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United States Tofu Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028

United States Tofu Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028

  • Publish Date:January 2023

  • Number of Pages:140

  • Report ID:6381208

  • Format:PDF

  • Publisher:Mordor Intelligence LLP

$ 4750

Summary

The United States Tofu Market is projected to register a CAGR of 11.14%

Key Highlights
Largest Segment by Distribution Channel - Off-Trade : Online channel is likely to drive the growth of tofu sales through off-trade channels. The onset of the experiential economy has prompted customers to prefer this channel.
Fastest-growing Segment by Distribution Channel - On-Trade : On-trade distribution channel purchases of tofu are aligned with the country’s growing foodservice sector, including vegan restaurants, impacting its bulk purchases.

Key Market Trends

Off-Trade is the largest segment by Distribution Channel.

The US tofu market is dominated by the off-trade segment in terms of distribution channels, with 43% more share than the on-trade distribution channel. Among all the off-trade segments of the US tofu market, supermarkets and hypermarkets have the highest market share, with 68% by value, in 2022. The availability of different types of tofu-based products in bulk to cater to customer needs makes supermarkets a better place for purchasing. Post-pandemic, more consumers prefer one-stop centers to buy tofu products.
The overall US tofu market increased at a rate of 38.05% by value and 30.80% by volume from 2016 to 2021. This increase was mainly due to the rise in the number of supermarkets, hotels, food enterprises, grocery stores, and other distribution channels. The number of supermarkets increased by 4.3% from 2021 to 2022, and online channels rose by 20% from 2020 to 2021. Also, the growth of customer touchpoints led to an increase in tofu sales.
The online channel in the off-trade distribution channel is projected to be the fastest-growing distribution channel in the US tofu market, registering a CAGR value of 15.49% during the forecast period, 2022-2028. With the increase in technological adoption by consumers, manufacturers also increased their digital presence through e-commerce, offering B2C and B2B services and multiple tofu varieties. Increasing demand for new tofu varieties in online channels drives the market.

Competitive Landscape

The United States Tofu Market is fragmented, with the top five companies occupying 25.68%. The major players in this market are Albertsons Companies, House Foods Group Inc., Morinaga Milk Industry Co. Ltd, Pulmuone Foods USA Inc. and The Hain Celestial Group, Inc. (sorted alphabetically).

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

Table of contents

1 EXECUTIVE SUMMARY & KEY FINDINGS

2 INTRODUCTION
2.1 Study Assumptions & Market Definition
2.2 Scope of the Study?
2.3 Research Methodology

3 KEY INDUSTRY TRENDS
3.1 Price Trends
3.2 Regulatory Framework
3.3 Value Chain & Distribution Channel Analysis

4 MARKET SEGMENTATION
4.1 Distribution Channel
4.1.1 Off-Trade
4.1.1.1 Convenience Stores
4.1.1.2 Online Channel
4.1.1.3 Supermarkets And Hypermarkets
4.1.1.4 Others
4.1.2 On-Trade

5 COMPETITIVE LANDSCAPE
5.1 Key Strategic Moves
5.2 Market Share Analysis
5.3 Company Landscape
5.4 Company Profiles
5.4.1 AFC American Food Company
5.4.2 Albertsons Companies
5.4.3 Hodo Inc.
5.4.4 House Foods Group Inc.
5.4.5 Morinaga Milk Industry Co. Ltd
5.4.6 Pulmuone Foods USA Inc.
5.4.7 Superior Natural LLC
5.4.8 The Hain Celestial Group, Inc.

6 KEY STRATEGIC QUESTIONS FOR MEAT SUBSTITUTES INDUSTRY CEOS

7 APPENDIX
7.1 Global Overview
7.1.1 Overview
7.1.2 Porter's Five Forces Framework
7.1.3 Global Value Chain Analysis
7.1.4 Market Dynamics (DROs)
7.2 Sources & References
7.3 List of Tables & Figures
7.4 Primary Insights
7.5 Data Pack
7.6 Glossary of Terms

Companies Mentioned
 - AFC American Food Company
- Albertsons Companies
- Hodo Inc.
- House Foods Group Inc.
- Morinaga Milk Industry Co. Ltd
- Pulmuone Foods USA Inc.
- Superior Natural LLC
- The Hain Celestial Group, Inc.

Methodology

Our market research methodology is designed to provide the clients with comprehensive and accurate information on various industries and markets. It includes data collection, primary interviews, macro-economic factor analysis, country-level data analysis etc.

The data is gathered from a wide range of sources, including industry reports, government statistics, and company financials. This data is then analyzed and cross-referenced to ensure its accuracy and reliability. Next, primary interviews are conducted with industry experts and key stakeholders to gather their insights and perspectives on the market. This information is then combined with the data collected to provide a complete picture of the market. Macro-economic factor analysis is also carried out to understand the impact of external factors on the market. Finally, country-level data analysis is performed to understand the market dynamics in specific regions and countries.

Reportlinker's market research methodology is designed to provide clients with a clear understanding of the market, its trends, and its future potential.