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Tofu Market Size

The tofu market is experiencing significant growth, driven by increasing consumer demand for plant-based protein products and the economic feasibility of tofu compared to meat alternatives. The market's expansion is supported by the rising popularity of veganism and the proliferation of distribution channels, including online platforms, which offer convenience and a wide range of products. Europe leads in tofu consumption due to a growing flexitarian and vegan population, while the Asia-Pacific region is the fastest-growing area, with China playing a crucial role due to its soybean production. North America also shows promise as a major consumer market.

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Market Size of tofu Industry

Tofu Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 1.66 Billion
svg icon Market Size (2029) USD 2.95 Billion
svg icon Largest Share by Distribution Channel Off-Trade
svg icon CAGR (2024 - 2029) 12.16 %
svg icon Largest Share by Region Europe
svg icon Market Concentration Low

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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Tofu Market Analysis

The Tofu Market size is estimated at 1.66 billion USD in 2024, and is expected to reach 2.95 billion USD by 2029, growing at a CAGR of 12.16% during the forecast period (2024-2029).

1.66 Billion

Market Size in 2024 (USD)

2.95 Billion

Market Size in 2029 (USD)

8.38 %

CAGR (2017-2023)

12.16 %

CAGR (2024-2029)

Largest Segment by Region

35.31 %

value share, Europe, 2023

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Due to a large majority of the population being allergic to soy, the introduction of soy-free tofu derived from chickpeas and yellow peas is trending in the European market.

Largest Segment by Distribution Channel

71.39 %

value share, Off-Trade, 2023

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Consumers purchasing from supermarkets and hypermarkets is increasing with the wide offerings in the store and the expansion of shelf space for meat substitutes like tofu.

Fastest-growing Segment by Region

13.14 %

Projected CAGR, Asia-Pacific, 2024-2029

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Tofu is a common ingredient in ethnic and regional dishes from East and Southeast Asia, with subtle regional variations in methods of production, texture, flavor, and usage.

Fastest-growing Segment by Distribution Channel

12.60 %

Projected CAGR, On-Trade, 2024-2029

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The sales growth is due to a hike in the global vegan population leading to the launch of several vegan restaurants or the addition of a vegan menu to traditional restaurants.

Leading Market Player

8.25 %

market share, House Foods Group Inc., 2022

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The several variants of tofu being offered by the company and its broad distribution networks are responsible for its market growth, making it a larger market player.

The rising trend of veganism is expected to boost the sales of tofu

  • The off-trade distribution channel accounted for the major share of the global tofu market in 2022. Due to the lower price of tofu, people prefer it as a more economically feasible option over meat alternatives, which has been driving its sales. The demand for plant-based protein products has increased over the last five years. With the concerns about health and animal welfare, many people have had to move to soy-based products to meet their protein requirements. There has been an increase in investments in supermarkets and convenience stores. For instance, 7-Eleven, one of the major tofu consumers with more than 16,000 stores across five Southeast Asian markets in 2022, is strengthening sales across the region, while Walmart has also invested a huge amount in Canada to open more stores and smoothen its delivery systems.
  • The on-trade segment is anticipated to be the fastest-growing distribution channel during the forecast period, recording a CAGR of 10.32% by value. The sign-ups for the Veganuary campaign in 2022, where people eat vegan for the month of January, were over 629,000. People signed up from 228 countries and territories, and in 2021, there were 582,000 participants. This rise in the vegan trend had implications for food service operators to provide vegan dishes based on tofu. Moreover, vegan restaurants have also emerged across all regions.
  • The online channel segment is projected to be the fastest-growing distribution channel for the sales of tofu globally. Consumers started shopping online due to the ease offered by digital payments, contactless delivery, and the availability of a wide range of products on one single platform at huge discounted prices. Moreover, the internet penetration rate was around 64.4% globally in 2022.
Global Tofu Market

Regional soybean production and consumption demand are the primary drivers of the market

  • The region with the highest consumption of tofu in 2022 was Europe. The European tofu market registered a CAGR of 7.20% by value over 2017-22, owing to rising flexitarian and vegan populations and various government initiatives to encourage the consumption of meat substitutes. The European Commission set forth its strategies for assisting the European Union in becoming carbon neutral by 2050. The Commission has committed to investing USD 99.2 billion in the green transition between 2021 and 2027 as part of the European Green Deal. The plan aims for financial investments in plant-based and substitute proteins.
  • Asia-Pacific is the fastest-growing region globally and is projected to register a value CAGR of 13.17% during the forecast period. The Asian market for tofu is anticipated to grow swiftly due to rising consumer and investor demand. China is observed to be the dominant country market in the region owing to its huge soybean production capacity, which is a major ingredient for manufacturing tofu. The Chinese government has expressed its aim to increase soybean production by 40%, to 23 million tonnes, over the period of 2022-26, thereby requiring significant reduction of imports and strengthening of food security in the country.
  • North America is another promising region for the global tofu market and is observed to be the second-largest tofu consumer globally. In 2020, the Canadian government invested USD 73.2 million in plant-based proteins like tofu. The funding was allocated to Merit Functional Foods, a business specializing in transforming peas and canola from domestic sources into high-quality plant-based proteins like tofu and tempeh.

Tofu Industry Segmentation

Off-Trade, On-Trade are covered as segments by Distribution Channel. Africa, Asia-Pacific, Europe, Middle East, North America, South America are covered as segments by Region.

  • The off-trade distribution channel accounted for the major share of the global tofu market in 2022. Due to the lower price of tofu, people prefer it as a more economically feasible option over meat alternatives, which has been driving its sales. The demand for plant-based protein products has increased over the last five years. With the concerns about health and animal welfare, many people have had to move to soy-based products to meet their protein requirements. There has been an increase in investments in supermarkets and convenience stores. For instance, 7-Eleven, one of the major tofu consumers with more than 16,000 stores across five Southeast Asian markets in 2022, is strengthening sales across the region, while Walmart has also invested a huge amount in Canada to open more stores and smoothen its delivery systems.
  • The on-trade segment is anticipated to be the fastest-growing distribution channel during the forecast period, recording a CAGR of 10.32% by value. The sign-ups for the Veganuary campaign in 2022, where people eat vegan for the month of January, were over 629,000. People signed up from 228 countries and territories, and in 2021, there were 582,000 participants. This rise in the vegan trend had implications for food service operators to provide vegan dishes based on tofu. Moreover, vegan restaurants have also emerged across all regions.
  • The online channel segment is projected to be the fastest-growing distribution channel for the sales of tofu globally. Consumers started shopping online due to the ease offered by digital payments, contactless delivery, and the availability of a wide range of products on one single platform at huge discounted prices. Moreover, the internet penetration rate was around 64.4% globally in 2022.
Distribution Channel
Off-Trade
Convenience Stores
Online Channel
Supermarkets and Hypermarkets
Others
On-Trade
Region
Africa
By Distribution Channel
By Country
Egypt
Nigeria
South Africa
Rest of Africa
Asia-Pacific
By Distribution Channel
By Country
Australia
China
India
Indonesia
Japan
Malaysia
South Korea
Rest of Asia-Pacific
Europe
By Distribution Channel
By Country
France
Germany
Italy
Netherlands
Russia
Spain
United Kingdom
Rest of Europe
Middle East
By Distribution Channel
By Country
Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
United Arab Emirates
Rest of Middle East
North America
By Distribution Channel
By Country
Canada
Mexico
United States
Rest of North America
South America
By Distribution Channel
By Country
Argentina
Brazil
Rest of South America
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Tofu Market Size Summary

The tofu market is experiencing significant growth, driven by increasing consumer demand for plant-based protein products. This trend is largely attributed to rising health consciousness and concerns about animal welfare, prompting a shift towards soy-based alternatives. The market is characterized by a diverse range of distribution channels, with off-trade channels currently holding a substantial share. However, the on-trade and online segments are anticipated to be the fastest-growing channels, reflecting changing consumer shopping habits and the expanding vegan trend. The market's expansion is further supported by strategic investments in supermarkets and convenience stores, as well as the growing popularity of vegan restaurants worldwide.

