The Soy Food Products market is valued at USD 45 Bn in 2022 and is projected to grow at a CAGR of 5.1% during the forecast period, to reach a value of USD 73 Bn by 2032. Newly released data from Future Market Insights market analysis shows that global Soy Food Products demand is projected to grow year-on-year (Y-o-Y) growth of 5.6% in 2022.
| Attributes | Details |
|---|---|
| Market Size Value in 2022 | USD 45 Billion |
| Market Forecast Value in 2032 | USD 73 Billion |
| Global Growth Rate (2022 to 2032) | 5.1% CAGR |
| Forecast Period | 2022 to 2032 |
| Collective Value Share: Top 3 Countries (2021A) | 39.1% |
The diversity of ingestible forms and the nutritive content of soy food products serve as growth engines for the industry. Soy food products offer a great substitute for diets high in dairy, beef, and poultry as people shift to healthier eating habits.
According to a recent survey by FMI, twice as many consumers under the age of 35 drink soy every week as those over the age of 55, and about 80% of customers have tasted some of the most popular soy-based foods or drinks.
A lateral change in consumer preference for cooking oil is also being brought on by the frequency of cardiac illnesses. In the US, heart illnesses account for around 650 000 deaths annually, making them a major cause of mortality.
Consumers who are concerned about their health are searching for low-bad cholesterol, heart-friendly substitutes for standard cooking oil. Although the availability of substitutes like olive oil restricts market expansion, producers are increasing their production capacities to offer their goods at competitive prices.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Soy Food Products demand grew at 4.6% CAGR between 2017 and 2021 While consumers have been increasingly shifting toward health-centric products, the COVID-19 pandemic has provided further impetus to the trend. Amid nationwide lockdowns in several countries, many leading meat plants have been shut down to avoid further contagion of coronavirus.
This potential scarcity of meat supply is influencing consumers to turn to plant-based meat products, with meat alternatives such as tofu witnessing phenomenal sales in developed regions. Such trends are working in favor of the soy food products market amid the pandemic.
The increasing awareness of ethnic cuisines and the growing sophistication of taste buds provide opportunities for soybean products to lead food innovation while simultaneously improving human nutrition.
Opportunities exist because soybean can be a vital source of vegetable oil and proteins in the human diet. In terms of nutritional composition, soybeans are made up of 38% protein, 18% oil, 35% carbohydrates, and 5% minerals.
New food product development is both a scientific and a creative exercise. Food innovations materialize in subtle ways as stealth ingredients, that do not reveal their presence in food formulations, are used to improve functionality. Soybeans are critical in food experimentation because soybean protein has unique chemical and physical properties that make it particularly suited for improving food texture, appearance, nutrition, and processing ability.
However, soy ingredients present unique opportunities in new food formulations. A bland flavor allows for incorporation into a wide range of products. While the use of the unprocessed bean presents several problems for American taste buds, refined ingredients such as protein concentrates and protein isolates hold prospects for use in conventional foods.
Today, there is a growing trend among health-conscious people worldwide toward eating healthful snacks. This aforementioned demographic base is shifting its preference toward consuming soy-based goods due to the high amount of plant proteins, lack of cholesterol, and reduced percentage of saturated fats in soy-based food products.
Numerous soy food products, such as soy yogurt, natto, soy sauce, miso, tempeh, soy cheese, tuba, soynut butter, and soy mayonnaise, are experiencing tremendous demand as a result of this situation. As a result, significant opportunities are anticipated to open up for the global market for soy food items in the years to come.
Principal Consultant
China is the fastest-growing market because it is one of the product's largest consumers and the production of soy in China also fuels consumption. Additionally, several strategic investments have been undertaken to increase revenue production in China in response to the country's growing demand for vegan products. The country's market for soy-based food products is anticipated to expand at a CAGR of 7.2%.
Moreover, with Chinese consumers' preference for healthier, plant-based foods, the market for soy food products is predicted to grow quickly as people in China are becoming more aware of and receptive to plant-based diets.
The United Kingdom is the third-largest user of dairy substitutes in the world and its soy food market is growing at a CAGR of 8.6%. The region's market has expanded thanks to contemporary trade developments, shifting consumer trends, and growing product development. The global market is growing as consumer preferences shift toward packaged, branded dairy and meat substitutes.
Manufacturers in the UK are focusing on the creation of new products. Additionally, a large number of vegan advocacy groups in the UK have petitioned the government to encourage dairy producers to switch to the production of dairy alternatives. In letters to the UK government, several vegan organizations have asked for permission for dairy producers to migrate to new markets.
As soy-based foods may lower the risk of several health issues, such as cardiovascular disease, stroke, coronary heart disease (CHD), and some malignancies, as well as enhance bone health, they are expected to account for a sizeable portion of food sales in 2022.
Tofu, edamame, soymilk, soy nuts and sprouts, miso, tempeh, natto, and soy sauce are a few of the most popular soy-based foods.
In terms of application, Functional Food held the biggest market share. Because of the high-quality protein, it contains, soybeans are considered to have excellent nutritional value, which has generated significant interest in their use in human diets. Soybeans are a well-known source of phytochemicals, and many of these substances have significant advantages for both human and animal health.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
The market for soy food products worldwide exhibits a modest level of fragmentation. The market for soy food products is extremely competitive, as seen by the presence of so many active businesses. Stakeholders are using a variety of organic techniques to retain their dominant position in this situation.
The market for soy is expanding as a result of rising health concerns among consumers and improvements in R&D activity. The market is expanding due to elements including their multifunctional advantages across numerous applications and their use as sugar substitutes.
| Attribute | Details |
|---|---|
| Market Size Value in 2022 | USD 45 Billion |
| Market Forecast Value in 2032 | USD 73 Billion |
| Global Growth Rate | 5.1% CAGR |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | MT for Volume and USD Billion for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania,d MEA |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Argentina, Chile, Peru, Germany, France, Italy, Spain, UK, Netherlands, Belgium, Nordic, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Central Africa, North Africa, and others |
| Key Market Segments Covered | Product Type, Application |
| Key Companies Profiled |
Archer Daniels Midland Company; Alpro; Caramuru; Barentz Europe B.V.; China Yingxia International Inc; Dean Foods Company; Chs Inc; Eden Foods, Inc.; DuPont Solae; Northern Soy Inc.; Whole Soy & Co.; Solbar Ltd.; Cargill Inc.; The Scoular Company; Linyi Shansong Biological Products Co. Ltd.; Others |
| Pricing | Available upon Request |
The Soy Food Products market is estimated to reach sales of nearly USD 45 Bn by 2022.
Soy Food Products market revenue is expected to increase at a CAGR of around 5.1% during the period 2022-2032.
Soy Food Products sales increased a CAGR of around 4.6% over the past half-decade.
The global Soy Food Products market value is estimated to be around USD 73 Bn in 2032.
Archer Daniels Midland Company, Alpro, Caramuru, Barentz Europe B.V., China Yingxia International Inc, Dean Foods Company, Chs Inc, Eden Foods, Inc., DuPont Solae, Northern Soy Inc., Whole Soy & Co., Solbar Ltd., Cargill Inc., The Scoular Company and Linyi Shansong Biological Products Co. Ltd. are expected to be the top players driving the market growth.
The top countries driving the Soy Food Products demand are the US, China, India, Australia, Germany, the and UK.
Explore Food and Beverage Insights
View Reports
Soy Food Products Market
