Soy Food Market Report 2031 by Segments, Geography, Dynamics, Recent Developments, and Strategic Insights

 

The soy food market is expected to register a CAGR of 6% during 2023 – 2031. The soy food market is growing due to increased preference for plant-based diets.

Soy Food Market Analysis

• The soy food market is experiencing an upsurge due to need for protein-rich food products among people. Soy foods are an important source of protein and as it is plant-based, they are preferred by most individuals, which is one of the driving factors for the soy food market.
• Protein-rich food demand is estimated to escalate during the forecasted period. The growth of the soy food market owes to the availability of new products that help the companies to gain from the growing trends like plant-based or world cuisine, and attract health-conscious consumers having an inclination for novel and exciting items.

Soy Food Market Overview

• Soybean is processed to produce soymilk, tofu, tempeh, miso and edamame. Tofu products are popular worldwide, especially among the vegan and vegetarian population as it is an excellent substitute for the cheese.
• Lactose intolerant consumers tend to buy soya-based products as they are natural non-dairy alternatives. Consumer behavior drives the market for soy food.
• The growing health awareness and the acceptance of plant-based diet has increased the demand for soy-based products. Consumers seek alternatives to animal-based proteins and are attracted to the nutritional benefits and versatility of soy foods.
• The increased prevalence of lactose intolerance in the consumption area incline consumers to natural non-dairy alternatives of soya.

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Soy Food Market: Strategic Insights

Soy Food Market

• Market Size 2023
  US$ XX Million
• Market Size 2031
  US$ XX Million

Market Dynamics

GROWTH DRIVERS

• Growing demand for protein rich products
• Rising preference for plant-based alternatives to meat

FUTURE TRENDS

• Growth in the online sales channel

OPPORTUNITIES

• Increasing demand for organic products

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Type

• Textured Vegetable Protein
• Soy Milk
• Tofu
• Soy Oil

Category

• Organic
• Conventional

Distribution Channel

• Supermarkets and Hypermarkets
• Convenience Stores
• Online Retail

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Soy Food Market Drivers and Opportunities

Growing Demand for Protein-Rich Food to Favor the Market

The demand for protein-rich food is surging due to the growing awareness about health factors and people’s increased preference for non-animal-based protein sources. For these reasons, Soy food has become popular as a source of plant-based protein, which is majorly influencing the growth of the soy food market. Companies can cater to the growing demand by broadening the scope of their market and reaching out to different regions. The soy food market is highly competitive with major players competing with each other to innovate in their product line up and increase the product range and diversification catering to niche markets and different consumer preferences. Close monitoring of consumer behavior and consumer preferences would facilitate the companies to create relevant products and market and distribute it accordingly.

Growth in the Online Sales Channel

The online sales channel also provides convenience and accessibility to consumers. Consumers can easily browse through a large selection of soy food products in the market, while comparing prices and reading reviews home. This is a convenient alternative for those who do not have the time to go to a physical store. The soy food market has a huge opportunity in its online sales channel as e-commerce continues to expand worldwide. Recently, e-commerce has been rapidly growing within the food product category. Consumers are now able to order a wider variety of different food products online. Therefore, this option attracts more companies in the soy food market to sell their goods online.

Soy Food Market Segmentation Analysis

Key segments that contributed to the derivation of the soy food market analysis are type, category, and distribution channel.

• Based on type, the soy food market is divided into textured vegetable protein, soy milk, tofu, soy oil, and others.
• Based on category, the soy food market is divided into organic, and conventional.
• On the basis of distribution channel, the market is divided into supermarkets and hypermarkets, convenience stores, online retail, and others.

Soy Food Market Share Analysis by Geography

• Soy Food Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. 
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering soy food market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers Porter’s Five Forces analysis, which involves the study of major factors that influence the soy food market in these regions.

Soy Food Market Market Report Scope

Soy Food Market News and Recent Developments

The soy food market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the soy food market are listed below:

• Expanding access to affordable, nutritious, and tasty plant-based meat alternatives. Nestle launched Maggi soya chunks, fortified with iron and zinc. (Source: Nestle SA/Press Release/December 2023)
• Promasidor Ghana launched the Onga soyabean chunks through series of stakeholder engagement events. (Source: Promasidor Ghana/Press Release/March 2023)

Soy Food Market Report Coverage and Deliverables

The “Soy Food Market Size and Forecast (2021 – 2031)” provides a detailed analysis of the market covering below areas:

• Soy food market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Soy food market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed Porter’s Five Forces and SWOT analysis
• Soy food market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the soy food market
• Detailed company profiles