Mexico Soy Food Market | Present Scenario and Growth Prospects 2032
Soy Food Market Overview:
The increasing awareness about the health benefits of soy
products and expanding product offerings has accelerated penetration of the
market. According to Market Research Future (MRFR), Soy Food Market is
projected to reach USD 63.1 Billion by 2032, registering a growth rate of 4.34%
during the forecast period of 2024 to 2032.
Mexico
Soy Food Market is experiencing steady growth, fueled by changing
consumer preferences, urbanization, and increasing awareness of the health
benefits of soy-based products. Traditional Mexican cuisine incorporates soy
ingredients such as soybeans and soy sauce, contributing to the familiarity and
acceptance of soy foods among consumers. With rising concerns about health and
wellness, there is a growing demand for soy-based alternatives to meat and
dairy products in Mexico. Factors such as government initiatives promoting healthy
eating habits, investment in food processing infrastructure, and expansion of
distribution networks are driving the growth and development of the soy food
market in Mexico.
The increased consumption of soy products is also
attributable to the rising incidences of lactose intolerance coupled with
growing count of people suffering from lactase deficiency. The adoption of soy
food as an alternative to milk products will fuel the growth of Soy Food Market
across the assessment period. Furthermore, the swift shift to veganism will
also create demand for soy food globally due to the high nutritional value of
the products.
The rising count of diseases has created an awareness about
the advantages of healthy food habits to prevent diseases such as obesity,
cardiovascular diseases, diabetes, etc. The integration of soy food products
into dietary plans has been on a rise which will obliquely accelerate the
revenue creation from the market. Furthermore, the consumption of soy products
as rich sources of omega 3 and omega 6 fatty acids will create more demand for
the products over the review period. Other factors responsible for the growth
of the market include demand for clean label, expanding product portfolios of
the prominent players, and changing consumer preference among others.
Competitive Dashboard:
The Soy
Food Market Companies profiled by MRFR for delivering a reliable market
intelligence include Archer Daniels Midland Company (U.S.), Dean Foods Company
(U.S.), Barentz Europe B.V. (Netherlands), CHS Inc. (U.S.), Cargill,
Incorporated (U.S.), Alpro (Belgium), China Yingxia International Inc (China),
Eden Foods, Inc. (U.S.), and, Groupe Danone (Spain) among others. The top-notch
players strive to strengthen their footholds in the market by strategizing
initiatives such as the expansion of product portfolios, agreements, research
& development, strategic alliances, product innovation, etc.
Market Segmentation:
By major type, the soy food market has been segmented into
naturally concentrated soy products, soymilk, soy beverages, tofu & tofu
products, sauces, oil, nuts and, others
By specialty-diet, the global soy food market has been
segmented into vegetarian, high-protein, organic, vegan, high fiber, and
others.
By form, soy food market is segmented into liquid, nuggets,
seeds, powder, and, others
By application, the global soy food market has been
segmented into soy flour, sauces, breakfast foods, gravy mixes, drink mixes,
meat substitutes, processed foods, infant foods and, others.
Regional Analysis:
The global soy food Industry
has been segmented into North America, Europe, Asia Pacific, and Rest of the
World (ROW). North America is leading the global market, and the trend is
likely to continue during the projection period. The increase in product
offerings and changing food habits will fuel the soy food market growth in the
region. The concentration of top-notch players and innovations in their product
offerings will complement the accelerated revenue generation. Europe will also
exhibit growth due to increasing awareness about healthy lifestyle and the
nutritional value of soy products. The presence of developed economies in the
region will favor market growth and expansion.
Asia Pacific is an emerging potential market and is poised
to witness an increase in demand over the next few years. The adoption of soy
products will be on the rise in emerging economies such as India and China
across the review period. The Rest of the World market will exhibit a sluggish
growth coupled with a steady pace of demand generation.
Industry Developments:
In May 2018, Tesco, a retail giant, has launched a
plant-based steak in 400 stores across the U.K. it is produced by a Dutch
manufacturer, Vivera, and is made from wheat and soy.
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