Tofu Market, in terms of revenue, was worth of USD 2.94 billion in 2021 and is expected to reach USD 3.62 billion in 2028, growing at a CAGR of 3.0% from 2022 to 2028. Tofu is a food made of condensed soy milk that is forced into solid white blocks. Tofu is most used as a high protein source and a vegetarian substitute for meat and dairy products. Tofu includes several anti-inflammatory and antioxidant phytochemicals, making it a great addition to an anti-inflammatory diet. Tofu is also a good source of complete protein, meaning that it has a well-balanced amino acid profile in addition to fibre, potassium, magnesium, iron, copper, manganese, and others. Tofu is used in the preparation of a variety of foods such as burgers, hot dogs, sauces, ice creams, shakes, and desserts, among others. Many people are also shifting to vegetarian protein sources due to the high-level fat and calorie content of animal protein. Therefore, the increasing trend of vegan diets and veganism, coupled with a rising understanding of tofu as an alternative source of protein is driving the market growth. For example, Invigorate Foods invested Rs 60 crore in India to manufacture soya milk products. Tofu is thought to be a niche product because of the strong dominance of meat products. There is a growth opportunity in the tofu market.
During the Covid-19 pandemic, the supply of consumer-packaged goods products, among others, stopped during the period of nationwide lockdown, which negatively affected the food industry. Since the beginning of the Covid-19 pandemic, there has been an increase in demand for plant-based protein products, such as tofu products. Because of the disturbance in supply and access to meat products, many people have had to switch to soy-based products to meet their protein needs. Tofu's popularity improved during the Covid-19 pandemic because it is high in protein and a good source of vitamins and minerals. However, the sudden increase in demand caused tofu prices to rise across the world.
Rising advancements by the leading players have also accelerated the market growth worldwide over the last few years. This is one of the major factors boosting the tofu market's growth. Tofu originated in China and has been a part of Chinese cuisine for over 2,000 years. For example, Pulmuone is a South Korea-based food maker boasting a 78% share of U.S. tofu sales, with brands such as Nasoya, Wildwood, and Azumaya. Lately, the tofu market has been gradually gaining momentum globally due to the presence of many market players in the region. For example, Hangzhou Huayuan Bean Food Co. Ltd., Hebei Gaobeidian DouDou Food (Group) Co. Ltd., Jiaxing Jiajiale Foods Co. Ltd., and others.
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 2.94 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 3.62 Billion|
|Tables, Charts & Figures:||175|
|Tofu Companies||House Foods Group, Pulmuone Co. Ltd, Vitasoy International Holdings Limited, Keystone Natural Holdings, The Tofoo Company, Eden Foods, Morinaga Nutritional Foods Inc., Kikkoman Corporation, Amy’s Kitchen, Taifun-Tofu, Others|
|Segments Covered||By Type, By End-Use|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
Due to the increased adoption of tofu, multiple market players and businesses are contributing to the market by investing millions of cashflow in the market. House Foods Group, Pulmuone Co., Ltd., Vitasoy International Holdings Limited, Keystone Natural Holdings, The Tofoo Company, Kikkoman Corporation, and many other businesses are contributing to deepening their roots in this sector by executing organic strategies. For example, recently, in November 2021, Morinaga Nutritional Foods, Inc. launched Mori-Nu Plus, a fortified tofu available through direct-to-consumer channels. The new product is a good source of protein, vitamin D, and calcium. Also in May 2021, vegetarian brand Cauldron Foods has expanded its tofu and snack ranges with the addition of two new products. Apart from this, inorganic strategies implemented by market players play a vital role in the development of the tofu market. For instance, in March 2022, The Tofu Co. partnered with sriracha mainstay Flying Goose to create a new sriracha tofu. Its new tofu blocks are infused with chilli and marinated in sriracha. The brand gave it a "spicy and tangy flavour." All such business strategies are heightening the sales of the tofu market across the world.
Asia-Pacific is leading region in the global tofu market and account more than 70% market share in the year of 2021. This is due to several innovations and the number of leading players in the region. North America is expected to capture significant share in this market due to the shifting of consumer preference towards vegan food due to health awareness across the North American countries.
Analyst Comment, “Ongoing business strategies among market players and consumers preference towards vegan food are set to create promising opportunities for the tofu market.”
By End use
By Regional & Country Analysis:
In the past few years, the tofu market has undergone a lot of changes based on different technologies and much research, now the players have started making tofu from other raw materials without or using soy milk. Which is currently trending in the market, including almonds, fava beans, chickpeas, or cannellini beans and pumpkin seeds.
