Competition Scenario In Global Soy Based Market
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.
What Is the Expected Future Outlook for The Overall Global Soy Based Market Across the Globe?
The Global Soy Based market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Soy Based market is driven by the growing consumer demand for health-centric food products to maintain healthy eating habits. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
With the increasing collaborations and emergence of new products, the Global Soy Based market is changing rapidly. For instance, 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.
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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.
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.
Market Taxonomy
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
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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
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.
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