Driven by the increasing popularity of lactose-free products among individuals and consumers shifting preferences toward a vegan diet, the Global Soy-Based Food Market is forecasted to Cross US$ 55 Bn by 2028 says Ken Research Study.
Soy-based food products are those made of soybeans. It mainly contains two essential fatty acids, including polyunsaturated and monounsaturated which have the potential to lower detrimental cholesterol levels. Furthermore, soy foods can also help reduce the risk of a variety of health issues, such as cardiovascular disease, stroke, Coronary Heart Disease (CHD), and some cancers, as well as improve bone health. Additionally, the consumption of soy and soy foods is advantageous for peri-menopausal and postmenopausal women, with fewer and less severe hot flashes and other menopausal symptoms.
“Ken Research shares 3 key insights on this high opportunity market from its latest research study””
1. Soy-Based Food Market has Seen Significant Demand for Plant-Based Food Products after a Surge in Consumer Interest in Healthy Food Products in 2020.
The Global Soy-Based Food Market is expected to witness stable growth during the forecast period, owing to individuals’ shifting purchasing preferences of plant-based food products, particularly those affected by the coronavirus. The global soy-based food market was valued at ~US$ 20 billion in 2017, 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%.
The Asia Pacific is the dominating region in the Global Soy-Based Food Market, owing to the increased demand for nutrient-rich foods that are healthy and minimize the risk of allergen disorders in both young and old individuals.
2. The Increasing Prevalence of Lactose Intolerance is Major Growth Driver for the Global Soy-Based Food Market.
The rising health awareness among consumers, notably those who are unable to digest lactose, has resulted in an increase in the consumption of lactose-free products, including soy as they typically help in the absorption of calcium which benefits in building and repairing muscle tissue/cells. For instance, in 2022, according to the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), a part of the U.S. Department of Health and Human Services, lactose intolerance is most common in Asian countries, particularly East Asia, where 70-100% of the population is lactose intolerant; it is least common in Northern and Central Europe, where nearly 5% of the population is lactose intolerant. Additionally, in October 2021, according to Atura Proteins, a UK-based food manufacturer, 56% of food and drink manufacturers are likely to make investments in plant-based food products in 2022.
3. Lack of Individuals Awareness regarding Plant-Based Food Products and Limited Availability of Raw Materials are the Challenges Faced by the Soy-Based Food Market
The lack of nutritional awareness is likely to be a concern for those who eat a healthy balanced diet and do not depend solely on conventional food as an important protein source. The continued purchase of conventional food products, such as dairy products by consumers indicates that the portfolio of plant-based food, including soy, has yet to capture the potential customer base. Furthermore, soaring deforestation in numerous countries, including USA is causing a shortage of raw materials for dairy alternatives, such as soy, almond, and rice. The increasing land development among countries is diminishing forest and agricultural land accessibility, resulting in a scarcity of raw materials and limiting the production of plant-based food. For instance, in 2020, according to American Farmland Trust, a non-profit organization headquartered in the USA, nearly 11 million acres of farmland in the United States had been converted, fragmented, or redeveloped as a result of development projects in the last 20 years.
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