The North America Soy Flour Market would witness market growth of 13.0% CAGR during the forecast period (2024-2031). In the year 2020, the North America market's volume surged to 48,749.8 tonnes, showcasing a growth of 10.4% (2020-2023).
Online stores are increasingly becoming a significant distribution channel for soy flour due to the convenience and accessibility they offer. Consumers can easily browse various brands, compare prices, and read reviews before making a purchase. This channel is particularly popular among health-conscious individuals and those following specialized diets, such as vegan or gluten-free. The advantages of online shopping include a wider product range, home delivery, and the ability to access niche products that may not be available in physical stores. Thus, in Canada, 6,912.5 tonnes of soy flour is expected to be sold through Online stores by the year 2031.
The US market dominated the North America Soy Flour Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,780 million by 2031. The Canada market is expected to witness a CAGR of 14.9% during (2024 - 2031). Additionally, The Mexico market would experience a CAGR of 14.4% during (2024 - 2031).
Soy flour is used in various applications across various food sectors. Its unique properties make it an attractive ingredient for food manufacturers, bakers, and home cooks. Due to its high protein content and essential amino acids, soy flour is increasingly used in baby food products. It provides a nutritious alternative for infants, especially those with lactose intolerance or soy-based dietary needs.
In gluten-free baking, soy flour acts as an excellent binding agent that helps mimic the elasticity of gluten, resulting in improved texture and volume in breads, cakes, and pastries. Soy flour produces nutritious breakfast cereals and bars, providing an extra protein boost while catering to the growing trend of convenient, on-the-go breakfast options. Due to its starch content, soy flour is a natural thickening agent in sauces, gravies, and soups, providing a smooth texture without synthetic additives.
The e-commerce boom coincides with rising health and wellness trends in Mexico, where consumers increasingly seek nutritious and sustainable food options. Soy flour appeals to a growing demographic of health-conscious individuals. By emphasizing soy flour in health-focused advertisements, recipes, and meal bundles, e-commerce platforms can leverage this trend and stimulate additional market demand. Thus, rising veganism and the increasing e-commerce industry in the region drive the market's growth.
Free Valuable Insights: The Soy Flour Market is Predict to reach USD 8.8 Billion by 2031, at a CAGR of 13.7%
Based on Type, the market is segmented into Defatted and Full-fat. Based on Application, the market is segmented into Bakery & Confectionery, Meat Substitute, Soup & Sausages, Meat & Poultry, Other Applications. Based on Distribution Channel, the market is segmented into Online Stores, Convenience Stores, Departmental Store, Direct Sales, and Other Distribution Channels. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Type (Volume, Tonnes, USD Billion, 2020-2031)
By Application (Volume, Tonnes, USD Billion, 2020-2031)
By Distribution Channel (Volume, Tonnes, USD Billion, 2020-2031)
By Country (Volume, Tonnes, USD Billion, 2020-2031)
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