News

Global Tofu Industry to Reach $24 Billion by 2022

Demand for the plant-based protein is predicted to soar as global diets shift away from meat.

Research firm Market Insights Reports (MIR) recently predicted that the global tofu industry will reach $24.33 billion by 2022. The plant-based product is expected to grow at a compounded annual growth rate (CAGR) of 4.3 percent between 2018 and 2023. While tofu revenue will be highest during the forecast period in the Asia-Pacific region, the report identified the United States region as a leader in contributing to the growth of the market segment due to a shift in lifestyle patterns. “[A large] number of people are shifting towards vegan diets and tofu is an excellent substitute for meat products,” the report stated. “There is an increasing health awareness among individuals, so consumers will be more attracted to consume tofu as it is gluten-free and contains no cholesterol.” Market research firms predicted strong growth in coming years for many sectors of the plant-based market with vegan milk, meat alternatives, and dairy-free cheese expected to reach $35 billion by 2024, $7 billion by 2025, and $4 billion by 2024, respectively.

More News

Kroger Launches Vegan Recipe Contest

Food Network chef Ellie Krieger will choose the winning recipe, and prizes include $1,000 cash, a Vitamix, and more.
Read More »

Vegan Shoe Brand MINK Sells 10,000 Pairs in 2018

Sales of the brand's vegan Louboutin-style shoes increased dramatically since 2006, and it now caters to celebrity clients such as Miley Cyrus.
Read More »

Global Pizza Chain Adds Vegan Cheese to US Locations

International pizza chain Piola now features Follow Your Heart's vegan cheese at 10 locations across Texas, Florida, North Carolina, and Virginia.
Read More »

DIY Asian Bowl Chain Adds Vegan Meat to Menu

Wok Box in Canada sees opportunity to grow a new customer base with plant-based protein options.
Read More »

Kat Von D Plans to Throw a Big Fat Vegan Wedding

The pregnant makeup mogul will throw a vegan wedding bash where guests will receive a custom-made Kat Von D Beauty lipstick.
Read More »

This Week on VegNews TV: The secret to these delightful sweet treats is white beans! Aylin Erman shows you how to make these simple blondies.

More Videos »