Global Soy-Based Market is growing with a CAGR of ~10% during 2022 to 2028: Ken Research

 Buy Now

What Is the Size of Global Soy Based Industry?

Global Soy Based market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F. The Soy Based Market is largely driven by the growing consumer demand for health-centric food products to maintain healthy eating habits.

The increasing popularity of lactose-free products among individuals is anticipated to boost the soy-based food market growth in the forthcoming years. Furthermore, Consumers shifting preferences toward a vegan diet due to rising awareness regarding the health benefits associated is also one of the major trends that help in the shaping of the soy-based food market.

Lack of individuals’ awareness regarding plant-based food products, and limited availability of raw materials are some of the challenges faced by the soy-based food market. Furthermore, rising consumer concerns regarding the negative health implications of consuming ferments soy-based beverages may impede its growth.

The ongoing COVID-19 pandemic has changed consumers' purchasing preferences/behavior due to lockdowns imposed by the government, and has made people more health conscious, which has further fueled the demand for natural and organic products, resulting in an increase in demand for plant-based food, including soy and organic products.

Global Soy Based Market By Product Type

The Global Soy Based market is segmented by Product Type into Meat Substitutes, Non-Dairy Ice Cream, Non-Dairy Cheese, Non-Dairy Yoghurt and Non-Dairy Spread. The Meat Substitute segment held the largest share of the Global Soy-Based Food Market in 2022.

The growth is mainly driven by the rising individuals’ environmental concerns which are positively influencing an increase in the adoption of meat substitutes, such as tempeh, tofu, and textured vegetable protein as they typically use less land, water, and emit lower carbon emissions which helps in mitigating the effects of global warming and improve the air quality.

Global Soy Based Market By Distribution Channel

The Global Soy Based Market is segmented by Distribution Channel into Hypermarkets/Supermarkets, Convenience Stores and Online Retail Stores. The Supermarket/Hypermarket segment held the largest share of the Global soy-based food Market in 2022. The growth is mainly attributed to the easy availability of food products along with the large variety of flavors and brands under one roof, which assists customers in selecting the appropriate product. Supermarkets/hypermarkets generally offer lower or discounted prices to customers as they purchase larger quantities of goods, which dramatically increases its sales volume.

Request For Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTk2MDQ0

Global Soy Based Market By Application

The Global Soy Based market is segmented by Application into Dairy Alternatives, Meat Alternatives, Bakery and Confectionary, Functional Foods, Infant Foods and Others. The Dairy Alternatives segment held the largest market share of the Global soy-based food Market in 2022, owing to the inclusion of antioxidative properties in soy milk, which protect the body's cells.

The presence of omega-3 fats, essential polyunsaturated fats in soy foods are associated with a lower risk of cardiovascular disease (CVD), influencing people, particularly those suffering from CVD, to choose them.

Global Soy Based Market By Geography

The Global Soy Based market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. Asia Pacific accounted for the largest market share in the global soy-based food market in 2022. The growth is mainly attributed to the rising trend of veganism among individuals, especially the young generation, who seem to be more invested in health consciousness.

The rising government initiatives regarding the reduction of meat consumption across Asian countries, notably in China, India, Japan, and South Korea, to reduce greenhouse gas emissions, deforestation, and soil degradation is a significant contributor to rising demand for plant-based food products, including soy-based food products.

Market Taxonomy

By Product Type

• Meat Substitutes
• Non-Dairy Ice Cream
• Non-Dairy Cheese
• Non-Dairy Yoghurt
• Non-Dairy Spread

By Distribution Channel

• Hypermarkets/Supermarkets
• Convenience Stores
• Online Retail Stores

Request For Customization @ https://www.kenresearch.com/ask-customization.php?Frmdetails=NTk2MDQ0

By Application

• Dairy Alternatives
• Meat Alternatives
• Bakery and Confectionary
• Functional Foods
• Infant Foods
• Others

By Geography

• North America
  • USA
  • Canada
  • Mexico
• Europe
  • France
  • Italy
  • Germany
  • Spain
  • UK
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia Rest of Asia Pacific
• LAMEA
  • Latin America
  • Middle East
  • Africa

Key Players

• ADM
• Danone S.A.
• Eden Foods
• Pacific Foods Of Oregon, Llc.
• The Sahmyook Foods
• Nordic Soya Oy
• Cargill, Incorporated
• The Hain Celestial Group
• Blue Diamond Growers
• Miracle Soybean Food International Corp.

