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.
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2017-2021 Soy Food Products Market Outlook Compared To 2022-2032 Forecast
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.
Increasing Demand For Soy-Based Food Products
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.
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Country-Wise Insights
What is the scope of the Soy food products Market in China?
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.
How is the U.K Soy food products Market shaping?
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.
Category-Wise Insights
What product type is Pushing up the Sales of Soy food products?
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.
What is the largest Application of soy-based food products?
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.
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Competitive Landscape
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.
Scope Of Report
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
Soy Food Products Market By Category
By Product Type:
Food
Beverages
Oils
Additives
By Application:
Bakery and confectionary
Dairy products
Meat products
Functional foods
Infant foods
By Region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa
Frequently Asked Questions
How much worth is the Soy Food Products industry?
The Soy Food Products market is estimated to reach sales of nearly USD 45 Bn by 2022.
At what CAGR is the market expected to expand through 2032?
Soy Food Products market revenue is expected to increase at a CAGR of around 5.1% during the period 2022-2032.
How was the performance of Soy Food Products over the past half-decade?
Soy Food Products sales increased a CAGR of around 4.6% over the past half-decade.
What will be the market for Soy Food Products worth in 2032?
The global Soy Food Products market value is estimated to be around USD 73 Bn in 2032.
Who are the key manufacturers operating in the market?
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.
Which are the top countries driving the Soy Food Products market demand?
The top countries driving the Soy Food Products demand are the US, China, India, Australia, Germany, the and UK.
