Soy Food Market Overview:
By 2030, the worldwide soy food market had a value of $62.7 billion. Looking ahead, IMARC Group projects that the market will grow at a CAGR of 4.98 percent from 2022 to 2030, reaching US$ 62.7 billion. They are constantly monitoring and assessing the direct as well as indirect impact of the pandemic on various end-use industries while keeping in mind the COVID-19 uncertainties. These observations are cited in the study as a significant market contributor.
In east Asia in origin, soybean is a kind of legume that is high in folate, rich in protein, as well as low in saturated fats. This is a good source of calcium, omega-3 fatty acids, magnesium, phosphorus, potassium, fiber, plus iron. It provides several health advantages due to its nutrient content, including lowering blood cholesterol levels, boosting bone density, as well as reducing the risk of contracting cancer. It is frequently used as a meat substitute in many cuisines and is included in several vegan-friendly food items. The global soy food industry is expanding due to the growing demand for plant-based diets.
Market Segmentation:
It is crucial to have an understanding of the different market segments to comprehend how Soy Food Market sectors operate and how well they can satisfy the demands of the target market.
The following criteria have been used to segment the market:
Considering the type of product
The soy food industry sells a variety of goods, including tofu, sour milk, oil, as well as textured vegetable protein.
Based on the category
The industry's category division includes both conventional goods and organic food items.
Depending on the distribution method
Supermarkets, internet shops, department as well as confectionery stores, convenience stores, as well as other establishments including hypermarkets are all part of the soy food industry's distribution system.
Based on the end-uses
Infant nutrition, functional food items, dairy substitutes, meat alternatives, confectionery items, bakery goods, as well as other purposes are some of the final applications for the products and services offered by the soy food market.
Regional Classification:
According to the analysis of the soy food industry for the forecast period, the APAC area is anticipated to hold the greatest market share. One of the main causes of this is the growing popularity of various soybean products like the pea, which contain all the necessary proteins plus nutrients and are ideal for athletes who need amino acids for muscle regeneration.
Asia-Pacific is the most important region in the global soy food market, followed by North America and Europe. As per projections, the markets for soy food products within Asia-Pacific and Latin America are growing at the quickest rates. Whole soy food is the market sector with the quickest growth. Growth in the older population and growing awareness of weight health is driving the global market for soy food products.
Industry News:
About 80% of the nation's soybeans are processed into soybean oil as well as soybean meal, as well as 95% of the time, soybean meals are converted into animal feed. Food and beverage products are made from soybeans through processing. Because of soy's many nutritional advantages, including its high protein and fiber content and complete lack of cholesterol, soy cuisine has grown in popularity. Market sellers of soy products include fermented and unfermented whole soy food items, soy as food additives or ingredients, plus soy oil. Nowadays, traditional soy products like tofu and soy milk are easily accessible in shops all over the world.
Competitive Landscape
The global Key Soy Food Market Players are as follows:
- Kerry Inc.
- The Scoular Company
- Fuji Oil Group
- Cargill Inc
- House Foods Group Inc
- I. du Pont de Nemours Co.
- The WhiteWave Foods Company
- CHS Inc.
- Archer-Daniels Midland Co
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