Impact of COVID-19 on Tofu Market Segments – Strategies, Applications and Competitive Landscape till 2025
Tofu has emerged as outstanding source of range of micronutrients and has emerged as versatile ingredients. Notably, tofu has been source of all the nine amino acids essential for the growth of humans. Various recipes have come to the fore aiming at changing texture, such as in Thai and Chinese cookery, has helped in the evolution of the tofu market. In addition, it is offering a range of consistency to tofu market. Growing popularity of soya-rich foods especially among women is bolstering prospects. Growing shift in the acceptance of vegan food has helped augment the prospect of tofu as a protein-rich food. The trend of premiumization has helped drive for gluten-free and low carb diets has augmented the demand for organic tofu, and has opened a new avenue in the tofu market. Growing incidence of celiac disease has further reinforced interest in gluten-free food. Growing focus on the growing role of nutritional interventions in managing cancer in various countries has propelled the demand for gluten-free food.
In the recent years, developing economies especially in Asia Pacific have presented substantial prospect to tofu manufacturers. This is in particular driven by increasing shelf life of tofu products, fueling its demand in hypermarkets and supermarkets. These retail chains have benefitted from advances in packaging for tofu. Strides in antimicrobial packaging have helped underpinned from the growing prospects in the tofu market. The lower pricing and aggressive promotional activities have also bolstered the demand for tofu products in offline distribution channels, including in hypermarkets. In the same vein, growing penetration of e-commerce for groceries especially in middle class populations is strengthening lucrative opportunities in the tofu market. Geographically, this implies that countries with higher middle-income age cohorts are contributing considerable opportunities to tofu manufacturers and packaging companies.
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Tofu is made by coagulating soy drain and after that squeezing the subsequent curds into delicate white pieces. Tofu can be delicate, luxurious, firm and additional firm. It has an unpretentious flavor and can be utilized as a part of sweet and appetizing dishes. Tofu is normally without gluten and low-calorie nourishment. It contains no cholesterol and is a fantastic wellspring of protein. It has large amount of proteins and low calorie content. It is also highly potent in iron as well as magnesium or calcium or any other coagulant that are used in the manufacturing of tofu such as calcium sulfate, calcium chloride and magnesium sulfite among others). The global tofu market is segregated on the basis of type and region. Based on type, the global tofu market is segregated into processed and unprocessed tofu. Processed tofu is further sub-divided into fermented, dried tofu, fried and frozen tofu. Unprocessed tofu is further sub-divided into extra soft tofu, soft or silken tofu, firm tofu and extra firm tofu. Processed tofu held majority market share in 2016 and is anticipated to hold its position throughout the forecast period. This is attributed to its longer shelf-life and higher preservation capacity. Unprocessed tofu is anticipated to witness the most rapid growth rate during the forecast period of 2017-2025. This is attributed to rise in demand for natural products without preservatives.
The rising embracing of the vegetable lover way of life will be one of the essential drivers for the global tofu market. Individuals are progressively accepting vegetable diets and eats less carbs because of the developing worry towards animal rights entitlement and for a superior environment. Tofu has progressively picked up acknowledgment throughout the years especially as a veggie lover and vegetarian affirmed wellspring of protein. Additionally, individuals are likewise adopting vegetable diets since meat-based sustenance pose critical dangers by expanding the danger of growth and the mindfulness towards the harms to kidney because of the utilization of overabundance of protein. This will drive the market of tofu since vegetable lovers eat less carbs and will progressively incline toward plant-based protein options, for example, tofu. The introduction of new products by tofu producers will be one of the real patterns that will drive the tofu market’s development amid the following couple of years. Due to their utilitarian points of interest, the current years saw a critical increment in the interest for soy-based products, for example, tofu. To attract consumers who are health conscious, tofu manufacturing organizations are presenting a few tofu items. High perishability is a major restraint to the global tofu market. Emerging nations of Middle East and Africa has huge opportunities to the global tofu market.
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Geographically, the global tofu market is segregated into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Asia Pacific held the most dominant market share in 2016 and is anticipated to hold its position throughout the forecast period. Countries such as Japan, China, South Korea, the Philippines, Vietnam, Indonesia and Thailand will be the major revenue generating countries to the tofu market in this region. North America is anticipated to witness the most rapid growth rate during the forecast period 2017-2025. This is attributed to increasing awareness among consumers about the benefits of tofu and increasing health consciousness among consumers.
Major players of the global tofu market include The Hain Celestial Group (New York, U.S.), House Foods Group (Osaka, Japan), Huegli Holding (Steinach, Switzerland), Morinaga & Company (Tokyo, Japan), Pulmuone Co., Ltd. (Seoul, South Korea), Vitasoy International Holdings Limited (Tuen Mun, Hong Kong), Amy’s Kitchen (California, U.S.), Eden Foods, Inc. (Michigan, U.S.), Kikkoman Corporation (Chiba Perfecture, Japan), The Nisshin Oillio Group, Ltd. (Tokyo, Japan) and Turtle Island Foods (Oregon, U.S.) among others.
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