Okara Market

Okara Market Outlook (2023 to 2033)

Newly-released Okara Market analysis report by Fact.MR reveals that global sales of Okara in 2022 were held at US$ 1.9 Billion. With 7% projected growth from 2023 to 2033, the market is expected to reach a valuation of US$ 4 Billion by the end of the forecast period. The market is expected to garner significant revenue through application in bakery products. The market through this application is projected to grow at a CAGR of 6.9% from 2023 to 2033.

Attributes	Details
Okara Market Size Value in 2022	US$ 1.9 Billion
Okara Market Size Value in End of Forecast (2033)	US$ 4 Billion
Okara Market CAGR (2023-2033)	7%
U.S. Okara Market CAGR (2023 – 2033)	6.7%
Key Companies Covered	House Foods Group Inc. Pulmuone Co. Ltd. Kikkoman Corporation Vitasoy International Holdings Meijtofu OKM Co. Ltd.

Revenue of Okara Market from 2018 to 2022 Compared to Demand Outlook for 2023 to 2033

As per the research of Okara Market by Fact.MR - a market research and competitive intelligence provider, historically, from 2018 to 2022, the market value increased at around 7.9% CAGR. With an absolute dollar opportunity of US$ 2 Billion, the market is projected to reach a valuation of US$ 4 Billion by 2033.

What Key Drivers are influencing the Market's Expansion?

The key drivers influencing the market is its use as a gluten-free, vegan, and plant-based flour with high nutritional values such as proteins, lipids, and dietary fibers.

The global production of soybeans in 2019 was around 336 million metric tons and in 2020 it reached around 353 million metric tons, marking a growth of around 5.1%. This increase in global production is likely to result in more production of tofu and soy milk which naturally transition into more okara production as a by-product. Okara as a biomass waste is a significant problem globally as it is estimated that 1 kg of soybean used in the process of making tofu or soymilk produces around 1.2 kg of Okara. This led to over 14 million tons of okara generation globally in 2020.

Around 30% of the overall food produced worldwide goes to waste. To reduce this food wastage and encourage zero waste food trend, upcycling of food is catching on. In 2020, the estimated market size of upcycled food was over US$ 46 billion. This growing trend is likely to gain demand for more upcycle food such as okara in the market.

In 2022 about 1 to 1.5% of the global population was affected by Celiac Disease and the global prevalence of celiac disease was 1.4% reported by blood tests and about 0.7% by biopsy. The only way to deal with celiac disease is to cut down on gluten completely. This has led to a gluten-free trend worldwide with the gluten-free food market valued at over US$ 6.6 billion in 2022. This trend can be expected to fuel the market for okara as it is used as gluten-free flour in bakery and gluten-free snacks.

The consumers’ preference for healthier foods is influencing the global market growth of probiotics. For instance, in 2018 the global market for probiotics was over US$ 49 Billion and the expected market size was over US$ 64 billion in 2022. This growth can have a significant impact on okara applications as it is also used in vegan probiotic drinks to promote gut health and immunity.

Okara can also have growth opportunities as plant-based meat in the future as The University of Singapore, Lithuania, and Finland had begun using okara as plant-based meat in 2021.

As okara is primarily considered agricultural waste it also has household applications as cattle feed. For instance, okara can be fed to lactating cows up to 90 g/kg in their diet for economic benefits.

Which Region is Projected to Offer Significant growth in the Market?

Asia Pacific is a prominent shareholder in the market with a size of US$ 940 Million in 2022 and US$ 1 Billion in 2023. It is projected that Asia Pacific will have a market worth US$ 2 Billion in 2033.

Countries like Japan have been using okara in their side dishes from ancient times. The dish called Unohana has been part of Japanese cooking as vegan and protein-rich. In Indonesia, red tempeh is consumed as a staple protein source featuring okara.

The brands in Japan are also coming up with innovative food products featuring okara to commercialize this traditional delicacy. For instance, Japanese company Kurashiki Okara Cookies manufactures okara cookies and probiotic bars as tasty snacks with added health benefits. This traditional application of okara in Asian countries is likely to influence its market growth.

Country-Wise Analysis

"United States Market Analysis"

The United States Market is expected to grow to be worth US$ 673.6 Million with an absolute dollar growth of US$ 322.5 Million from 2023 to 2033. The market in the country has grown at a CAGR of 4.8% from 2018 to 2022 and is expected to grow at a CAGR of 6.7% from the year 2023 to 2033.