Regionally, Europe leads in tofu consumption, bolstered by a growing flexitarian and vegan population and supportive government initiatives. The European market is part of a broader effort to transition towards carbon neutrality, with significant investments in plant-based proteins. The Asia-Pacific region is the fastest-growing market, with China playing a pivotal role due to its substantial soybean production. North America also shows promise, with Canada investing in plant-based protein development. Despite rising prices due to inflation and increased soybean costs, the market remains competitive, with major players like House Foods Group Inc., Kikkoman Corporation, and others actively expanding their presence through strategic acquisitions and market entries.

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Tofu Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD, Forecasts up to 2029 and analysis of growth prospects)

    1. 1.1 Distribution Channel

      1. 1.1.1 Off-Trade

        1. 1.1.1.1 Convenience Stores

        2. 1.1.1.2 Online Channel

        3. 1.1.1.3 Supermarkets and Hypermarkets

        4. 1.1.1.4 Others

      2. 1.1.2 On-Trade

    2. 1.2 Region

      1. 1.2.1 Africa

        1. 1.2.1.1 By Distribution Channel

        2. 1.2.1.2 By Country

          1. 1.2.1.2.1 Egypt

          2. 1.2.1.2.2 Nigeria

          3. 1.2.1.2.3 South Africa

          4. 1.2.1.2.4 Rest of Africa

      2. 1.2.2 Asia-Pacific

        1. 1.2.2.1 By Distribution Channel

        2. 1.2.2.2 By Country

          1. 1.2.2.2.1 Australia

          2. 1.2.2.2.2 China

          3. 1.2.2.2.3 India

          4. 1.2.2.2.4 Indonesia

          5. 1.2.2.2.5 Japan

          6. 1.2.2.2.6 Malaysia

          7. 1.2.2.2.7 South Korea

          8. 1.2.2.2.8 Rest of Asia-Pacific

      3. 1.2.3 Europe

        1. 1.2.3.1 By Distribution Channel

        2. 1.2.3.2 By Country

          1. 1.2.3.2.1 France

          2. 1.2.3.2.2 Germany

          3. 1.2.3.2.3 Italy

          4. 1.2.3.2.4 Netherlands

          5. 1.2.3.2.5 Russia

          6. 1.2.3.2.6 Spain

          7. 1.2.3.2.7 United Kingdom

          8. 1.2.3.2.8 Rest of Europe

      4. 1.2.4 Middle East

        1. 1.2.4.1 By Distribution Channel

        2. 1.2.4.2 By Country

          1. 1.2.4.2.1 Bahrain

          2. 1.2.4.2.2 Kuwait

          3. 1.2.4.2.3 Oman

          4. 1.2.4.2.4 Qatar

          5. 1.2.4.2.5 Saudi Arabia

          6. 1.2.4.2.6 United Arab Emirates

          7. 1.2.4.2.7 Rest of Middle East

      5. 1.2.5 North America

        1. 1.2.5.1 By Distribution Channel

        2. 1.2.5.2 By Country

          1. 1.2.5.2.1 Canada

          2. 1.2.5.2.2 Mexico

          3. 1.2.5.2.3 United States

          4. 1.2.5.2.4 Rest of North America

      6. 1.2.6 South America

        1. 1.2.6.1 By Distribution Channel

        2. 1.2.6.2 By Country

          1. 1.2.6.2.1 Argentina

          2. 1.2.6.2.2 Brazil

          3. 1.2.6.2.3 Rest of South America

Tofu Market Size FAQs

The Global Tofu Market size is expected to reach USD 1.66 billion in 2024 and grow at a CAGR of 12.16% to reach USD 2.95 billion by 2029.

In 2024, the Global Tofu Market size is expected to reach USD 1.66 billion.

Tofu Market Report Snapshots

Tofu Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029