Overview:
The soy food market is gaining attention from consumers as a suitable substitute for dairy and meat products. Among the other benefits, it is cholesterol-free, provides plant protein, and low in saturated fat which have helped it cement its ground in the food & beverage sector. These factors include its ability to lower the risk of cardiovascular diseases and regulate gastrointestinal system by introducing dietary fiber. As its result, edamame or green soybeans, black soybeans, soy nuts, soy flour, and tempeh are witnessing extremely high growth.
The global soy food market is all set for robust growth as during the forecast period, reveals Market Research Future (MRFR). The report has an in-depth analysis of the segments and driving factors that can trigger the market in the coming years. The demand for fiber-rich soy foods is increasing by the hour in urban areas as more and more people are getting exposed to the benefits of this product. It is also a perfect source of vitamins like B6 and B12, and minerals like zinc and iron. Soy foods go perfectly well with the idea of turning vegan, a trend that is sweeping across the globe with great gusto.
However, the soy foods market can expect a slackening owing to less percolation in non-urban regions. People, there are less aware of the benefits of soy foods and the products are not always available which can rend the market a plateaued state. Lack of calcium in soy food can also be considered a drawback.
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Market Updates:
In April 2017, Danone took over WhiteWave. The newly built DanoneWave act as a strategic business unit to manage activities in North America.
In September 2018, Alpro announced its intention to expand its presence in c-stores by introducing a new coffee cup for their plant-based chilled coffee.
Regional Analysis:
Region-specific approach to the soy food market includes North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW).
North America accounts for the largest share generated globally. The U.S. in the region contributes the most. The region enjoys the benefits of growing health-related awareness. Along with it, the need for convenience food is fast gaining traction, and soy food market is entirely in sync with it. The robust infrastructure of the country is further ensuring growth for the regional market.
The APAC region is also doing remarkably well. China has a huge market, and it is the place where the idea of soy food originated. At the same time, countries such as India and Japan are also contributing substantially to regional market growth. High-density population and fast increasing disposal income levels of consumers are playing key roles in taking the market ahead with an excellent CAGR during the forecast period. The soy food market in APAC has been divided into China, India, Japan, Australia and New Zealand, and the rest of APAC. Europe’s substantial market share comes from countries such as the U.K., Germany, France, Italy, Spain,
Segmentation:
The global soy food market can be segmented by product type, category, distribution channel, and region.
By product type, the soy food market has been classified as textured vegetable protein (TVP), soy milk, soy oil, tofu, and others. Major producers of these products are India, the U.S., Brazil, China, and Argentina.
On the basis of category, the soy food market has been divided into organic and conventional. With the growing demand for organic food, the organic segment is bound to gain some thrusts.
The soy food market segmented on the basis of distribution channel includes store-based and non-store-based. The store-based segment has been further segmented into supermarkets and hypermarkets, convenience stores, and others.
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Key Competitors:
Archer Daniels Midland Company (US), Alpro (Belgium), Dean Foods Company (UK), China Yingxia International Inc. (China), Barentz Europe BV (Netherlands), Eden Foods, Inc. (US), CHS Inc. (US), Groupe Danone (Spain), and Cargill, Incorporated (US) are some of the key players in the global soy food market. These companies fight hard with strategic forces to stay ahead in the market. The market is intense in terms of competition where merger, acquisition, product launch, and other methods play crucial roles.
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