The global tofu products market was valued at USD 21.5 billion in 2021 and is projected to expand at a CAGR of 7.4% from 2022 to 2029. Increasing health consciousness and growing awareness about the health benefits of tofu products have been driving the market. Growing demand for plant-based food products, increasing vegan population, and the increasing popularity of vegan diets are further driving the demand for these products.

The growing trend of flexitarianism has been influencing the growth of the tofu products market. The flexitarian diet consists of a mixture of vegan, vegetarian, and non-vegetarian foods. This diet is gaining traction among young consumers, which is likely to drive the demand for plant-based foods such as tofu products. Furthermore, the increasing popularity of vegan proteins is expected to boost the market growth.

The increasing demand for organic tofu products is propelling the market growth. Rising awareness about the health benefits of organic products has been driving the demand for organic tofu products. Furthermore, the availability of various tofu products in different flavors and packaging is providing numerous opportunities for the market.

The rising popularity of vegan protein sources has been driving the market growth. Major market players are focusing on introducing new products to meet the rising demand for vegan proteins. For instance, in August 2021, the VBites Food Company launched a new range of vegan proteins, which includes a range of tofu-based products such as tofu sausages and burgers.

Furthermore, the rising popularity of convenience food is propelling the market growth. The rising demand for ready-to-eat products is driving the demand for various tofu products. Moreover, the e-commerce platform provides various offers on these products, which is augmenting the demand. Furthermore, the increasing demand for organic products is likely to open up new opportunities for the market in the coming years.

The health and frozen segment accounted for the largest market share in 2020. The increasing demand for plant-based proteins and the rising awareness about the health benefits of tofu products are some of the key factors driving the growth of the health and frozen segment. According to an article published by the Food Navigator, in May 2020, sales of plant-based proteins are expected to reach $5 billion by 2025. Furthermore, the growing awareness among consumers about the environmental benefits of plant-based proteins is driving the demand for tofu products globally.

The organic segment is expected to expand at the fastest CAGR of 8.2% over the forecast period. Increasing demand for organic foods and the growing availability of organic tofu products in supermarkets and online stores are some of the key drivers of the organic segment. According to an article published by the Organic Trade Association, in October 2020, organic food sales in the U.S. reached a record high of $55.1 billion in 2019. In addition, increasing consumer preference for organic and natural products is another factor driving the growth of the market.

The supermarkets and hypermarkets segment held the major share of the market in 2021, owing to the increasing demand for tofu products from consumers. Supermarkets & hypermarkets provide an extensive selection of products, which facilitates customers to make quick purchasing decisions for the required product. These stores also provide a wide assortment of tofu products from various manufacturers, which increases the availability of various brands and products. Additionally, supermarkets & hypermarkets also provide discounts on tofu products, making them more affordable and attractive to consumers.

The online segment is anticipated to grow at the highest CAGR over the forecast period due to the increasing penetration of the internet and the rising demand for online grocery shopping. According to a survey conducted by Statista in 2021, more than 60% of consumers in the U.S. have purchased groceries online. The availability of numerous vendors and brands online has further facilitated the growth of the online segment. Furthermore, online stores offer customers the convenience of purchasing tofu products from the comfort of their homes.

The fresh tofu segment is anticipated to dominate the global tofu products market with a revenue share of 71.1% in the year 2022. This is attributed to the increasing demand for fresh and natural products in the market. The growing vegan population and rising health consciousness among the consumers are factors driving the demand for fresh tofu products. Furthermore, the introduction of various flavors and textures of fresh tofu is escalating its demand among the consumers.

The frozen tofu segment is projected to grow at the highest CAGR of 8.9% over the forecast period. This is due to the increasing availability of frozen tofu products in the market. The rising demand for ready-to-eat products among the consumers and the increasing number of supermarkets and hypermarkets are expected to drive the segment growth. Also, the growing preference for healthy and convenient food products is also likely to propel the market for frozen tofu products.

Asia Pacific held the largest revenue share of the global market and is expected to maintain its dominance over the forecast period. This is primarily due to the rising demand for plant-based proteins and increasing awareness regarding the health benefits of consuming tofu products. In addition, the presence of a large number of tofu-producing companies in the region is also likely to drive the growth of the market in the region. Moreover, the increasing consumption of tofu products in countries such as India, China, and Japan is likely to create new opportunities for growth in the region.

North America is expected to witness the second-fastest growth in the coming years. The demand for plant-based proteins is increasing in the region due to the rising health consciousness among consumers. Moreover, the availability of a wide range of tofu products in the U.S. and Canada is also likely to drive the growth of the market. Furthermore, rising investments in research and development activities by leading market players are expected to create new opportunities for growth in the region.

In this part of the tofu products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your tofu products business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a tofu products business comes from the sales of tofu and tofu-related products such as tofu burgers, tofu scramble, tofu wraps, and other tofu-based items. In addition, you may consider offering catering services, private label products, or wholesale services to restaurants, grocery stores, and other food service providers.

Projecting Expenses
In this section, all the regular expenses related to keeping the tofu products business running will be described. The list of operating expenses includes ingredients, rent and utilities, employee wages, marketing, advertising, and insurance. Other expenses related to the production of the tofu products will also need to be accounted for such as equipment, packaging, and shipping costs.

Some of the key companies operating in the tofu products market are increasingly focusing on product launches and expansion of distribution channels to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, House Foods Group launched the Organic Tofu Plus range, a line of organic tofu products that are GMO-free and have no added sugar.

– In August 2022, Nasoya Foods launched a line of vegan and gluten-free tofu products.

– In October 2022, Cauldron Foods launched a range of organic, non-GMO tofu products, including tofu burgers and tofu cubes.

Some of the prominent players in the tofu products market include:

– House Foods Group
– Nasoya Foods
– Cauldron Foods
– Tofurky
– Gardein
– The Tofu Company
– Hodo Foods
– Sunrich Naturals
– Turtle Island Foods Inc.
– White Wave Foods

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global tofu products market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Tofu
– Tempeh
– Soymilk
– Edamame
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Non-GMO
– Organic
– Conventional

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What is the Potential of Product Innovation?
[A]: The tofu products market is expected to benefit from the surge in product innovation, from new flavors to new packaging and product formats. In particular, new product developments such as organic and flavoured tofu, and low-fat and gluten-free tofu products will drive the market in the coming years. The growing demand for healthier and more sustainable food products has also been a key driver of product innovation in the tofu products market.

[Q]: Who are the Key Players in the Tofu Products Market?
[A]: Major players in the global tofu products market include Morinaga Milk Industry Co. Ltd., House Foods Group Inc., Nasoya Foods Inc., Natto Foods International Co. Ltd., The Hain Celestial Group Inc., and Vitasoy International Holdings Ltd.

[Q]: Which Region Offers the Largest Opportunity for Sales of Tofu Products?
[A]: Asia-Pacific is expected to be the largest market for tofu products, with an absolute dollar opportunity of $7.8 B (USD). The region is expected to be driven by the increasing availability of tofu products in the retail sector and the growing demand for meat alternatives.

[Q]: What are the factors driving the Tofu Products Market?
[A]: The rising popularity of veganism and vegetarianism, the health benefits associated with tofu, and the growing demand for meat substitutes are the key drivers of the global tofu products market. The increasing awareness of the health benefits of tofu, such as its high protein content and low-fat content, is also expected to drive market growth.