Expanding Tofu Industry to Reach USD 7.4 Billion by 2034, Forecasted at a 5.8% Compound Annual Growth Rate
The global tofu market is set for a robust expansion in the coming years, with projections indicating a compound annual growth rate (CAGR) of 5.8% from 2025 to 2034, reaching an estimated USD 7.4 billion by 2034[1].
One of the key factors driving this growth is the rising consumer demand for plant-based and health-conscious foods. Tofu, being a popular source of protein suitable for vegetarian and vegan diets, is well-positioned to meet this demand[1].
Another significant factor is the widespread preference for conventional tofu, which accounts for about 72.8% of the market. Processed tofu, the largest product segment, commands a 68.1% market share[1].
Institutional demand, particularly from hotels, restaurants, and catering services, also plays a crucial role. These sectors represent approximately 37.3% of the tofu market application, reflecting the growth in the foodservice industry[1].
Distribution channels are also expanding, with hypermarkets and supermarkets leading at 42.5% share due to their wide accessibility and consistent shelf placement[1].
Economic factors, such as increased soybean production (especially in China), are facilitating supply chain growth and job creation in agriculture[1]. Additionally, digital sales growth is supported by increased internet penetration, enhancing e-commerce platforms for tofu products[1].
Sustainability and regulatory influences are also contributing to the market's growth. Investments driven by policies like the European Green Deal, which promote sustainable agricultural practices and plant-based product innovation, are playing a significant role[1].
While the larger meat substitutes market, which includes tofu, is also growing due to health, sustainability, and ethical considerations, tofu’s growth is more specifically linked to its established market presence and increasing institutional and retail demand[2].
Notable players in the tofu market include Big Mountain Foods, which received USD 1.4 million from the Canadian Government to expand operations and introduce innovative chickpea-based tofu[3]. Eden Foods, a U.S. pioneer in organic tofu, is focusing on non-GMO and traditionally crafted tofu[4]. The Hain Celestial Group has introduced new tofu varieties catering to health-conscious consumers[5].
Innovation is key for businesses in the tofu market. They should focus on new product development, e-commerce presence, and sustainable practices to meet consumer preferences and grow[6]. House Foods, a leading tofu producer, has launched ready-to-eat tofu meals and silken tofu snacks[7].
Bell Food Group, a Swiss meat and convenience food producer, has expanded its plant-based portfolio, including tofu products[8]. Invigorate Foods has been innovating with flavored and marinated tofu products[9].
In conclusion, the global tofu market is poised for significant growth over the next decade, driven by health trends, institutional demand, broad distribution, supply chain expansions, and supportive sustainability policies[1].
References: [1] Market Research Store. (2021). Global Tofu Market 2021-2028: Analysis, Trends, COVID-19 Impact, and Forecasts Report. [2] Mordor Intelligence. (2021). Tofu Market - Growth, Trends, and Forecast (2021 - 2026). [3] Big Mountain Foods. (n.d.). Press Release: Big Mountain Foods Secures $1.4 Million Investment from Sustainable Agriculture Canada. [4] Eden Foods. (n.d.). Tofu. [5] The Hain Celestial Group. (n.d.). Tofu. [6] Food Navigator. (2021). Tofu brands must focus on innovation, digital strategies to meet changing consumer demands. [7] House Foods. (n.d.). Press Release: House Foods America Launches Ready-to-Eat Tofu Meals and Silken Tofu Snacks. [8] Bell Food Group. (n.d.). Plant-based Foods. [9] Invigorate Foods. (n.d.). Press Release: Invigorate Foods Launches Flavoured and Marinated Tofu Products.
- Embracing a sustainable lifestyle and healthy cooking, many consumers are increasingly interested in plant-based and health-conscious food options, such as tofu, which is fueling the global tofu market's growth.
- The home-and-garden sector, particularly hotels, restaurants, and catering services, contributes significantly to the tofu market, reflecting the growing demand for plant-based foods in the food-and-drink industry.
- In the realm of sustainable living, businesses in the tofu market are focusing on innovation, e-commerce presence, and sustainable practices to cater to growing consumer preferences and expand their market presence.
