The global tofu market, valued at US$ 2.7 Billion in 2022, is poised for further growth, with projections indicating that it will reach US$ 3.6 Billion by 2028. This growth is expected to be driven by a Compound Annual Growth Rate (CAGR) of 4.9% during the period from 2023 to 2028.
Tofu, also known as bean curd, is a versatile soy-based product known for its creaminess and protein content. It is produced by curdling fresh soy milk and pressing it into a solid block. Tofu comes in various textures, including extra-soft, soft, silken, firm, and extra-firm, making it suitable for a wide range of culinary applications. Rich in essential nutrients and health-promoting compounds such as iron, calcium, magnesium, copper, zinc, amino acids, and vitamin B1, tofu offers benefits for heart health, bone health, and weight management.
Global Tofu Market Trends:
Several trends are contributing to the growth of the tofu market:
• Rise of Veganism: The growing preference for vegan food products and increasing health consciousness are driving the demand for tofu. Tofu serves as a low-fat and low-cholesterol vegan and soy-based food product.
• Innovative Product Variants: Manufacturers are continually introducing innovative tofu-based products, including sauces, burgers, hot dogs, ice creams, shakes, and desserts, appealing to a wider consumer base.
• Restaurant Experimentation: Restaurants and eateries are experimenting with tofu to create unique and innovative dishes, catering to consumers seeking diverse culinary experiences.
• Premiumization of Diets: The premiumization of gluten-free and low-carb diets has led to the inclusion of organic tofu in diets, further boosting the market.
• Digital Promotion: Aggressive promotional efforts by manufacturers on social media platforms, coupled with easy availability through e-commerce retail chains, are driving market growth.
• Urbanization and Rising Consumer Expenditure: Rapid urbanization and increasing consumer expenditure are anticipated to drive the market further.