Soy Food Market Insights:
The increasing awareness about the health benefits of soy products and expanding product offerings has accelerated penetration of the market. According to Market Research Future (MRFR), Soy Food Market is projected to reach USD 63.1 Billion by 2032, registering a growth rate of 4.98% during the forecast period of 2020 to 2032.
The increased consumption of soy products is also attributable to the rising incidences of lactose intolerance coupled with growing count of people suffering from lactase deficiency. The adoption of soy food as an alternative to milk products will fuel the growth of Soy Food Market across the assessment period. Furthermore, the swift shift to veganism will also create demand for soy food globally due to the high nutritional value of the products.
The rising count of diseases has created an awareness about the advantages of healthy food habits to prevent diseases such as obesity, cardiovascular diseases, diabetes, etc. The integration of soy food products into dietary plans has been on a rise which will obliquely accelerate the revenue creation from the market. Furthermore, the consumption of soy products as rich sources of omega 3 and omega 6 fatty acids will create more demand for the products over the review period. Other factors responsible for the growth of the market include demand for clean label, expanding product portfolios of the prominent players, and changing consumer preference among others.
Market Segmentation:
By major type, the soy food market has been segmented into naturally concentrated soy products, soymilk, soy beverages, tofu & tofu products, sauces, oil, nuts and, others
By specialty-diet, the global soy food market has been segmented into vegetarian, high-protein, organic, vegan, high fiber, and others.
By form, soy food market is segmented into liquid, nuggets, seeds, powder, and, others
By application, the global soy food market has been segmented into soy flour, sauces, breakfast foods, gravy mixes, drink mixes, meat substitutes, processed foods, infant foods and, others.
Regional Analysis:
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 soy 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.
Competitive Dashboard:
The key Soy Food Market 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.
Industry Developments:
In May 2018, Tesco, a retail giant, has launched a plant-based steak in 400 stores across the U.K. it is produced by a Dutch manufacturer, Vivera, and is made from wheat and soy.
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