Soy-based Food Market

Soy-based Food Market Outlook (2022 to 2032)

The global soy-based food market is estimated at USD 15.8 Billion in 2022 and is projected to reach USD 27.1 Billion by 2032, at a CAGR of 5.8% from 2022 to 2032.

As per a study by Future Market Insights, the demand for soy-based food is expected to remain steady, exhibiting growth at 5.8% CAGR between 2022 and 2032 in comparison to the CAGR of 3.7% posted between 2017 and 2021.

Traditional soy-based foods like soymilk, tofu, soybeans, soybean oil, and soy cheese have been designed to fit the contemporary taste patterns of consumers. These are also categorized as indispensable parts of dessert supplements and meat substitutes. Due to its higher protein content and nutritional value, soy food has been an essential part of the majority of vegetarian consumers.

A lateral change in consumer demand for cooking oil is being brought on by the prevalence of cardiac illnesses. Consumers who are concerned about their health are searching for low-bad cholesterol, heart-friendly substitutes for standard cooking oil.

This has significantly changed the soy-based food market outlook. Although the availability of substitutes like olive oil is restricting the soy-based food market expansion, the producers are increasing their production capacities to offer their goods at competitive prices.

Attribute	Details
Soy-based Food Size (2022E)	USD 15.8 Billion
Soy-based Food Projected Size (2032F)	USD 27.1 Billion
Value CAGR (2022 to 2032)	5.8%
Top 3 Countries' Market Share	47.7%

The versatile nature of soy-based food and meat analogs production is responsible for driving the soy-based food market over the past few years. In fact, it has been claimed by various researchers that consuming soy-based foods aids in cardiovascular risk reduction, controlling flow of sexual hormones, and curing disruption held in thyroid function. These key soy-based food market trends have shifted the global scenario.

2017 to 2021 Soy-based Food Outlook in Comparison With 2022 to 2032 Growth Forecast

As per the soy-based food market study, over the past half-decade, the protein quality of soy food has become an area of interest for fitness freaks and is expected to provide notable opportunities in the upcoming 5 years.

With the growing adoption of greener and vegetarian kind of lifestyles, varieties of soy-based food products available in the market will start gaining traction in grocery stores. Higher protein content along with lower content of carbohydrates makes soy-based food products a unique energy source with high nutritional value.

The soy-based food market analysis indicated that the majority of soy-based food consumption was held within Asian countries historically. But, with increasing awareness about its nutritional value, European and American countries started adopting it as a regular partner on their dining table.

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Country-wise Analysis

USA Market for Soy-based Food

North America continues to lead the demand for soy-based food. The USA generated the most soy oil, at a significant 11 Million metric tonnes, according to SOPA projections. The continuous rise in consumer demand for soy oil and soy-based goods is expected to increase the sales of soy-based food.

China to Uplift Demand for Soy-based Food

Currently, China accounts for 37.6% of the total soy-based food market share and is projected to generate around 40.3% of the total valuation for the East Asia soy-based food market by the end of 2032.

Initially, as Asian countries had a majority of the vegetarian population, to fulfill the protein demand, soy-based food products became an indispensable part of their life. Asian food recipes containing soy-based products as their essential ingredients have been a continuous source of demand for soy-based food. A vast majority of soy-based food manufacturers have invested their money in establishing a strong supply-chain network in Asian countries.

Japan and Korea to dominate the Asia Pacific Soy-based Food

Japan has also emerged as a lucrative soy-based food market and exhibits high potential to expand further in the coming years. It is predicted to show a considerable growth rate of 5.5% over the assessment period.

Being a country with a consumption capacity of 50-110 milligrams per day for soy and soy-based foods, which is approximately equivalent to that of China with numbers as 25-135 milligrams per day, which is a key driver for the rise in the demand for soy-based food.

The key soy-based food market trends indicate that Japan is also a leading consumer of soy-based food in the Asian subcontinent. Japan and China are expected to account for the maximum market value share of the global soy-based food business.

