is anticipated to restrict the growth of the global tempeh industry. Huge product costs can further retard the global industry expansion in the coming decade.

Tempeh Market: Opportunities

Massive fund allocation for research & development projects related to new product development to boost the global market surge

Growing customer inclination towards clean-label products due to a rise in health & wellness awareness is anticipated to open new avenues of growth for the global tempeh market. In addition to this, a surge in investments in research activities for developing new products is anticipated to scale up the growth of the market globally. Growing product demand from developing countries and developed ones will further shape the growth of the market across the globe.

Tempeh Market: Challenges

Restricted raw material supply for producing tempeh can be a big threat to elevation of the industry globally

Less supply of raw materials along with interruptions in the supply chain can prove to be a huge challenge for the global tempeh industry. The rise in the import & export duties on the product will pose a huge threat to the global industry expansion in the upcoming years.  

Tempeh Market: Segmentation

The global tempeh market is sectored into product type, distribution channel, and region.                                              

In product type terms, the tempeh market globally is bifurcated into regular and organic segments. Furthermore, the organic segment, which accrued nearly 60% of the global market earnings in 2022, is predicted to register the fastest rate of annual growth in the forecast timespan. The expansion of the segment during 2023-2030 can be a result of massive customer preference for organic food items providing massive health benefits to consumers. Furthermore, surging concerns related to pesticides and genetically modified crops will steer the demand for organic products.    

Based on the distribution channel, the tempeh industry across the globe is separated into mass merchandisers, convenience stores, online channels, and other segments. Furthermore, the online channel segment, which gathered nearly three-fourths of the global industry revenue in 2022, is predicted to lead the segmental growth over the assessment period. The expansion of the segment during 2023-2030 can be due to a rise in the sale and purchase of tempeh from various online channels.

Tempeh Market: Report Scope

Tempeh Market: Regional Insights

Asia-Pacific is anticipated to uphold its dominant status in the global tempeh market in the upcoming years

Asia-Pacific, which contributed more than 53% of the global tempeh market revenue in 2022, is projected to be a leading region in the coming eight years. Furthermore, the regional market elevation over the forecast timeline can be subject to the use of the product as a staple food in countries such as Indonesia. In addition to this, surging awareness among customers about the health benefits offered by the product is likely to scale up the expansion of the market in the region. The presence of key product manufacturers and vendors in the region will contribute to the regional market surge.

The North American tempeh industry is predicted to register the highest CAGR in the next few years. The growth of the industry in the sub-continent over the forecast timeframe can be attributed to a rise in the intake of vegan diets witnessed among Americans. Additionally, an increase in the consumption of meat alternatives seen in countries such as the U.S. will prompt the growth of the industry in the region.

Tempeh Market: Competitive Space

The global tempeh market profiles key players such as:

• The Cultured Bean Company
• Lalibela Farm
• Rhapsody Natural Foods
• Future Food
• American Soy Asia
• Nutrisoy Pty Limited
• Lightlife Foods
• Soy Bean Company
• ALIVE & HEALING INC.
• Impulse Foods

Key Developments

• In the first half of 2021, The Hello Tempayy Company, an Indian-based food start-up, launched ready-to-eat tempeh products referred to as Hello Tempayy brand produced from the fermentation of soybeans, thereby providing healthy & tasty plant-based proteins for consumers in the India sub-continent.
• In the first quarter of 2022, Lightlife, a division of Maple Leaf Foods, introduced a new kind of tempeh cube items in the U.S. Reportedly, these products are easily available across various e-commerce sites as well as retail stores in California.

The global tempeh market is segmented as follows:

By Product Type

• Regular
• Organic

By Distribution Channel

• Convenience Stores
• Mass Merchandiser
• Online Channel
•  Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa