Categories: Food & Beverages

Soy Flour Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Soy Flour Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Soy Flour Global Market Report 2024, 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..

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.

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The soy flour market covered in this report is segmented –

1) By Type: Defatted Fat, Full Fat

2) By Distribution Channel: Online Stores, Convenience Store, Departmental Store, Direct Sales, Others distribution channel

3) By Application: Bakery And Confectionery, Meat Substitute, Meat And Poultry, Soups And Sausages, Other Applications

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.

The soy flour market report table of contents includes: