Soy Fortified Products Market: Introduction: Soy Fortified products are foods and beverages to which soy protein is added. Due to the high nutritional profile of soybean especially for high protein content has gained attraction from food and beverage manufacturers to use soybean for fortification. There are a variety of fortified soy products available ranging from different foods and beverages, among which soy flour, soy milk, soy yogurt and soy cheese are favorite.
The Soy Fortified Products market has seen higher growth in the last few years. Over the forecast period, the Soy Fortified Products market is projected to sustain higher growth rate. Soy Fortified Products market is expected to be driven by growing demand from the vegan and vegetarian population globally.
Soy Fortified Products Market: Segmentation: The Soy Fortified Products market is segmented by Product Type, Application, and Distribution Channel.
By Product Type, the Soy Fortified Products market is segmented into Soy Milk, Soy Tofu, Soy Tempeh, Soy Cereal Blends (Corn Soy Blend (CSB), Wheat Soy Blend (WSB), Soy-Fortified Bulgur, Soy-Fortified Cornmeal, and Soy-Fortified Sorghum Grits), Soy Oil, Soy Breakfast Cereals, Soy yoghurt, Soy Snack, Soy Cheese, Soy Ice-Cream and other product types. The Soy Milk and Soy Cereal Blend segment is projected to dominate the Soy Fortified Products market over the forecast period backed by growing demand from the consumers primarily as a part of the staple diet.
By Application, the Soy Fortified Products market is segmented into Household Consumption, Bakery Products, Sauces and Soups, Meat Products, functional foods, dairy products and other applications. Household Consumption segment is projected to dominate over the forecast period backed by the reason higher availability and its more extensive adaptability and growing importance of protein nutrition in a daily diet.
By Distribution Channel, Soy Fortified Products market segmentation is broadly segmented into two categories namely indirect and direct. The indirect segmentation is further classified into modern trade, e-commerce, convenience stores, specialty stores and other store formats. The direct segment is anticipated to lead during the forecast period.
Soy Fortified Products Market: Region-wise Outlook: Asia Pacific is estimated to dominate the Soy Fortified Products market backed by an increase in demand for protein-rich foods especially in growing economies like India and China. North America followed by Latin America also hold a prominent position regarding value share for Soy Fortified Products market following APAC. Middle East and Africa are projected to witness high growth rate in Soy Fortified Products market due to rise in demand for healthy protein foods and beverages. Asia Pacific is also expected to see significant growth over the forecast period in Soy Fortified Products market.
Soy Fortified Products Market: Drivers and Restraints: Soybeans has emerged as the most important source of protein specifically among the plant protein-based food and beverage consumers. Overall health benefits of soybean including high fiber and protein content along with minerals and limited saturated fats are boosting demand for fortified soy products globally.
Fortification is still at an infancy stage in developing economies, and higher preference for animal-based protein foods is limiting potential growth of fortified soy products.
Soy Fortified Products Market: Key Players: The global player for the Soy Fortified Products market are Alpro, Natura Foods, Prestige Group, Silk, Staeta, LHF India, Vitasoy, Dream, 8th Continent, The Hershey Company, North American Millers’ Association, F&N Nutrisoy, ADM Milling Company, Bunge Milling Inc., Barilla America, Inc., Bartlett Milling Company, ConAgra Mills, Cereal Food Processors, Inc., King Milling Company, Knappen Milling Company, Keynes Bros., Inc, Bangladesh Edible Oil Limited and Jiffy Mixes.
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Regional analysis for Soy Fortified Products Market includes: