Owing to growing consumer needs and their awareness about specialty food has grown in recent years. The growth has been driven by the increased acceptance of free-from food amongst the consumers. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report “Global Soy Food Market Growth Research Report- Forecast to 2023” that the market will demonstrate an exceptional CAGR % while achieving good growth rapidly in the forecast period.
There has been growing demand of soy Food across the world owing to rising incidences of lactose intolerance. According to Lactose Intolerance Global Network (LIGN), majority of the worldwide adult population suffers from lactase deficiency, except for the population of Northern and Central Europe. Soymilk acts an alternative to milk and milk-based products and has become popularity among consumers who are lactose intolerant. With growing consumer concern over animal welfare, human health and the environment has led to the rising trend of veganism which has become a mainstream now. Veganism is associated with variety of beneficial health effects such as better heart health, improved diabetes, and lower rates of obesity, among others. Israel, Sweden, Japan, Poland, U.S., Germany, and U.K. have the largest concentration of vegans. Vegans look for animal ingredients alternatives and replace it with vegan ingredients which drives the demand of soy Food.
Due to various health benefits associated with soy food consumption coupled with growing health concern of consumers has led to the huge demand of soy food products. Soy is a source of two types of fatty acids such as omega-3 and omega-6 fatty acids and rich in protein content which are essential for the body. Soybean has diverse application areas including soymilk, soy flour, tofu, tamari, tempeh and others which offers an excellent growth opportunity to diversify their product portfolio and launch new products. The demand for soy food products is accelerated by the factors such as changing consumer food preference and their evolving dietary pattern. Clean Label and organic are the major trends in the industry and industrial players are keen to leverage on these recent trends. With an increasing demand for specialty food including soy food, market players are keeping themselves focused on product labelling and new product launches in high growth segment.
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Global Soy Food Market – Competitive Analysis
Soy food market offers huge growth opportunities for the industrial players. The market is fragmented and marked by the presence of several large and small-scale vendors. Market players are pouring in million dollars for product innovation. Innovative premium products and strengthening product portfolio remain the central focus of the companies. Companies extensively invest on marketing activities including celebrity endorsement to leverage on current market trends. Most of the industrial players are diversifying and augmenting their capacities based on strategic product positioning and target audience. Market players are also taking initiative to enhance their presence in developing economies such as Asia Pacific.
With manufacturers aiming to capture a considerable share of the market segment as early as possible, they are competing and experimenting with various advantage points from both supply and demand side. Industrial players are relying on strategic acquisition, new product launch, partnership & collaboration to capture the growth opportunity. New product launch & development along with expansion has become the major strategy for key players from last few years which are contributing the maximum share of strategy. The key market players profiled in Soy food are Blue Diamond Growers, DuPont, Dean Food, Northern Soy, Earth’s Own Food Company, Eden Food, Freedom Food Group, Living Harvest, Kellogg, SunOpta, Nutriops, and Pacific Food.