The global soy food products market is estimated to account for USD 54.3 billion in 2024. It is anticipated to grow at a CAGR of 3.5% during the assessment period and reach a value of USD 76.5 billion by 2034.
| Attributes | Description |
|---|---|
| Estimated Global Soy Food Products Market Size (2024E) | USD 54.3 billion |
| Projected Global Soy Food Products Market Value (2034F) | USD 76.5 billion |
| Value-based CAGR (2024 to 2034) | 3.5% |
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Rising Popularity of High-protein and Functional Soy Foods for Health and Wellness
Soy and soy-based products have always been consumed in China, Brazil, and the United States for a long time. However, due to the ongoing fitness trends, and the recent pandemic, this consumption has spread across the globe.
This rising demand can also be attributed to the demand for densely packed protein items, also known as functional foods, of which soy is an essential component. People prefer soy over other variants as it is a complete protein, meaning it contains all the essential amino acids required for a healthy body to carry out its functions throughout the day.
Players in the market, capitalizing on the current fitness trends, are also fortifying soy and soy-based food products with functional ingredients. This is basically done to target specific health concerns, especially in the elderly. For instance, brands like Alpro and Silk now offer soy drinks fortified with omega-3, calcium, and vitamins, and Soylent and Huel use soy protein as the base for their meal replacement shakes.
The rise of veganism has also affected the market positively. As of 2024, there are 85 million vegan people in the world who are seeking alternatives to milk and milk products.
This sector is heavily dominated by soy despite the prolonged presence of milk made from almonds and cashews. This is due to its nutritional parity with cow's milk and its affordability compared to the other two options.
In the food service sector, too, soy finds its applications. Over the past few years, there has been an influx of food chains providing high-protein snacks and meals, especially in the urban areas of developing and developed countries.
These outlets use soy instead of meat and other non-vegetarian ingredients to make burgers, nuggets, and sausages using soy protein isolates. For instance, Beyond Meat and Impossible Foods, both companies that specialize in producing plant-based meat alternatives, rely heavily on soy protein for texture and nutrition.
Growing Vegan Trend
The rise of veganism and vegetarianism, especially in developed parts of the world, has also given a boost to the soy food products market. A recent survey stated that, as of 2024, more than 3% of the USA population in vegan.
This increase in number has generated an excellent demand for soy-based alternatives to meat and dairy products. This is indicative of the fact that the popularity of soy-based meat alternatives, such as tofu and tempeh, has led to a 20% increase in sales of these products in recent years.
Responding to this, players in the market are expanding their product lines to include soy-based products in their offerings.
Nutritional Benefits
Comprehensive studies on soy and soy-based products have also been carried out by companies in the nutraceuticals sector. Rich in protein-approximately 36 grams per cup-fiber, and isoflavones, soy is considered a functional food. This has made it a perfect choice for gym-goers and athletes looking to increase their protein intake. Other than this, the demand for soy-based products is also growing due to the rise of innovative product formulations.
Plant-based Protein’s Demand
The pandemic brought with it a massive wave of health consciousness. Since then, the general public has been trying to include protein-rich food products in their diets. According to a 2021 survey by the International Food Information Council, 43% of consumers reported that they are trying to incorporate more plant-based foods into their diets. Plant-based proteins, however, new in this segment, have also been accepted by consumers. This is because:
Allergen Concerns
Soy top the charts when it comes to allergens. In the United States alone, more than 0.4% population has soy allergy. These numbers have also created fears in the mind of people that don’t even have these allergies. This skepticism has proved to be a bane for players in the market.
To address this problem, players have come up with clear labelling methods that transparently mention the presence of soy and potential cross-contamination ingredients on the packaging itself. This can help consumers make informed choices.
Competition from Other Plant-Based Proteins
Soy milk is not the only plant-based protein source available in the market. The emergence of alternatives such as almond, oat, and pea has made competition increasingly challenging for soy milk. Compared to these options, soy often falls short in nutritional value, can be more expensive, and is sometimes considered less palatable.
To address these challenges, market players are developing hybrid products that combine the benefits of soy with other plant-based proteins. This approach not only enhances the taste and protein content of the food items but also makes them more appealing to consumers.
Additionally, many businesses are focusing on cost management to reduce overall expenses. Companies are acquiring production facilities across borders to enable local production and are introducing automation on their shop floors to streamline production processes.
