The North America Tempeh Market would witness market growth of 8.1% CAGR during the forecast period (2024-2031).
The US market dominated the North America Tempeh Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,862.2 Million by 2031. The Canada market is experiencing a CAGR of 10.4% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 9.5% during (2024 - 2031).
Tempeh's adaptability surpasses its conventional applications, providing a variety of applications that accommodate a range of dietary preferences and culinary requirements. In addition, this is increasingly used as a meat substitute for fast food items like burgers and sandwiches. Its texture and ability to absorb flavors make it an ideal candidate for creating plant-based versions of classic fast-food staples. Restaurants and food service establishments are incorporating them into wraps and tacos, offering a protein-rich alternative to traditional fillings.
In addition, they can be processed into chips or crisps, providing a crunchy, protein-packed snack. These soya-based snacks cater to health-conscious consumers seeking alternatives to conventional potato chips. Some companies are developing protein bars with soya as a primary ingredient, offering a plant-based option for athletes and fitness enthusiasts.
The rise in the food and beverage processing sector has led to establishing and expanding the production facilities within Canada. This growth in local production capacity helps meet the increasing demand for them and reduces reliance on imports. Advances in food processing technologies in Canada are enhancing the efficiency and scalability of their production. These improvements contribute to better quality and more consistent products. The growth of e-commerce in Mexico has significantly expanded the reach of products. Consumers in both urban and rural areas can now access various options through online platforms, increasing overall market penetration. The Mexican e-commerce sector was valued at USD 26.2 billion in 2022, a 23% increase from 2021, as per the International Trade Administration (ITA). In 2022, Mexican e-commerce consumers reached 63 million, a 5.5 million increase from the previous year. Hence, the growing food and beverage processing sector and the expansion of e-commerce in North America are expected to boost the demand for these products in the region.
Free Valuable Insights: The Tempeh Market is Predict to reach USD 9.5 Billion by 2031, at a CAGR of 8.9%
Based on Distribution Channel, the market is segmented into Foodservice and Retail (Hypermarkets & Supermarkets, Convenience Stores, Online, and Other Retail Channel Types). Based on Source, the market is segmented into Soya Beans, Multi-grain, and Other Sources. Based on Type, the market is segmented into Fresh, Frozen, and Ready-to-Eat. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Distribution Channel
By Source
By Country
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