Global Soy-based Food Market is valued at approximately USD XX million in 2021 and is anticipated to grow with a healthy growth rate of more than 6.45% over the forecast period 2022-2028. Soy-based food is a food product that is produced mostly or completely with soy as its main ingredients without the usage of artificial ingredients or animal-source foods. Traditional soy-based foods such as meat substitutes, non-dairy spread, non-dairy yogurt, non-dairy cheese and non-dairy ice cream are designed to fit the contemporary taste patterns of consumers. The increasing lactose intolerant population, surging demand for plant-based products, coupled with rising consumer awareness for soy-based products are the primary factors propelling the global market demand. According to the Good Food Institute, in 2018, the plant-based food sector in the United States accounted for USD 4.9 billion. In addition, the sector is progressively rising with a growth rate of 43% and reached USD 7 billion in 2020. Thereby, the increasing demand for plant-based food products is fueling the demand for Soy-based Food, which is accelerating the market growth across the globe. However, the availability of substitutes like olive oil and anti-nutritional components of soy protein hinders the growth of the market over the forecast period of 2022-2028. Also, the growing trend of veganism and the rising number of product advancements and launches by the key market players are anticipated to act as catalyzing factors for the market demand during the forecast period.
The key regions considered for the global Soy-based Food Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to the surging demand for soy oil and soy-based products and increasing health and sustainability awareness. Whereas, Asia-Pacific is anticipated to exhibit the highest CAGR over the forecast period 2022-2028. Factors such as the increasing number of lactose intolerant population, as well as growing adoption of plant-based meat products, would create lucrative the growth prospects for the Soy-based Food Market across the Asia-Pacific region.
Major market players included in this report are:
DuPont Solae
Northern Soy, Inc.
Cargill Inc.
ADM Inc.
Solbar Ningbo Protein Technology Co., Ltd.
Whole Soy & Co.
The Scoular Company
Linyi Shansong Biological Products Co. Ltd.
Unilever plc
Danone SA
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product Type:
Meat Substitutes
Non- dairy Yogurt
Non-dairy Spread
Non- dairy Ice Cream
Non- dairy Cheese
By Distribution Channel:
Hypermarket/Supermarket
Convenience Stores
Online Retail Stores
Other Distribution Channel
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year - 2018, 2019, 2020
Base year - 2021
Forecast period - 2022 to 2028
Target Audience of the Global Soy-based Food Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
