Soy Food Market Research Report - Forecast till 2027

Soy Food Market Research Report: By Type (Textured Vegetable Protein (TVP), Soymilk, Soy Oil, Tofu, and Others), Category (Organic and Conventional), Distribution Channel (Store-Based and Non-Store-Based), and Region (North America, Europe, Asia-Pacific, and Rest of the World)—Forecast till 2027

ID: MRFR/F-B & N/1953-HCR | 90 Pages | Published By Varsha More on March 2023         

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Soy Food Market

Soy Food Market is projected to reach USD 62.7 Billion by 2030, registering a growth rate of 4.98% during the forecast period of 2020 to 2030.

Segmentation
By Type Textured Vegetable Protein (TVP) Soymilk Soy Oil Tofu
By Category Organic Conventional
By Distribution Channel Store-Based Non-Store-Based
Key Players
Companies Profiled   Kerry Inc.    The Scoular Company    Fuji Oil Group    Cargill Inc    House Foods Group Inc    E.I. du Pont de Nemours & Co.    The WhiteWave Foods Company CHS Inc.    Archer-Daniels Midland Co
Drivers
Market Driving Forces   The Increasing Demand For High Protein Food Products    Growing Trend for Vegan & Vegetarian Products
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Soy Food Market Overview


The Soy Food Market is projected to reach USD 51.2 billion by 2024, registering a growth rate of 5.5% during the forecast period of 2019 to 2024. The soybean market is likely to enjoy the limelight during the forecast period owing to its ability to bring a gradual shift on the dependence of the target audience in the dairy industry. Soybeans provide the same nutrients that are offered by dairy products and maintain a good and reliable level of environmental sustainability while catering to the vibrant needs of the target audience. This is more beneficial people for people who have digestion issues while intaking dairy products.


Covid 19 Analysis of Soy Food Market


The arrival of the pandemic was an unwanted surprise that has brought along a series of disruptions and distress for all the underdeveloped, developing, and developed economies across the globe. One of the major reasons behind this is the unpreparedness of the people to deal with the changes that have been accelerated during the pandemic that hit various geographies across the globe since late 2019 and 2020. The pandemic hit the lives of people in such a way that the growth stood still, and the unforeseen circumstances led to a disruption in the demand graph and further, resulted in a negative impact on the smooth functioning of the supply chain mechanism in soy food market. Some of the players were unable to bear the wrath of the situation and hence, gave up. The sudden shutdown of various departments and market services has developed concerns regarding the sustainability and chances of the growth opportunities that will help in returning to normalcy.


However, to help the soy food market overcome such an uncertain time that is prevailing globally, the government is raising its investment in the research and development sector that will help the market players overcome the disrupted demand and initiate new trends. This will help in providing the target audience with a variety of market services and products to choose from. Also, the prominent market players are moving towards innovation and creativity that will help in enhancing the scale of operations and provide opportunities to grow in the international market.


Market Dynamics


Drivers


Based on the survey conducted by the US National Library of Medicine, approximately 65% of the global audience has lost their ability to digest lactose that is one of the major parts of dairy products and substances. It has been realized that as an individual begins to grow, the person tends to lose the capacity of digesting such products that leads to the deficiency of important nutrients and proteins in the body in the long run. Lactose intolerance is one of the important issues that is reporting 10 million cases each year and hence, the soy food market operations stand a better chance of increasing their sales during the forecast period.


Restraints


One of the major issues that are likely to be faced by the soy food market growth during the forecast period is the resistance of people to opt for soy market products owing to the fear related to contracting similar digestive problems. Also, lack of awareness regarding the benefits of soy products and their ability to meet the nutrition content demand by the body is an underestimated factor that might pose growth challenges for the market trends during the forecast period.


Technology Analysis


With the rising cases of lactose intake with each passing year, there is a gradual need for the development of food alternates that will help to maintain the protein and nutrient level in the body and falls within the affordability limit of the consumers, especially, when the purchasing power of consumers has been hampered due to the arrival of the pandemic. Dairy products tend to create a nauseating feeling amongst the consumers and take more time to consume and digest. Creative advancements and skillful use of soybean in a variety of food items promise good and positive attributes for the market especially during the forecast period.


Study Objectives



  • To study the scope of the available market dynamics and understand their ability to induce new trends and demand for the soy food market services and products during the forecast period. Also, the scope of the market shall cover the impact of the pandemic as 2020 is the base year on which the growth rate and market value have been projected by the market leaders.

  • To conduct deep research and analysis of the way of functioning of the soy food market segments in various regional and international markets. This analysis will help in understanding the ability of these segments to maintain a proper supply chain mechanism amongst the market.

  • To understand a highly volatile and competitive degree that prevails amongst the soy food market players during the forecast period. Also, another important objective of carrying out this research is to draw a competitive graph based on the recent developments undertaken by the market players during the ongoing forecast period.


Segment Overview


To understand the functioning of the soy food market segments and their ability to meet the needs of the target audience, it is important to have an idea about the kind of market segments. The market has been segmented based on the following:


Based on the product type


The soy food market deals in a series of products like tofu, textured vegetable protein, sour milk, and oil, amongst others.


Based on the category


The category segment of the market is inclusive of both conventional items and organic food products.


Based on the distribution channel


The distribution channel of the soy food market includes online stores, convenience stores, department and confectionary stores, supermarkets, and others like hypermarkets.


Based on the end-uses


The end-uses of the soy food market products and services are infant nutrition, dairy alternatives, functional food items, meat alternates, bakery products, confectionery items, and others.


Regional Analysis


The APAC region is expected to hold the largest market share based on the soy food market analysis for the period. One of the major reasons for the same is the recognition of various soybean products like a pea that has all the essentials proteins and nutrients and emerges as a perfect fit for athletes that require amino acids to get rid of muscle repair.


Competitive Landscape


The prominent players of the soy food market are as follows:



  • Kerry Inc.

  • The Scoular Company

  • Fuji Oil Group

  • Cargill Inc

  • House Foods Group Inc

  • E.I. du Pont de Nemours & Co.

  • The WhiteWave Foods Company

  • CHS Inc.

  • Archer-Daniels Midland Co


Recent Developments


The target audience that belongs to various parts of the APAC region like India, Japan, and South Korea, is showing a great rise in health awareness and consciousness. Also, this trend is giving a steep rise to the demand for tofu in the soy food market as it has a high degree of resemblance to soy in terms of its formation, texture, color, alongside the taste of the product. The rising health awareness amongst consumers can show better results with the availability of a variety of food items.


The European soy manufacturers and producers are contributing a large sum of investment to conduct the research and development activities and are on the way to introduce variation in the availability of soy food products. The main aim behind this investment in the market products is to expand the availability of the product portfolio and increase the existing qualitative customer base.


Soy food products and items are witnessing a major momentum in the form of snacks and beverages that is likely to experience steady growth and kickstart its demand amongst the worldwide audience that will improvise both food items and health awareness amongst the target audience during the forecast period. 


Intended Audience



  • Soy food manufacturers

  • Government agencies

  • Food additive distributors

  • Industry associations

  • Importers and exporters of food additives

  • Research firms

  • Development institutions

  • Consulting firms

  • Soy food producers


Report Overview


With the pandemic year of 2020 as the base year, the report has discussed the features and drivers that will create growth opportunities for the market by the end of the forecast period. The report aims to highlight the potential of the soy food market players and segments to meet the needs of the target audience and also, earn revenue at promises a good market value by the end of the period.



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Frequently Asked Questions (FAQ) :

The market recognizes the target audience in the form of the global population that suffers from digestive issues due to lactose intake and the ones who are looking for healthier food alternates.