Global Soy Food Market – Overview:
Soy Food Market is projected to reach USD 62.7 Billion by 2030, registering a growth rate of 4.98% during the forecast period of 2022 to 2030.
Owing to growing consumer needs and their awareness about specialty food has grown in recent years. The growth has been driven by the increased acceptance of free-from food amongst the consumers. Market Research Future, a firm which specializes in market reports related to the Food, Beverages Nutrition sector among others, recently forecasted in its report “Global Soy Food Market Research Report- Forecast to 2024” that the market will demonstrate an exceptional CAGR 5.5% while achieving good growth rapidly in the forecast period.
There has been growing demand of Soy Food Market Trends across the world owing to rising incidences of lactose intolerance. According to Lactose Intolerance Global Network (LIGN), majority of the worldwide adult population suffers from lactase deficiency, except for the population of Northern and Central Europe. Soy milk acts an alternative to milk and milk-based products and has become popularity among consumers who are lactose intolerant. With growing consumer concern over animal welfare, human health and the environment has led to the rising trend of veganism which has become a mainstream now. Veganism is associated with variety of beneficial health effects such as better heart health, improved diabetes, and lower rates of obesity, among others. Israel, Sweden, Japan, Poland, U.S., Germany, and U.K. have the largest concentration of vegans. Vegans look for animal ingredients alternatives and replace it with vegan ingredients which drives the demand of soy Food.
Due to various health benefits associated with soy food consumption coupled with growing health concern of consumers has led to the huge demand of soy food products. Soy is a source of two types of fatty acids such as omega-3 and omega-6 fatty acids and rich in protein content which are essential for the body. Soybean has diverse application areas including soymilk, soy flour, tofu, tamari, tempeh and others which offers an excellent growth opportunity to diversify their product portfolio and launch new products. The demand for soy food products is accelerated by the factors such as changing consumer food preference and their evolving dietary pattern. Clean Label and organic are the major trends in the industry and industrial players are keen to leverage on these recent trends. With an increasing demand for specialty food including soy food, market players are keeping themselves focused on product labelling and new product launches in high growth segment.
Global Soy Food Market – Segmentations:
The global soy Food market has been divided into type, distribution channel, category, application, and region.
Based on Type: Soy milk, Soy sauce, Miso, Tempeh, Tofu, and Others
Based on Distributional Channel: Store based, and non-store based
Based on Category: Conventional, and Organic
Based on Application: Food Beverages (bakery and confectionary, meat products, functional Food, dairy products, and infant Food), Feed, Nutraceuticals, and Others
Based on Region: North America, Europe, Asia Pacific, and ROW.
Competitive Analysis:
The key players profiled by MRFR for delivering a reliable market intelligence include Archer Daniels Midland Company (U.S.), Dean Foods Company (U.S.), Barentz Europe B.V. (Netherlands), CHS Inc. (U.S.), Cargill, Incorporated (U.S.), Alpro (Belgium), China Yingxia International Inc (China), Eden Foods, Inc. (U.S.), and Groupe Danone (Spain) among others. The top-notch players strive to strengthen their footholds in the market by strategizing initiatives such as the expansion of product portfolios, agreements, research development, strategic alliances, product innovation, etc.
Regional Insight:
The global soy food market has been segmented into North America, Europe, Asia Pacific, and Rest of the World (ROW). North America is leading the global market, and the trend is likely to continue during the projection period. The increase in product offerings and changing food habits will fuel the soy food market growth in the region. The concentration of top-notch players and innovations in their product offerings will complement the accelerated revenue generation. Europe will also exhibit growth due to increasing awareness about healthy lifestyle and the nutritional value of soy products. The presence of developed economies in the region will favor market growth and expansion.
Asia Pacific is an emerging potential market and is poised to witness an increase in demand over the next few years. The adoption of Soya Milk Buyers products will be on the rise in emerging economies such as India and China across the review period. The Rest of the World market will exhibit a sluggish growth coupled with a steady pace of demand generation.
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