Press release
Global Soy Flour Market 2024 : SWOT Analysis Of Key Driving Factors For Growing CAGR Value
Soy Flour Global Market Report 2024
According to The Business Research Company's, The soy flour market size has grown strongly in recent years. It will grow from $2.99 billion in 2023 to $3.18 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to rise in chronic diseases, increased health awareness, advancements in healthcare infrastructure, home blood pressure monitoring, regulatory standards and guidelines, healthcare reimbursement policies..
The soy flour market size is expected to see strong growth in the next few years. It will grow to $3.97 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to focus on preventive healthcare, population health management, global initiatives for hypertension control, global aging population.. Major trends in the forecast period include e-health and mobile health apps, personalized medicine trends, point-of-care testing, innovations in cuff design and comfort, wireless and connected devices, digitalization and automated blood pressure monitoring..
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Market Drivers and Trends:
The increasing demand for vegan food is expected to propel the growth of the soy flour market going forward. Vegan food refers to food that is made without any animal products or by products and it promotes the use of cruelty-free and sustainable alternatives. Soy flour is one of the versatile ingredients that are used in a wide range of vegan foods, and provides a high-quality, plant-based protein option. For instance, in March 2022, according to the data reported by Plant Based Foods Association (PBFA) and Good Food Institute (GFI), the plant-based food industry in the US experienced a 6% growth in 2021, which is three times faster than the overall growth rate of the food industry, bringing the total market size of the plant-based food industry to $7.4 billion. Therefore, the increasing demand for vegan food drives the soy flour market.
Product innovation has emerged as a key trend gaining popularity in the soy flour market. Major market players are concentrating their efforts on creating innovative products to strengthen their position in the market. For instance, in February 2022, Benson Hills, a US-based agricultural biotechnology company launched its new soy protein ingredient portfolio called Truvail. High protein soy flour, a less processed version of soy protein concentrate (SPC), and texturized proteins are all part of the TruVail brand's offering. These products can be used widely in both conventional soy protein applications and the quickly expanding alternative plant-based protein markets. The portfolio is designed to offer unique sustainability benefits for a broad range of food applications. The Truvail portfolio is its low carbon footprint, which is achieved using regenerative agriculture practices and sustainable sourcing methods.
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Major Key Players of the Market:
Archer Daniels Midland Company; Devansoy Inc.; Sakthi Soyas Limited; Foodchem International Corporations; Bob's Red Mill Natural Foods; CHS Inc.; Sonic Biochem Extraction Pvt. Ltd.; DuPont de Nemours Inc.; Kerry Group; Living Foods India Private Limited; Ruitenberg Ingredients BV.; BIC Ingredients B.V.; Makendi Worldwide; GCHI International Mercantile Inc.; Sun Nutrafoods; Cargill Incorporated; Bunge Limited; The Scoular Company; Fuji Oil Co. Ltd.; SunOpta Inc.; SOJAPROTEIN; Ingredion Incorporated; The Hain Celestial Group Inc.; Burcon NutraScience Corporation; worldfoodindia.gov.in; Specialty Commodities Inc.; Ag Processing Inc.; Euroduna Food Ingredients GmbH; The Nisshin OilliO Group Ltd.; Natural Products Inc.
Soy Flour Market 2024 Key Insights:
• The soy flour market will grow to $3.97 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Rising Demand For Vegan Food Fuels Growth In The Soy Flour Market
• Sustainable Soy Protein Portfolio Leading Product Innovation In The Market
• North America was the largest region in the soy flour market in 2023
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