1) Almond Tofu
Almond tofu is a light, refreshing dessert that is popular in Hawaii (and in many Chinese restaurants). It's easy to make, really delicious, and goes well with fresh or canned fruit.
Plus, the almond tofu has the texture of a soft tofu meat jello…so delicious. The main ingredient is soy milk. The composition comes from gelatin powder. The flavor comes from soymilk and almond extract. Almond tofu is served chilled, often topped with small 1/2-inch jelly cubes of fruit.
2) Fava Beans Tofu
On May 4, 2022, Canada's Big Mountain Foods launches tofu made with fava beans instead of soy. The new product is the result of six years of development and is said to function and taste like medium-firm soy tofu.
According to Big Mountain, tofu is a market first and contains 95% more protein than leading soy-based brands. It contains only Canadian fava beans and is available in two flavors – regular and smoked.
3) Chickpea Tofu (Burmese Tofu)
This Burmese Chickpea Tofu is for those who avoid eating soybeans. Regular tofu is made from soybeans, while Burmese tofu is made from chickpeas and has a smooth, silky texture. Here is an easy, quick, and delicious hack to use dry chickpeas. The end result is a neutral flavor similar to tofu, able to absorb delicious spices and seasonings.
4) Pumpkin Seeds Tofu (Pumfu Tofu)
Woman-owned, family-run vegetarian business Foodies has launched its latest product, soy-free tofu called Pumfu. Pamfu is made from organic pumpkin seeds that are rich in antioxidants, magnesium, omega-3, and omega-6 fatty acids. With the same consistency as extra-firm tofu, Pamfu offers 17 grams of plant-based protein and five grams of fiber in a 4oz serving. It is also rich in healthy fats and contains no sugar or salt.
Besides, Foodie's Vegan describes its Pamfu as a "nutrient-dense superfood and a smart addition to any meal"; Whether it's breakfast, lunch, or dinner, adding that the product is useful in both savory and sweet recipes, including stir-fries, scrambles, lasagna, and cheesecake.
Using clean, simple ingredients and no texturized proteins or isolates, Foodies Vegan creates plant-based dishes like artichoke veggie burgers and pumpkin seed frittatas. All of its frittata lines are free of sugar and oil, and all of its products are free of gluten and soy.
For the past few years, many experiments have been going on to make tofu from different seed milk, some players have been successful, while others are currently on the way to improving it. In this, the demand for tofu made with ingredients other than soy milk is also increasing in the market due to the changing preferences of consumers and the growing vegan trend. This is why almonds, fava beans, chickpeas, cannellini beans, and pumpkin seeds ingredients are currently trending in the market.
There are many types of tofu that consumers prefer in their daily life. That's why tofu is more trending in the vegetarian market today.
Furthermore, there are many types of tofu, all useful in different dishes. Tofu is a traditional East Asian and Southeast Asian food made by freezing soy milk which is then pressed into tofu. Tofu has been consumed in parts of China for over 2000 years and has since spread to the rest of the Western world. Tofu has a subtle flavor that makes it the perfect addition to any savory or sweet dish. It is often tailored to suit specific flavors. This is because it absorbs flavors well and is incredibly versatile. When it comes to nutritional counts, tofu is considered a healthy source of protein because it is low in calories. It is rich in iron, calcium, and magnesium depending on the coagulants used in the manufacturing process.
Additional information: Silky soft tofu variety is originally from Japan. It has a soft texture that is almost like panna cotta. This is because silken tofu contains more water and, as a result, fewer nutrients.
The manufacturing process removes the specific flavor of the soybeans that some dislike. Unlike other types that are often pressed during production, silken tofu is left unpressed, so it retains all of its moisture.
This variety has a creamy feel and fatty taste that is due to being made with condensed soy milk. However, over time, tofu can develop a slightly sour taste. In terms of texture, silken tofu can be described as pudding-like. It is also very soft and smooth to cut.
Silken tofu is great as a dairy or cream substitute in sauces or desserts. It can also be served with broccoli, noodles, or rice. Silken tofu is mostly sold as canned food and can be refrigerated in jars for up to 2 weeks once opened.
Best cooked: scrambled
Additional information: Regular tofu has a soft consistency, firm but easy to cut. This variety is also referred to as Chinese-style tofu due to the method of preparation. Regular tofu has more moisture than super firm tofu. As a result, it cannot be fried because it will crumble.
