According to the latest report by IMARC Group, titled “Soy Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 38.7 Billion in 2018. Soybean is one of the basic ingredients used in the preparation of traditional Asian food. In western countries, it is primarily utilized for the production of surrogate food products, such as tofu, soymilk, miso and soy flour. It incorporates two types of healthy fat, namely omega-6 and omega-3 fatty acids and is also an optimal source of iron, vitamin D, insoluble fiber, copper, manganese, folate, calcium, zinc, phosphorus and magnesium. On account of its nutritional profile, soy consumption offers a range of health benefits, such as reducing menopausal symptoms, increasing bone density, lowering blood cholesterol levels and reducing the risk of heart disease. Soy food products are generally divided into unfermented and fermented categories. Wherein, fermented soy items include natto, tempeh, soy sauce and miso, whereas, unfermented products include soy cheese, soymilk, edamame, and matured and boiled soybeans.
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Global Soy Food Market Trends:
Over the past few years, consumers have started shifting toward plant-based diets, on account of the rising awareness regarding the preservation of the environment, and protection of animals. This shift has led to an increase in the production of soy across the globe. For instance, in Africa, the cultivation of soybeans is being promoted to decrease the dependence upon imports. Besides, several authorities are conducting intensive R&D and framing appropriate policies to ensure that the improvements made in soybeans production technology can meet future demands. Moreover, a significant rise in investments is also driving the soy food industry. For example, in May 2019, the soy- and plant-based products manufacturer, Keystone Natural Holdings acquired WestSoy, the meat replacement business of the US-based food company Hain Celestial, to expand its portfolio of innovative products. On account of these factors, the market value is expected to grow at a CAGR of around 5% during 2019-2024, reaching a value of US$ 53.1 Billion by 2024.
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- Based on the product type, the market has been segmented into textured vegetable protein (TVP), soymilk, soy oil and tofu.
- The market has been bifurcated on the basis of the category, which includes organic and conventional products.
- According to the distribution channel, the market has been segregated as supermarkets and hypermarkets, departmental stores, convenience stores, and online.
- On the basis of the end use, the market has been categorized as dairy alternatives, meat alternatives, bakery and confectionary, functional foods, and infant nutrition.
- On the geographical front, the market has been divided into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined with some of the key players being Blue Diamond Growers, Dean Foods, Earth’s Own Food Company, Eden Foods, Freedom Foods Group, Harvest Innovations, House Foods America Holding, Archer Daniels Midland, Miracle Soybean Food International Corp, Cargill, Nordic Soya Oy, Victoria Group, Hain Celestial, and Adisoy Foods & Beverages Pvt. Ltd.
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