In the U.S. it is estimated that about 1.8 million people have celiac diseases and around 2 million people might be undiagnosed or have gluten intolerance. This has significantly influenced people to look for gluten-free options in the market. The trend to go vegan is also keeping up pace with over 9.5 million people in the U.S. following the plant-based diet in 2020. These growing trends in the U.S. can have a significant impact on the demand for okara as a plant-based, gluten-free flour for cooking.

"United Kingdom Okara Market Analysis"

The market in the United Kingdom is expected to grow to be worth US$ 102.2 Million with an absolute dollar growth of US$ 42.1 Million. The market in the country has grown at a CAGR of 3.5% from 2018 to 2022 and is expected to grow at a CAGR of 5.5% from 2023 to 2033.

Organic food sales are increasing and gaining demand in the U.K. as in 2020, European Union’s per capita expenditure on organic foods was over US$ 108 per individual. Consumers in the U.K. are also preferring vegan foods with an estimated 3.8 million people being vegan in 2020. This preference can significantly influence the demand for okara as it is used in organic, vegan, and gluten-free flour and used in cookies, cakes, and stir-fries.

"China Okara Market Analysis"

China's market is expected to grow to be worth US$ 1 Billion with an absolute dollar growth of US$ 577.6 Million from 2023 to 2033. The market has grown at a CAGR of 10% from 2018 to 2022 and is expected to grow at a CAGR of 8.5% from the year 2023 to 2033.

In China, okara has been in use in various cuisines such as pickles with added spices, and in some parts, okara is used as fermented cakes meitauza to cook as vegetables. Meitauza is consumed in China as a healthy food due to its high dietary fiber. This traditional use of okara in Chinese food can further influence the market in the country.

"Japan Okara Market Analysis"

The Japanese market is expected to grow to be worth US$ 638.7 Million with an absolute dollar growth of US$ 322.1 Million from 2023 to 2033. The market has grown at a CAGR of 8.2% from 2018 to 2022 and is expected to grow at a CAGR of 7.3% from 2023 to 2033.

Around 600k tons of okara is produced in Japan and this has created a significant amount of bio-waste having a harmful impact on the environment. To deal with this issue companies like OKM Co. Ltd. are using the nutritional values of okara to manufacture products like Okara powder, Okara noodles, and Karage powder to provide dietary fiber and gluten-free options for consumers. Such brands in Japan are expected to gain more popularity resulting in demand for okara in the market.

Category-Wise Insights

Which Application of Okara is Projected to Witness Significant Growth in the Market?

Okara demand is projected to witness the significant growth through bakery application, as it has grown at a CAGR of 7.7% from 2018 to 2022 and is expected to grow at a CAGR of 6.9% from 2023 to 2033.

In 2022, over 326 million people in the US used Bakery. The gluten-free and healthier option of bakery is likely to gain demand with a growing number of health-conscious consumers. This can contribute to okara-based bakery gaining demand as a healthier substitute.

Which Nutritional Source of Okara is Projected to Witness Significant Growth?

Okara as Dietary Fiber is projected to witness significant growth as it has grown at a CAGR of 7.5% from 2018 to 2022 and is expected to grow at a CAGR of 6.8% from 2023 to 2033.

Some varieties of okara contain over 55% of insoluble dietary fiber. Due to this high amount of dietary fibers and low manufacturing cost, okara powder can gain demand as potential gluten-free and healthier replacement for wheat flour.

Competitive Analysis

Key players in the market are House Foods Group Inc., Pulmuone Co. Ltd., Kikkoman Corporation, Vitasoy International Holdings, Meijtofu, and OKM Co. Ltd.

The companies are participating in upcycle trends to reduce waste and creating innovative okara snacks, health drinks, and gluten-free flour substitutes.

Some of the recent developments in the market are:

• In November 2021, Abokichi launched their ABO Ramen featuring okara for added protein in the noodles to support upcycle movement and climate change.
• In September 2020, the Singapore team of Oh Soy developed soy-based okara products like cream cheese, cream soup powder, and sliced cheese with added DHA to promote brain health.
• In January 2021, Medoruma developed prepacked curry with okara to reduce food waste which is currently sold in Mikawaya stores and the online shop Base.
• In February 2021, Japanese OKM Co. Ltd. Launched its okara-based curry flakes as a gluten-free and vegan option for consumers in the U.S.
• In November 2020, Singapore’s start-up Soynergy closed its seed stage funding to expand its business of probiotic okara drinks with gut health benefits.

Segmentation of the Okara Market

• By Product:

  • Bakery
  • Noodles
  • Others

• By Nutritional Sources :

  • Protein
  • Fat
  • Calcium
  • Minerals
  • Dietary Fiber

• By Application :

  • Hotels
  • Restaurants and Catering
  • Food Processing
  • Household
  • Others

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa