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.
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.
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