Soy Flour Market Size Is Poised To Reach $3.7 Billion By 2025: Grand View Research Inc.

 

The global soy flour market size is expected to reach USD 3.7 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.5% over the forecast period. Increasing demand for gluten-free and high nutritional value flour in the food industry is propelling the demand for soy based flour. In addition, growing vegan population is one of the key factors boosting the demand for the product as it is the best meat substitute available in the market. These factors are anticipated to ensure the significant growth of the market over the forecast period.

Amidst the global pandemic crisis and the indefinite lockdown across nations, the consumer food & beverage industry first witnessed high demand for household staples, healthy food items, and consumables with longer shelf lives. The demand for frozen food products, fruits & vegetables, eggs, flour, and whole grains, among others, witnessed a considerable increase during the early stages of the crisis. Presently, most companies in the industry are faced with low consumption of their products and supply chain challenges. The companies are focusing more on altering their supply chains in order to reinforce their online presence and delivery measures, in an attempt to adapt to the present business environment. The changes in consumer buying behavior and the dynamic shifts towards online and D2C distribution channels may have serious implications on the near future growth of the industry. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.

Consumers are shifting their preferences towards healthy and nutritious foods due to increasing health consciousness. Soy based flour is rich in isoflavones, omega-3 fatty acids, protein, vitamins, calcium, fiber, and iron. High nutritional value, along with gluten-free property, makes the product perfect as a nutritious food and meat substitute. In order to cater to this growing demand for meat substitute as well as baked and functional goods, major manufacturers are adopting strategies including mergers and acquisitions as well as new product launches.

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For instance, in February 2018, Archer Daniels Midland Company and Cargill entered in an agreement to launch a Joint Venture (JV) ‘SoyVen’ to cater to the increasing consumer demand for the soy products in Egypt. This agreement resulted in the joint ownership of soy crushing facility, which has a crushing capacity of 6000 tons per day. These initiatives are anticipated to ensure the significant demand for the market over the forecast period.

Further key findings from the report suggest:

·         In terms of revenue, defatted product types are projected to expand at a CAGR of 3.6% from 2019 to 2025

·         By application, meat substitute is expected to generate a revenue of more than USD 970.0 million by the end of 2025

·         North America accounted for 32.5% share of global revenue in 2018

·         Key players include Archer Daniels Midland Company; Cargill; Incorporated; CHS Inc.; DoW DuPont; Foodchem International Corporation; SunOpta; Vippy Industries Ltd.; Devansoy Inc.; The Scoular Company; and UNITECHEM CO., LTD.

Asia Pacific is the fastest growing market, expanding at a CAGR of 4.0% from 2019 to 2025. Over the past few years, the region has been witnessing increased investments, along with the new product launch in developing countries such as India. For instance, in June 2018, Louis Dreyfus Company (China) has inaugurated its new oilseeds processing facility at Tianjin. The new facility has the capability of crushing 4,000 tons of soybean and oil refining capacity of 1,200 tons.

Over the past few years, the market has been witnessing significant growth owing to the growing popularity of gluten-free, organic, natural, healthy, and baked food products. The flour is associated with various qualities such as it adds moisture and boosts protein and calcium in baked goods. Moreover, it provides a flavor of soymilks and textured vegetable protein. This multi-nutritional flour has resulted in enhancing the flavor, improving texture, and reducing the percentage of fat absorbed in food products.

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The global market is consolidated in nature owing to the presence of some major manufacturers. Key manufacturers are taking innovative steps to gain the maximum customer base as well as to lead the gluten-free flour industry. For instance, in August 2018, Lightlife Foods, a company producing vegan meat substitutes, announced to expand its retail chain from the U.S. to the Canadian market. These strategies will boost market growth in the forecast period.

Major producers are increasing their geographical reach, especially in developed countries, to gain maximum technology penetration and customer reach. The establishment of R&D centers, coupled with strategic partnerships with investment companies to launch new innovative technologies as per the customer’s demand in the region, is anticipated to remain a critical success factor over the next few years. Taking into account all the above-mentioned factors, producers are likely to focus on technology innovation catering particularly to the developing countries and untapped market to gain the maximum market share.

Grand View Research has segmented the global soy flour market on the basis of product, application:

Soy Flour Product Outlook (Revenue, USD Million, 2015 - 2025)

·         Full-fat

·         Defatted

Soy Flour Application Outlook (Revenue, USD Million, 2015 - 2025)

·         Bakery & Confectionery

·         Meat Substitute

·         Others

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.