In terms of taste, the flavor of regular tofu depends on the seasonings added. Regular tofu has a compact interior that soaks up sauces and flavors easily, making it perfect for stews, broths, and noodle soups. The low moisture content makes it very easy to cut the tofu into bite-sized cubes. While regular tofu can have a crunchy texture on the outside and a slightly custardy texture on the inside after cooking, some varieties of regular tofu can also puff up like donuts. It can be served raw with toppings like azuki beans, oatmeal, mung beans, and boiled peanuts.
Best Cooked: Pan-fried
Side note: It undergoes extended pressing to reduce moisture. It is often marketed as tasteless and rubbery, close to cheese. This variety has a firmness similar to that of raw meat and springs back when pressed.
Before cooking, large blocks are often sliced into squares or triangles, it is also possible to slice them into extra-thin slices. Due to its thickness, it can also be fried, fried, or pan-fried. This allows it to be incorporated into any other meal and is an excellent substitute for meat. It goes especially well with chili soy dipping and other special meals.
Texture: Firm and rubbery
Additional information: This type is characterized by a somewhat rubbery texture. This is achieved by pressing the soy curd until most of the moisture is removed. This greatly increases the number of amino acids, minerals, and calories. This makes it a great alternative to meat-based sources of protein.
Super firm tofu has a mild flavor, but some varieties from East Asia can have a more beany flavor. This difference depends on the type of grinding used in the manufacturing process. Therefore, the hot grinding process inactivates the lipoxygenase enzyme, which is the protein molecule responsible for producing bean flavors. In the cold milling process, However, the lipoxygenase molecule remains active and forms volatile ester compounds that produce beanie notes.
Super firm tofu proceeds well with sesame peanut sauce. Because of its dense texture, this variety is baked until golden brown with slightly crispy edges and a chewy center. However, other recipes include frying, deep frying, grilling, and barbecuing.
Texture: Non-crumbly with a rubbery feel
Additional information: Extra-firm tofu differs in density and moisture content. Because extra firm tofu is pressed hard, it is denser, and more moisture is removed. The resulting bean curd is often white in color with hard edges and a texture bordering on cooked meat. Extra-firm tofu usually crumbles moderately easily when sliced thinly. It can be fried, fried, or pan-fried until golden-brown when cut into squares and triangles. However, it does not absorb marinades as well as firm tofu. It can be served with sauce and can be served with dishes like rice and vegetables. Tofu can also be coated with corn starch to preserve flavor.
It is high in protein with a reduced carb count making it a perfect addition to any other meal.
Texture: Crispy with a tasty interior
Additional Info: This type can also be vegan smoky bacon. This meal is prepared by smoking firm tofu until evenly cooked. Although it is available in most grocery stores, consumers can make it themselves by smoking it with beechwood or any other smoky flavor. Olive oil is recommended when frying smoked tofu for perfectly crispy skin, which is also a healthy choice. It can be served with just about any food. Fried and served with eggs, it can also be eaten as smoked tofu goulash, a dish that also includes sweet potatoes, smoked paprika, and lots of pepper. As well as its distinct smoky flavor, tofu can be seasoned with lemon juice, pepper, and salt.
Texture: Depends on the seasoning used
Additional Info: Because tofu is mild in flavor, there's no limit to how you can season it. As a result, some of the dried tofu is pre-seasoned with a specific blend of spices. This trend originates from China where tofu can be either 'five-spice tofu' or 'soy sauce stewed tofu. It is mostly either thinly sliced or diced and ready to cook. Some of the most popular seasoning mixes include soy sauce, hot peppers, and salt. You can add more spices to this type, but it is recommended to use a measured amount so as not to spoil the excellent taste. Salt-free variations also exist.
The texture usually takes after the particular seasoning used. It's common to marinate refrigerated tofu and other ingredients for a more intense flavor.
Texture: Soft and spreadable texture
Additional information: Fermented tofu, also known as fermented bean curd, is a savory condiment in Chinese cuisine. Its preparation includes fermenting bean curd in the salt sea; It was initially intended for preservation. The spice has a salty and nutty taste and a soft and spreadable texture similar to a typical cheese. Fermented tofu can be enjoyed as an ingredient in a dipping sauce or in a braising sauce for pork spareribs. The dish can also be used in fried and steamed dishes.
Fermented tofu is usually packaged in jars and cans, so it can be stored in the fridge for up to 6 months.
As mentioned above, the tofu market has improved significantly. Some time ago only one type of tofu was available in the market, now a large number of similar types are available in the market which is increasing in demand from consumers. There are a lot of latest varieties of tofu in the market which is being bought by a large number of consumers which makes them trend right now.
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