Soy Food Market on the Rise: A Plant-Based Powerhouse in Global Nutrition
Soy Food Market Overview:
By 2032, the worldwide soy food market had a value of $63.1
billion. Looking ahead, IMARC Group projects that the market will grow at a
CAGR of 4.34 percent from 2023 to 2032, reaching US$ 63.1 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
·
E.I. du Pont de Nemours & Co.
·
The WhiteWave Foods Company
·
CHS Inc.
·
Archer-Daniels Midland Co
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