For more insights on the market intelligence, refer to below link:-

Global Soy-Based Market

3 Key Insights on Competitive Landscape in the Global Soy-Based Food Market: Ken Research

Buy Now

Country-Niche Players Dominate the Industry Comprising ~50% of Total Competitors Despite the Presence of about ~200 Competitors Comprising Regional Players, and, Global Players, finds a recent market study on the Global Radiography Systems Market by Ken Research

Soy is a nutrient-dense form of protein that can be consumed easily and frequently and is usually able to provide health benefits. Soy food products are typically made from soybean, which has been a mainstay of Asian diets for centuries and provides high-quality protein, fiber, healthy fats, minerals, and vitamins. There are numerous food alternatives made with soy, such as cheese, "chicken-less" nuggets, hamburgers, hot dogs, and ice cream.

“Ken Research shares 3 key insights on the competitive landscape of this dynamic market from its latest research study”

Country-Niche Players Constitute ~50% of the Total Number of Competitors, While Regional Companies Represent ~35% Share in Terms of the Total Number of Players in the Market.

A comprehensive competitive analysis conducted during the Research Study found that the Global Soy-Based Food market is highly competitive with ~200 players, including globally diversified players, regional players, and a large number of country-niche players with their niche in adopting advanced technology, such as fermentation technology to enhance the taste, and texture of products. The majority of the country’s players use indoor farming or vertical farming to provide an optimal environment for crops while preventing disease and pest damage. Since it allows farmers/producers to grow crops, including soybeans, maize, rice, and more with less water than is usually required for cultivation.

Acquisition and Strategic Investments Drive the Major Players in Formulating their Key Strategy

Detailed comparative analysis of key competitors available within the Research Study shows that numerous specialist companies such as The Hain Celestial Group, Cargill, Incorporated, Nordic Soya Oy, Danone S.A., ADM, and more are highly focused on providing a significant number of sustainable & nutritious solutions that users can include in their diets and replacing traditional food & beverages options with plant-based alternatives. In addition, numerous companies and organizations are aggressively investing in advanced food technology, and mergers & acquisitions to have a strong foothold in the market.

• In August 2022, ADM partnered with Benson Hill to commercialize a portfolio of proprietary innovative soy ingredients to help meet the increasing demand for plant-based proteins.
• In July 2022, Danone unveiled the new Dairy & Plants Blend baby formula, which is acceptable for vegetarian, and plant-based diets even while satisfying the nutritional requirements of the baby. The product is made with high-quality, non-GMO soy protein and a variety of other plant ingredients.

The Growing Government's Move to Suspend Dairy Products for Violations of Standards, as well as Supporting Plant-Based Food Adoption is Propelling the Growth of the Soy-Based Food Market. 

• In July 2022, the Government of Canada invested more than US$1.4 million in Big Mountain Foods Ltd., a Canadian manufacturer of plant-based foods, for the production of plant-based food in British Columbia. This will support the commercialization of a plant-based, soy-free tofu product made from 100% Canadian-grown and milled chickpeas, thereby fulfilling the requirements of consumers with soy allergies and special dietary requirements.
• In October 2020, Mexico’s economy ministry suspended the sale of nearly 20 dairy products for violating standards, including products sold under Mondelz International Inc.’s ‘Philadelphia’ brand and natural yogurt by the France-based food company Danone.

In addition, according to the ministry, the violations included falsely claiming to be "100% milk," using vegetable fat to replace milk, and providing a lower net content in grams than marketed on the packaging. Also, the products were outlined due to the inclusion of sugars and failure to meet minimum milk content requirements.

• In December 2019, The UN World Food Programme (WFP), receives a US$ 1 million contribution from the Republic of Korea to strengthen household food security in Afghanistan through soy production. 

For more information on the research report, refer to the below link:-

Global Soy-Based Market

Contact Us: –

Ken Research

Ankur Gupta, Head Marketing & Communications

Support@kenresearch.com

+91-9015378249