Market Trends of Soy Flour Industry
This section covers the major market trends shaping the Soy Flour Market according to our research experts:
Growing Demand for Functional Flour
Soya flour has been gaining is gaining popularity in diverse food products and several industrial products. With beneficial properties, such as solubility and absorption abilities, modified soya flour significantly enhances the functional characteristics of the food items it is added to. Also, soy flour is considered as functional food ingredients. Additionally, the accelerating demand for functional flour can be attributed to the highly beneficial characteristics of functional flour. In recent times, several other industrial uses of modified soya flour have come to the fore, which in turn is expected to bring more traction to modified soya flour, thereby fueling growth in functional flour market in forecasted period.
North America Dominated the Market
North America dominated the market in 2018 and held the significant market share over the forecast period. United States is the largest contributor to the market growth in the region. The growth of the market is attributed to rising importance of vegan diet among consumers in the country. Asia Pacific is the fastest growing region in the market. Japan is one of the largest consumers of soy based flour in Asia Pacific as it is one of the largest consumed traditional foods. Major companies are offering new products in order to gain a competitive edge in the market as well as to cater to the changing food preferences of the consumers. For instance, February 2019, Otsuka Pharmaceutical Co., Ltd. has introduced ‘SOYJOY Crispy Sakura’, whole soy nutrition bars. These new products are anticipated to increase the scope of soy based flour in the food industry over the forecast period.
