PUBLISHER: DataM Intelligence | PRODUCT CODE: 1360146
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1360146
Global Extruded Soy Products Market reached US$ 783.9 million in 2022 and is expected to reach US$ 1,114.8 million by 2030, growing with a CAGR of 4.5% during the forecast period 2023-2030.
An increase in the trend of consuming plant-based healthy foods helps to boost the market growth of extruded soy products over the forecast period. Continuous investment in research and development lead to innovations in taste, texture, and nutritional content, making extruded soy products more appealing to consumers.
The growing consumer focus on health and wellness is expected to drive the demand for extruded soy products as consumers increasingly prioritize nutritious, sustainable, and ethically sourced food options. Health-conscious individuals often explore plant-based diets for their potential health benefits. Extruded soy products are a valuable part of these diets, providing essential nutrients while eliminating animal-derived ingredients.
Increase in the research and development by major key players to improve the taste, and texture of soy products helps to boost the market growth of the extruded soy products market. The extruded soy products market has the potential for global expansion, reaching consumers in regions where plant-based diets are gaining popularity. Entering emerging markets can be a strategic growth opportunity.
Soy-based products generally have a lower glycemic index compared to some other carbohydrates. This can be advantageous for individuals managing blood sugar levels or seeking sustained energy. Some extruded soy products are fortified with calcium, which supports bone health. This appeals to consumers, particularly those seeking dairy-free calcium sources. The dietary fiber found in soy can contribute to better digestive health, which aligns with the overall wellness goals of many consumers.
Health-conscious individuals often explore plant-based diets for their potential health benefits. Extruded soy products are a valuable part of these diets, providing essential nutrients while eliminating animal-derived ingredients. Manufacturers are increasingly responding to consumer demand for clean-label products. Extruded soy products made with minimal additives and preservatives align with this trend and appeal to health-conscious consumers looking for transparency in ingredient lists.
Soy-based burgers, sausages, and other substitutes have gained popularity due to their realistic sensory attributes. The adoption of vegetarian and vegan diets has surged, with consumers embracing plant-based protein sources. According to the data given by Redefine Meat on December 15, 2021, there are around 79 million vegans present in the world. According to the studies,
Soy is a prominent choice for those following these dietary preferences, and extruded soy products offer a versatile and protein-rich option. Soy is a prominent choice for those following these dietary preferences, and extruded soy products offer a versatile and protein-rich option. Soy is recognized as a sustainable and resource-efficient source of protein. It plays a role in global food security efforts as a viable alternative to animal protein sources.
Individuals with soy allergies avoid soy-based products, including extruded soy products. This limitation reduces the potential consumer base for these products. Allergen concerns can erode consumer confidence in extruded soy products if they perceive a risk of cross-contamination or if labeling is unclear. Negative incidents related to allergens can lead to reputational damage for manufacturers.
To address allergen concerns and cater to individuals with soy allergies, some manufacturers develop specialized allergen-free or hypoallergenic extruded soy products. While this expands market reach, it may also require investment in separate production lines and processes. Despite these challenges related to allergen concerns, the extruded soy products market continues to grow due to increasing demand for plant-based alternatives among consumers without soy allergies.
The global extruded soy products market is segmented based on type, distribution channel and region.
Soy chicken provides a versatile and protein-rich option for individuals following these dietary choices. Soy chicken provides a cruelty-free option that aligns with these ethical considerations. The growth of the global plant-based meat market, of which soy chicken is a subset, has led to increased investment and innovation in this segment. This has resulted in a broader range of soy chicken products and improved quality.
Some governments and public health agencies are encouraging the consumption of plant-based foods as part of efforts to promote health and sustainability. This support can drive consumer acceptance and market growth. As consumer awareness of the benefits of soy chicken continues to grow, and as food manufacturers refine their product offerings, the soy chicken segment in the extruded soy products market is expected to expand further.
An increase in product launches by major key players helps to boost segment growth over the forecast period. For instance, on September 19, 2023, UK alt-meat brand THIS launched THIS Isn't Roast Chicken & Stuffing after 12 months of research and development. The plant-based chicken crown is made from soy and pea protein. This is a limited edition product ideal for the festive meal.
North American extruded soy products market is a segment of the broader plant-based food industry that focuses on products derived from soybeans and produced using extrusion technology. Extrusion involves processing ingredients under high pressure and temperature, resulting in a variety of textured and structured products.
The U.S. is one of the major exporters of soybeans in the region. According to the data United States Department of Agriculture and Foreign Agriculture Service, the total volume exported is 57 million metric tons from the United States. The United States exported a value of $34.37 billion in soybeans in 2022. As production and export of the soybean increased, the production of extruded soy products is also increasing which helps to boost regional market share over the forecast period.
The major global players in the market include: ADM, CHS Inc., Roquette Freres, Tianwei Biotechnology Co., Ltd., Furst-McNess Company, Sonic Biochem, Marico, BRF Ingredients, MB Mad Barn, Impossible Foods.
The pandemic disrupted supply chains globally, affecting the sourcing of raw materials for extruded soy products. Delays in transportation, labor shortages, and logistical challenges disrupted the production and distribution of soy-based ingredients and extruded products. Lockdowns, social distancing measures, and workforce disruptions led to challenges in manufacturing facilities. Many food processing plants faced temporary closures or reduced production capacity, impacting the availability of extruded soy products.
International trade faced disruptions due to the closure of borders, reduced air and sea freight capacity, and trade restrictions. It affected the import and export of extruded soy products, causing delays and supply constraints. In the early stages of the pandemic, consumers stockpiled essential goods, leading to increased demand for pantry staples, including plant-based products like extruded soy snacks and cereals.
The Russia-Ukraine conflict has several potential impacts on the extruded soy products market, although the extent of these impacts may vary depending on factors such as market dynamics, supply chain disruptions, and geopolitical developments. The conflict disrupts supply chains for soy-based ingredients and products, including extruded soy products. Both Russia and Ukraine are significant producers of soybeans and soybean-derived products.
Supply chain disruptions delay in the transportation and availability of soybeans and soy ingredients used in extruded products. Geopolitical tensions and supply chain disruptions lead to price volatility in the soy market. Extruded soy product manufacturers face fluctuations in the cost of raw materials, which affect product pricing and profitability. International trade of extruded soy products is affected by trade restrictions, tariffs, and disruptions in shipping and transportation
The global extruded soy products market report would provide approximately 53 tables, 49 figures and 190 Pages.
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