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The soy flour market share is expected to increase by USD 852.84 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.31%.
The research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the market segmentation by application (bakery and confectionery, meat substitutes, and others) and geography (North America, APAC, Europe, South America, and the Middle East and Africa). The market report also offers information on several market vendors, including Archer Daniels Midland Co., Batory Foods, Bobs Red Mill Natural Foods Inc., Calpro Specialities, Cargill Inc., CHS Inc., Devansoy Inc., Foodchem International Corp., International Flavors & Fragrances, Inc., Kerry Group Plc, Linyi Shansong Biological Products Co. Ltd., PacificSoybean & Grain, Qingdao ICD Biochemistry Co.Ltd., Sakthi Soyas Ltd, Shandong Yuxin Biotechnology Co. Ltd., Soy Austria GmbH, Sonic Biochem Extraction Pvt. Ltd., Unitechem Co. Ltd., and The Scoular Co. among others.
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Our researcher studied the historical data for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the market. During the COVID-19 pandemic, the market demand has been impacted greatly. A holistic analysis of drivers will help in predicting exact demands and refining marketing strategies to gain a competitive advantage.
Key Soy Flour Market Driver
The growing vegan population is one of the factors driving the market's growth. With the rising awareness about the various health benefits of vegan diets, the number of people adopting vegan lifestyles is increasing across the globe. It is estimated that the number of consumers opting for plant-based diets over animal-based ones is increasing, and the trend is more common among Millennials. Vegan consumers are increasing in nations like the US and Canada. These nations are seeing an increase in the proportion of Millennials living vegan lifestyles. Thus, the youthful population in countries like Mexico is adopting a vegan lifestyle at an increasing rate, and this trend is anticipated to continue during the forecast period.
Key Soy Flour Market Trend
The high nutritional value of soybeans is one of the key market trends fueling market growth. People can prepare and consume soybeans in a variety of ways. Soybeans are abundant in vitamin C and folate and low in saturated fat. They are also a good source of thiamin, potassium, phosphorus, calcium, iron, magnesium, carbohydrates, and a good source of polyunsaturated fat. They are a plentiful source of numerous vitamins, minerals, and healthy plant substances, including isoflavones. Owing to these nutrients, the regular consumption of soybean may lessen menopausal symptoms and lower the risk of developing prostate and breast cancer. Such factors contribute to the growth of the market during the forecast period.
Key Soy Flour Market Challenge
The presence of other substitutes is one of the factors limiting the market's growth. Plant-based proteins are quickly gaining popularity around the world, and where soy cannot be utilized, producers are switching to other plant-based proteins. For instance, pea, wheat, and rice proteins are widely substituted for soy protein, mainly because of the unfavourable perception of soy products among consumers. As a result, the food and beverage industry uses less soy flour. The high cost of soy also paves the way for the availability of other plant-based proteins in the market, which offer nearly similar benefits at a very low price. Thus, the presence of other less expensive plant-based substitutes threatens the growth of the market during the forecast period.
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global soy flour market as a part of the global packaged foods and meats market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented, and the vendors are deploying growth strategies such as new product innovations, product expansions, mergers and acquisitions, and alliances to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the soy flour market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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43% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for soy flour in North America. Market growth in this region will be faster than the growth of the market in Europe.
The rising population and growing demand for soy-based products across the region will facilitate the market's growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
In 2020 and 2021, the COVID-19 pandemic adversely affected the economies of various countries in North America. Consequently, the pandemic created enormous prospects for expanding the global market. Thus, such factors are expected to drive the growth of the regional market during the forecast period.
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The market share growth in the bakery and confectionery segment will be significant during the forecast period. Leading cafe chains such as Cafe Coffee Day, Starbucks, and Dunkin Brands are opening their outlets in many developing economies in Asia and South America. Many of these cafe chains sell many coffee varieties and serve bakery products also as bakery goods are often purchased with coffee. Owing to these factors, the bakery and confectionery segment is expected to grow and drive the growth of the market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.
Soy Flour Market Scope |
|
Report Coverage |
Details |
Page number |
124 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.31% |
Market growth 2022-2026 |
$852.84 million |
Market structure |
Fragmented |
YoY growth (%) |
4.68 |
Regional analysis |
North America, APAC, Europe, South America, and the Middle East and Africa |
Performing market contribution |
North America at 43% |
Key consumer countries |
US, Canada, China, UK, and France |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Archer Daniels Midland Co., Batory Foods, Bobs Red Mill Natural Foods Inc., Calpro Specialities, Cargill Inc., CHS Inc., Devansoy Inc., Foodchem International Corp., International Flavors & Fragrances Inc., Kerry Group Plc, Linyi Shansong Biological Products Co. Ltd., PacificSoybean & Grain, Qingdao ICD Biochemistry Co.Ltd., Sakthi Soyas Ltd, Shandong Yuxin Biotechnology Co. Ltd., Soy Austria GmbH, Sonic Biochem Extraction Pvt. Ltd., Unitechem Co. Ltd., and The Scoular Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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