Global Tofu Industry to Reach $24 Billion by 2022

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.