Overview:

The global soy food market is growing continually, mainly due to the rising trend of healthy snacking items. Besides, increasing awareness of nutritive values of soy food is a major driving force for the market growth. Soy food is a more industrialized product, which is dominated by large holders. Health benefits of soy food have given it an advantage, and its demand has raised quickly due to health and sustainability concerns. The rising popularity of soy food products is the primary driving force behind the growth of the market.

According to Market Research Future (MRFR), the global Soy Food Market Outlook is expected to garner a valuation of USD 62.7 Billion by 2030, registering 4.98% CAGR during the forecast period 2022-2030. Rising preference for soy food products among health-conscious people increases market demand and sales. Also, the rising consumer demand for soy content in bakery and convenience foods is fostering the growth of the market. Besides, the growing trend of vegan and vegetarian food has created new opportunities for industry players.

Furthermore, the increasing focus of market players on RD is estimated to impact the market growth, bringing about new products and improvements in the existing product line. The high demand encourages manufacturers to develop various forms of soy food that can attract consumers’ attention. They also run product promotion campaigns that play a vital role in increasing the market sales. Augmenting demand for high protein food products increases the consumption of soy-based protein products.

On the other hand, there are various anti-marketing efforts run by some unorganized groups. Negative marketing of adverse impact of consumption of soy is a major factor expected to restrain the growth of the market. Nevertheless, the shift in consumption patterns led by the increasing per capita disposable income would support the market growth throughout the predicted period. Also, the significant rise in the number of market players would boost the size of the market.

Segmentation:

The report is segmented into four dynamics;

By Type: Textured Vegetable Protein (TVP), Soy milk, Soy Oil, Tofu, and others.

By Category: Organic and Conventional.

By Distribution Channel: Store-Based, Hypermarkets Supermarkets, Convenience Stores, Non-Store-Based, and others.

By Regions : Europe, Americas, Asia Pacific, and the Rest-of-the-World.

Regional Analysis:

Asia Pacific region dominates the global Soy Food Market Insights. The largest market share attributes to the increasing consumption of soy food products and the increasing per capita income of consumers. Due to its large cultivation areas, the region witnesses high soy production, which helps the cost-competitive manufacturing of soy foods.

Increased sales have empowered the bakers to economize out complete sales growth. China, India, Japan are the major growth contributors to regional market growth. The APAC soy food market is projected to retain its dominance over the global market throughout the forecast period.

Europe stands second in the global soy food market. Market growth is driven by the presence of a large consumer base and prominent manufacturers in the region. Moreover, factors such as larger processing units and growing distribution channels in the region influence the market demand. European countries such as Italy, France, Germany, and the UK contribute to the regional market growth majorly. The European Soy Food market is estimated to create a substantial revenue pocket over the forecast period.

The soy food market in North America is emerging as a promising market globally. Factors such as the rising awareness for the health benefits of soy products and changing food consumption patterns drive the regional market growth. Moreover, factors such as the increasing absorption of soy in the making of healthy snacks bars in the region and increasing preference for healthier food alternatives increase market demand.

Also, higher prices and use of feed in the region influence the high production volume of soy food in the region. The US soy food market accounts for the major share in the regional market growth, witnessing constant RD efforts, and rising demand. The North American soy food market is projected to generate impressive growth during the given forecast period.

Competitive Analysis:

Highly competitive, the soy food market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, mergers acquisitions, collaboration, expansion, and product launch remain popular trends for industry players. Considering the rising demand for clean label products, players are increasingly developing the plant-based protein category. For which they invest substantially in product development and to expand their global footprints.

Major Players:

Players leading the global soy food market include Archer Daniels Midland Company (US), Alpro (Belgium), Dean Foods Company (US), Barentz Europe BV (Netherlands), China Yingxia International Inc. (China), Eden Foods, Inc. (US), Groupe Danone (France), CHS Inc. (US), Cargill, Incorporated (US), and Sunrise Soy Foods (Canada), among others.

Industry Related News:

April 04, 2020 ---Cargill Corporation, a leading food company in America, announced the progress on its outlined plans to achieve sustainability goals in critical supply chains, including aqua nutrition, soy, and cocoa, among others. Over the past year, the company adopted global sustainability efforts to advance progress more quickly. Also, it established a science-based commitment to reduce supply chain emissions by 30% by 2030, a climate commitment to reinforce the Paris Climate Commitment support. With a focus on advancing progress on optimized land use, climate change, water scarcity, farmer success, and human rights, the company is working across every supply chain to drive sustainable production, transportation, and operations.

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