Owing to growing consumer needs and their awareness about specialty food has grown in recent years. The growth has been driven by the increased acceptance of free-from food amongst the consumers. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report “Global Soy Food Industry Research Report- Forecast to 2023” that the market will demonstrate an exceptional CAGR % while achieving good growth rapidly in the forecast period.
There has been growing demand of soy Food across the world owing to rising incidences of lactose intolerance. According to Lactose Intolerance Global Network (LIGN), majority of the worldwide adult population suffers from lactase deficiency, except for the population of Northern and Central Europe. Soy milk acts an alternative to milk and milk-based products and has become popularity among consumers who are lactose intolerant. With growing consumer concern over animal welfare, human health and the environment has led to the rising trend of veganism which has become a mainstream now. Veganism is associated with variety of beneficial health effects such as better heart health, improved diabetes, and lower rates of obesity, among others. Israel, Sweden, Japan, Poland, U.S., Germany, and U.K. have the largest concentration of vegans. Vegans look for animal ingredients alternatives and replace it with vegan ingredients which drives the demand of soy Food.
With manufacturers aiming to capture a considerable share of the market segment as early as possible, they are competing and experimenting with various advantage points from both supply and demand side. Industrial players are relying on strategic acquisition, new product launch, partnership & collaboration to capture the growth opportunity. New product launch & development along with expansion has become the major strategy for key players from last few years which are contributing the maximum share of strategy. The key market players profiled in Soy food are Blue Diamond Growers, DuPont, Dean Food, Northern Soy, Earth's Own Food Company, Eden Food, Freedom Food Group, Living Harvest, Kellogg, SunOpta, Nutriops, and Pacific Food.
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The global Soy Food Industry has been divided into type, distribution channel, category, application, and region.
On The Basis Of Type: Soy milk, Soy sauce, Miso, Tempeh, Tofu, and Others
On The Basis Of Distributional Channel: Store based, and Non-store based
On The Basis Of Category: Conventional, and Organic
On The Basis of Application: Food & Beverages (bakery and confectionary, meat products, functional Food, dairy products, and infant Food), Feed, Nutraceuticals, and Others
On The Basis Of Region: North America, Europe, Asia Pacific and ROW.
The global Soy Food Industry is segmented into North America, Europe, APAC, and Rest of the World (RoW). Global Soy Food Industry is highly dominated by North America followed by Europe. The U.S. registered for a higher consumption of soy food and it will be the major revenue contributor in the North American region. Furthermore, increasing demand for soy Food in convenience food category and rising awareness about the benefits of soy Food among consumers in developing countries such as India, China Japan, and Brazil are likely to boost the growth of the Soy Food Industry during the forecast period. India, US, Brazil, China and Argentina are the major producers and exporters in the soy market.
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