Global Tempeh Market 2019–2023 | Increasing Number of Organized Retailing Outlets to Boost Demand | Technavio
Technavio analysts forecast the global tempeh market to grow at a CAGR of over 4% during the forecast period, according to their latest market research report.
Rising urbanization and demand for convenience products is one of the major trends being witnessed in the global tempeh market 2019–2023. Hectic lifestyle has led to a decline in the health condition of the populace leading to lifestyle disorders arising from unhealthy eating habits. The market is witnessing an increase in demand for high protein and nutrition-based fast foods made from organic and gluten-free ingredients. These products are convenient and can be consumed on-the-go or as per convenience. Tempeh is a preferred choice as it is both gluten-free and rich in protein.
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According to Technavio analysts, one of the key factors contributing to the growth of the global tempeh market is the increasing number of organized retailing outlets offering tempeh products:
Global tempeh market: Increasing number of organized retailing outlets offering tempeh products
As vendors in the global packaged food market primarily depend on large organized retailers for the sale of their packaged products, the establishment of supermarkets, hypermarkets, and specialty stores, is leading to the growth of the market. Therefore, the growing number of foodservice chains and online stores is one of the critical trends that will encourage the growth of the tempeh market during the forecast period.
According to a senior analyst at Technavio for research on packaged foods & meats, “Supermarket proves to be a major distribution channel that makes food and beverages easily accessible to consumers. The demand for these supermarkets is growing due to the rise in population. In countries such as the US, between 2007 and 2017, the total retail sales generated by supermarkets and other grocery stores in the US increased by nearly 31%. Countries such as Germany, the UK, Australia, Canada, France, Belgium, and the Netherlands also have high degree of penetration of marts.”
Global tempeh market: Segmentation analysis
The global tempeh market research report provides market segmentation by product (fresh tempeh and frozen tempeh) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The fresh tempeh segment held the largest market share in 2018, accounting for over 71% of the market. This product segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 and this region is expected to dominate the market through 2023, however there will be a small decrease in its market share.
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