Category-wise Insights

Meat Products to Gain Traction

Soya-based food products being highly digestible in nature makes them a good contender for being used as an ingredient in meat-based recipes. Its high nutritional value along with high protein and low carbohydrates completely fulfills the meal.

The presence of soy-based food products as ingredients in non-vegetarian dishes makes them easy to digest and enhances their flavor. Therefore, the demand for soy-based food in meat products is expected to rise in the near future.

Indirect Channel to Remain Dominant

With the expansion of markets for meat products, bakery products, exercise supplements, and so on, the indirect sales channel for soy-based food products is gaining traction. It is expected to continue exhibiting high growth through the forecast period.

Competition Landscape: Top Companies in the Soy-based Food

The market is highly competitive without many roles of dominant players such as Nestle S.A., Danone SA, Solbar Ltd, Cargill Inc., ADM Company, and others. Soy-based food manufacturers are focusing on introducing and innovating a wide variety of products in order to increase their consumer base and gain a competitive advantage.

Recent Developments

In February 2021, Danone and Earth Island, the company behind the Follow Your Heart line of vegan and plant-based goods, entered into a deal for Danone to buy all of Earth Island's shares. Danone will be able to strengthen its plant-based business thanks to this acquisition. Vegenaise, a brand of dairy- and egg-free mayonnaise owned by Earth Island, is also a manufacturer of dressings and cheese substitutes.

Scope of Report

Attribute	Details
Forecast Period	2022 to 2032
Historical Data Available for	2017 to 2021
Market Analysis	USD Billion for Value and MT for Volume
Key Regions Covered	North America; Latin America; Europe; East Asia; South Asia; Oceania; and the Middle East & Africa
Key Countries Covered	USA, Canada, Brazil, Mexico, Chile, Peru, Germany, United Kingdom, Spain, Italy, France, Russia, Poland, China, India, Japan, Australia, New Zealand, GCC Countries, North Africa, South Africa, and Turkey
Key Segments Covered	Product Type, Application, Distribution Channel, and Region
Key Companies Profiled	DuPont Solae; Northern Soy Inc.; Cargill Inc.; ADM Inc.; Solbar Ltd.; Whole Soy & Co.; The Scoular Company; Linyi Shansong Biological Products Co. Ltd.; Unilever Group; Impossible Food; Danone SA; Nestle SA; Gathered Food Corporation; Others
Report Coverage	Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing	Available upon Request

Global Soy-based Food by Category

By Product Type, Global Soy-based Food is segmented as:

• Meat Substitutes
  • Textured Vegetable Protein
  • Tofu
  • Tempeh
• Non- dairy Yogurt
• Non-dairy Spread
• Non- dairy Ice Cream
• Non- dairy Cheese

By Application, Global Soy-based Food is segmented as:

• Meat Products
• Dairy Products
• Bakery and Confectionery
• Functional Food
• Instant Food

By Distribution Channel, Global Soy-based Food is segmented as:

• Direct
• Indirect
  • Hypermarkets/Supermarkets
  • Convenience Store
  • Specialty Stores
  • Independent Retailers
  • Online Retailers

By Region, Global Soy-based Food is segmented as:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East & Africa

Frequently Asked Questions

What is the market scenario of soy-based food?

The soy-based food market is expected to reach a value of USD 15.8 Billion by 2022 end.

At what rate is the global soy-based food expected to grow?

Soy-based food consumption is expected to increase at a CAGR of around 5.8% over the forecast period (2022 to 2032).

How are market players reacting to the new developments in the soy-based food?

The soy-based food market players are opting for partnerships, mergers and acquisitions, product innovation, and production capacity expansion.

How much share does the top 10 companies in the soy-based food hold?

The top 10 producers of soy-based food including Nestle S.A., Danone SA, Cargill Inc., Northern Soy, DuPont, and others hold around 35 to 40% of the market share.

Which are the major countries driving demand for butter?

China, Japan, and Korea are the major countries driving demand for soy-based food.