The market comprises of numerous soy-based products, such as food items, beverages, oils, and additives. Among these, the food section dominates the market for several reasons:
Soy food products are used in a multitude of applications. They are used in bakery and confectionery for enhancing texture, moisture retention, and nutritional content. In the dairy products industry, too, soy foods find its application.
With the growing trend of all-inclusive diets, there is a shift toward soy-based functional products. They are used as an alternative to meat products, too. Apart from this, it has also become a crucial component in infant foods due to their nutritional value.
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The following section talks about the region-wise analysis of the soy food products market with a focus on prominent countries.
| Country | CAGR (%) |
|---|---|
| China | 3.4% |
| United States | 6.5% |
| Germany | 5.1% |
| Japan | 6.1% |
| India | 5.5% |
Soy has always been an essential part of Chinese cuisine. Soy products like tofu, soy sauce, and soy milk have been consumed by the general populace since the beginning of time. This familiarity, coupled with the enormous population of the country makes China one of the most lucrative markets for soy and soy-based products in the world.
Apart from this, China produces approximately 19 million metric tons of soy. This produce is then not only consumed domestically but also exported to neighboring countries like India, South Korea, etc.
Some of the most prominent companies in China are China National Chemical Corporation (ChemChina), Yihai Kerry Arawana Holdings, Shandong Jinxiang Group, Fujian Sunner Development, and COFCO Corporation.
The United States is one of the largest producers of soy in the world. The country had an annual yield of 116million metric tons in 2022. With such a surplus, the country is home to one of the most advanced research institutes that are trying to improve the overall nutrition of soy.
The country is also a global leader in developing soy-based meat and dairy alternatives. The United States, as discussed earlier, is home to one of the largest populations of vegans in the world. This has also led to more and more players entering the market.
Monsanto (Bayer), Cargill, Archer Daniels Midland Company (ADM), DuPont (Corteva), Bunge North America, and WhiteWave are key players in the soy food products market in the United States.
The trend of consuming minimalistic food items made its entry in Japan a couple of years ago. Social media influence and the rise of health consciousness among the public made this even more popular.
This is why companies in the soy food products market in the country are emphasizing soy in minimally processed forms, such as edamame, miso soup, and tofu. This has let them stay relevant while also contributing positively to the market.
While there is no single company dominating the scene in Japan, multiple companies such as Kikkoman, Marubeni Corporation, Toyo Suisan Kaisha, Otsuka Foods, and Daishowa Seiko are considered leaders.
Brazil is among the top three countries when it comes to the production of soy. The country produced 120 million metric tons of soy in 2022. While a significant part of it is consumed domestically, the country also exports it to other South American nations. This has motivated more and more farmers to cultivate soy which is further accelerating market growth.
This mammoth of consumption is also linked to the affordability of soy. This is why, consumers with relatively low per capita income have made it a dietary staple. Besides this, soy is also available easily in the country, solidifying soy's role in Brazilian cuisine and nutrition.
Several companies are involved in the soy food products market in Brazil, such as Bunge Brasil, Cargill Agrícola, Amaggi, Grupo J. Macedo, and Soya.
The market for soy food products has been very stable, except for a few hiccups during the pandemic. This is why, there is an observed dominance of a few companies in the market. These companies, thanks to their financial might, have a vast consumer base. They also often take over smaller, regional companies to take advantage of their local knowledge.
For instance, Morgan Foods, Inc. acquired American Soy Products, Inc., a producer of soy-based beverages and foods. Such mergers and acquisitions are a bridge between well-established companies with a comprehensive budget for research and development and smaller ones with a local consumer base and regional advantages.
Apart from this, companies are also investing in educating more and more people about the benefits of soy so as to increase its appeal to the general populace.
The global soy food products market is segmented by product type, which includes food, beverages, oils, additives, etc.
In terms of applications, the market is segmented into bakery and confectionery, dairy products, meat products, functional foods, and infant foods.
The market can be segmented by region, encompassing North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
The market’s value for 2019 was estimated to be USD 40.1 billion.
The market is predicted to reach a size of USD 76.5 billion by 2034.
The market is anticipated to be valued at USD 54.3 billion in 2024.
The market is predicted to witness a CAGR of 3.5% during the forecast period.
China is set to be a promising country, with a CAGR of 6.5% over the next ten years.
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