The global soy-based
food market is set to witness growth at a CAGR of 5.8% over
the forecast period (2022-2032) and top a valuation of USD 27.1 Bn by
2032.
Nutritious value and versatility of ingestible forms act as
growth levers for the global soy-based food market. As consumers move towards
health-conscious diets, soy food products present an ideal alternative for
dairy, meat, and poultry intensive diets.
Prevalence of heart diseases is creating a lateral shift in
consumer preference for cooking oil. Heart diseases are a leading cause of
mortality in the US, causing about 650, 000 deaths every year. Health-conscious
consumers are looking for low bad-cholesterol heart-friendly alternatives to
conventional cooking oil. This has changed the soy-based food market outlook
very positively.
Although presence of alternatives such as olive oil is
hindering the soy-based food market growth, the manufacturers are expanding
their production capacities to distribute their products at competitive
pricing.
According to the World Soy Oil Processors Association
(SOPA), the global soy oil production in 2019-2020 was more than 56 million
metric tons. Soy-oil is a healthier alternative; and the soy-based food market
analysis indicates that the successful marketing campaigns are viewing
millennials and geriatrics as their target consumer base.
While consumers have been increasingly shifting towards
health-centric products, the COVID-19 pandemic has provided further impetus to
the soy-based food market trend. Amid nationwide lockdowns in several
countries, many leading meat plants have been shut down in order to avoid
further contagion of coronavirus. This potential of scarcity of meat supply is
influencing consumers to turn to plant-based meat products, with meat
alternatives such as tofu witnessing phenomenal sales in developed regions.
Such trends have worked in favour of soy food products market and changed the
global outlook drastically.
Key Takeaways from Market Study
- East
Asia is expected to dominate the soy-based food market by accounting for
the maximum market value share of about 25% by 2022 end.
- Rising
demand for meat substitutes is expected to result in a subsequent increase
in the demand for soy-based food in different regions across the globe
which is predicted to rise considerably during the assessment period
(2022-2032)
- By
product type, tofu is expected to account for a considerable market value
share of the global market by 2022 end
- Presence
of soy-based food products as ingredients in non-vegetarian dishes makes
them easy to digest and enhances their flavor which is predicted to
influence the demand for soy-based meat products in the near future
- Indirect
channel is expected to account for a highest soy-based food market share
by 2032 end.
“Vegetarians who can’t consume meat products are
looking for an alternative that provides the same amount of nutritional value
owing to which the demand for soy-based food is expected to show an impressive
increase in the coming decade”, says a Future Market
Insights analyst.
Competitive Landscape
Manufacturers are adopting various marketing strategies such
as new product launches, geographical expansion, merger and acquisitions,
partnerships and collaboration to identify the interest of potential buyers and
create a larger customer base in the soy-based food market.
The market is highly competitive without much role of
dominant players such as Nestle S.A., Danone SA, Solbar Ltd, Cargill Inc., ADM
Company, and others.
Recent Developments:
Atlante introduced its vegan yoghurt in the Netherlands in
June 2021. The item is currently available in Superunie stores under the Own
Label Melkan brand.
Explore More Valuable Insights
Future Market Insights, in its new report, offers an
impartial analysis of the global soy-based food market, presenting historical data
(2017-2021) and estimation statistics for the forecast period of 2022-2032.
By Product Type, Global Soy-based Food is segmented as:
- Meat
Substitutes
- Textured
Vegetable Protein
- Tofu
- Tempeh
- Non-
dairy Yogurt
- Non-dairy
Spread
- Non-
dairy Ice Cream
- Non-
dairy Cheese
By Application, Global Soy-based Food is segmented as:
- Meat
Products
- Dairy
Products
- Bakery
and Confectionery
- Functional
Food
- Instant
Food
By Distribution Channel, Global Soy-based Food is segmented
as:
- Direct
- Indirect
- Hypermarkets/Supermarkets
- Convenience
Store
- Specialty
Stores
- Independent
Retailers
- Online
Retailers
By Region, Global Soy-based Food is segmented as:
- North
America
- Latin
America
- Europe
- East
Asia
- South
Asia
- Oceania
- Middle
East & Africa
Frequently Asked Questions
- What
is the market scenario of soy-based food?
- At
what rate is the global soy-based food expected to grow?
- How
are market players reacting to the new developments in the soy-based food?
- How
much share does the top 10 companies in the soy-based food hold?
- Which
are the major countries driving demand for butter?
Read More: https://www.futuremarketinsights.com/reports/soy-based-food-market