Global Soy-Based Food Market Size, Segments, Outlook, and Revenue Forecast Report 2022-2028

DUBLIN, April 12, 2023 /PRNewswire/ -- The "Global Soy-Based Food Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product Type, Distribution Channel, Application, and Region" report has been added to  ResearchAndMarkets.com's offering.

Global Soy-Based Food Market was valued at ~US$ 20 billion in 2017. Furthermore, owing to the growing consumer demand for health-centric food products to maintain healthy eating habits, it is estimated to be ~US$ 30 billion in 2022 and is expected to reach a market size of ~US$ 55 billion by 2028 growing with a CAGR of ~10% during 2022 to 2028.

The increasing popularity of lactose-free products among individuals is anticipated to boost the soy-based food market growth in the forthcoming years.

Consumers shifting preferences toward a vegan diet due to rising awareness regarding the health benefits associated is one of the major trends that help in the shaping of the soy-based food market.

Lack of individuals' awareness regarding plant-based food products, and limited availability of raw materials are some of the challenges faced by the soy-based food market. Furthermore, rising consumer concerns regarding the negative health implications of consuming ferments soy-based beverages may impede its growth.

The ongoing COVID-19 pandemic has changed consumers' purchasing preferences/behavior due to lockdowns imposed by various governments across countries, allowing people to stockpile products that last for a longer period of time, including plant-based food products.

Furthermore, people who have been affected by the virus have become more health conscious, which has fueled the demand for natural and organic products, resulting in an increase in demand for plant-based food, including soy and organic products.

Competitive Landscape

The Global Soy-Based Food Market is highly competitive with ~200 players which include globally diversified players, regional players as well as a large number of country-niche players with their niche in adopting advanced technology, such as fermentation technology to enhance the taste, and texture of products. Moreover, companies are competing on various parameters such as partnerships, new products offering, business models, marketing strategies, pricing, campaign, and more.

Country-Niche players constitute about ~50% of the total competitors, while regional players represent a share of ~35%. Some of the major players in the market include ADM, Danone S.A., Eden Foods, Pacific Foods Of Oregon, Llc., The Sahmyook Foods, Nordic Soya Oy, Cargill, Incorporated, The Hain Celestial Group, Blue Diamond Growers, Miracle Soybean Food International Corp., and among others.

Recent Developments Related to Major Players and Organizations

In August 2022, the Archer-Daniels-Midland Company (ADM), a U.S.-based food processing company, partnered with Benson Hill, a U.S.-based food tech company, to commercialize ultra-high protein (UHP) soybeans to use in ingredients for plant-based food and beverages across North America by early 2023

In May 2022, Cargill, a U.S.-based food corporation, announced its plans to construct new soybean processing plants in Southeast Missouri to meet rising domestic and global demand for oilseeds prompted by food, feed, and fuel markets. The facility will have an annual production capacity of 62 million bushels of soybeans

Conclusion

The global soy-based food market is forecasted to continue an exponential growth that is witnessed since 2017. The major driving factor contributing to the expansion of radiography systems is the rising prevalence of lactose intolerance and the increasing adoption of veganism across countries.

Though the market is highly competitive with around ~200 participants, few country-niche players control the dominant share and regional players also hold a significant share.

Key Topics Covered in the Report

• Snapshot of the Global Soy-Based Food Systems Market
• Industry Value Chain and Ecosystem Analysis
• Market size and Segmentation of the Global Soy-Based Food Market
• Historic Growth of the Overall Global Soy-Based Food Market and Segments
• Competition Scenario of the Market and Key Developments of Competitors
• Porter's 5 Forces Analysis of the Global Soy-Based Food Industry
• Overview, Product Offerings, and Strengths & Weaknesses of Key Competitors
• Covid-19 Impact on the Overall Global Soy-Based Food Market
• Future Market Forecast and Growth Rates of the Total Global Soy-Based Food Market and by Segments
• Market Size of Product Type, Distribution Channel, and Application Segments with Historical CAGR and Future Forecasts
• Analysis of the Global Soy-Based Food Market
• Major Production/Supply and Consumption/Demand Hubs within Each Region
• Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments

Key Players

• ADM
• Danone S.A.
• Eden Foods
• Pacific Foods Of Oregon, Llc.
• The Sahmyook Foods
• Nordic Soya Oy
• Cargill, Incorporated
• The Hain Celestial Group
• Blue Diamond Growers
• Miracle Soybean Food International Corp.
• The Scoular Company
• Linyi Shansong Biological Products Co., Ltd
• Freedom Foods Group
• Fuji Oil Holdings
• House Foods America Holding
• Adisoy Foods & Beverages Pvt. Ltd.
• Vitasoy
• CHS Inc.

Scope of the Report

By Product Type

• Meat Substitutes
• Non-Dairy Ice Cream
• Non-Dairy Cheese
• Non-Dairy Yoghurt
• Non-Dairy Spread

By Distribution Channel

• Hypermarkets/Supermarkets
• Convenience Stores
• Online Retail Stores

By Application

• Dairy Alternatives
• Meat Alternatives
• Bakery and Confectionary
• Functional Foods
• Infant Foods
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• Europe
• France
• Italy
• Germany
• Spain
• UK
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific
• LAMEA
• Latin America
• Middle East
• Africa

For more information about this report visit https://www.researchandmarkets.com/r/fzb443

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