Tempeh Market to Reach $5.8 Billion by 2026

A new report compiled by consumer research firm Persistence Market Research (PMR) predicted that the global tempeh market will be worth $5.8 billion by 2026, representing a substantial increase from its current value of $3.6 billion.The report states that the tempeh industry will grow at a “robust” 6.1 percent compounded annual growth rate (CAGR) from now until 2026. “Various diseases associated with meat have impacted the dietary and culinary preferences of population towards consuming meat products, especially those containing red meat,” the report stated. “On the contrary, the demand for meat substitutes such as tempeh is increasing at a steady pace for the past few years.” PMR’s prediction joins a number of reports that foresee the strong growth of vegan food industry segments, including tofu, plant-based milk, and meat alternatives, which are expected to reach $24 billion by 2022, $35 billion by 2024, and $7 billion by 2025, respectively.