Global Soy Food Market 2017-2021
About Soy Food
Soy products are made of soybean. They are a substitute for dairy-based milk and milk products such as cheese, flavored milk, yogurt, and spreads. Soy products act as a substitute for meat products and are best suited for vegan consumers. Soy processing needs the correct amount of moisture, temperature, and time, and correct processing helps in providing a pure soybean end-product. De-hulling soybeans renders a better-quality soy than non-dehulled soy.
Technavio’s analysts forecast the global soy food market to grow at a CAGR of 6.66% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global soy food market for 2017-2021. To calculate the market size, the report considers the revenue generated through the sales of soy foods in different product forms, which include whole soy foods, soy oil, and other soy foods.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Soy Food Market 2017-2021
Technavio recognizes the following companies as the key players in the global soy food market: Archer Daniels Midland, Cargill, Hain Celestial, and WHITEWAVE FOODS.
Other Prominent Vendors in the market are: Blue Diamond Growers, Dean Foods, DuPont, Eden Foods, Freedom Food Group, Northern Soy, Pacific Foods, and SunOpta.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing demand for organic variants of soy products. Organic products are mostly priced more as compared to regular products. The premium pricing is done due to the high production and distribution costs. Moreover, consumers are also willing to pay extra for organic products.”
According to the report, one driver in the market is rising levels of lactose intolerance and dairy allergies. Lactose intolerance is caused due to the inability of the body to digest lactose, which is found in milk. Ethnic groups such as the Asian population base are more prone to lactose intolerance compared to others. The demand for lactose-free food products is driven by aspects like increased incidences of food allergies and intolerances.
Further, the report states that one challenge in the market is increasing competition from other dairy-alternative products. There is an increase in the demand for dairy alternatives like almond, cashew, and coconut products, with an increase in dairy allergies. Though soy milk is available in various flavors, the grassy taste that it has is not liked by many consumers. Almond milk, on the other hand, is tastier and is available in assorted flavors, and many consumers tend to buy almond milk over soy milk for its better taste.
Archer Daniels Midland, Cargill, Hain Celestial, WHITEWAVE FOODS, Blue Diamond Growers, Dean Foods, DuPont, Eden Foods, Freedom Food Group, Northern Soy, Pacific Foods, and SunOpta.