According to Ken Research Analysis, the Global Soy-Based Food Market was valued at ~US$ 20 billion in 2017. Furthermore, owing to the growing consumer demand for health-centric food products to maintain healthy eating habits, it is estimated to be ~US$ 30 billion in 2022 and is expected to reach a market size of ~US$ 55 billion by 2028 growing with a CAGR of ~10% during 2022 to 2028.
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Key Growth Drivers
- The increasing popularity of lactose-free products among individuals is anticipated to boost the soy-based food market growth in the forthcoming years.
- Consumers shifting preferences toward a vegan diet due to rising awareness regarding the health benefits associated is one of the major trends that help in the shaping of the soy-based food market.
- Lack of individuals’ awareness regarding plant-based food products, and limited availability of raw materials are some of the challenges faced by the soy-based food market. Furthermore, rising consumer concerns regarding the negative health implications of consuming ferments soy-based beverages may impede its growth.
- The ongoing COVID-19 pandemic has changed consumers’ purchasing preferences/behavior due to lockdowns imposed by various governments across countries, allowing people to stockpile products that last for a longer period of time, including plant-based food products. Furthermore, people who have been affected by the virus have become more health conscious, which has fueled the demand for natural and organic products, resulting in an increase in demand for plant-based food, including soy and organic products.
Key Trends by Market Segment
By Type: The Meat Substitute segment held the largest share of the Global Soy-Based Food Market in 2021.
- The growth is mainly driven by the rising individuals’ environmental concerns which are positively influencing an increase in the adoption of meat substitutes, such as tempeh, tofu, and textured vegetable protein as they typically use less land, water, and emit lower carbon emissions which helps in mitigating the effects of global warming and improve the air quality.
- According to Food and Agriculture Organization (FAO), a specialized agency of the United Nations that leads the right policies and programs to defeat hunger and improve nutrition and food security, livestock accounts for nearly 15% of global greenhouse gas emissions.
By Application: The Dairy Alternatives segment held the largest market share of the Global soy-based food Market in 2021, owing to the inclusion of antioxidative properties in soy milk, which protect the body’s cells.
- The presence of omega-3 fats, essential polyunsaturated fats in soy foods are associated with a lower risk of cardiovascular disease (CVD), influencing people, particularly those suffering from CVD, to choose them.
- In June 2021, according to the World Health Organization (WHO), a United Nations specialized agency responsible for global public health, cardiovascular diseases (CVDs) are the world’s leading cause of death. In 2019, an estimated 17.9 million individuals died from CVDs, accounting for 32% of all global deaths. Heart attacks and strokes were responsible for 85% of such deaths.
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By Distribution Channel: The Supermarket/Hypermarket segment held the largest share of the Global soy-based food Market in 2021.
- The growth is mainly attributed to the easy availability of food products along with the large variety of flavors and brands under one roof, which assists customers in selecting the appropriate product.
- Supermarkets/hypermarkets generally offer lower or discounted prices to customers as they purchase larger quantities of goods, which dramatically increases its sales volume.
By Geography: Asia Pacific accounted for the largest market share in the global soy-based food market in 2021.
- The growth is mainly attributed to the rising trend of veganism among individuals, especially the young generation, who seem to be more invested in health consciousness.
- The rising government initiatives regarding the reduction of meat consumption across Asian countries, notably in China, India, Japan, and South Korea, to reduce greenhouse gas emissions, deforestation, and soil degradation is a significant contributor to rising demand for plant-based food products, including soy-based food products.
- In August 2022, South Korea’s government imposed new guidance under their National Plan 2022 to include cultivated meat regulatory approval guidance and no regulatory framework to approve alt-protein products for sale in South Korea.
- In January 2022, China’s Ministry of Agriculture and Rural Affairs released its official five-year agricultural plan, with the aim to promote cultivated meat alternatives, such as tempeh which could reduce greenhouse gas emissions from livestock production (or meat imports) while ensuring food security.
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Competitive Landscape
The Global Soy-Based Food Market is highly competitive with ~200 players which include globally diversified players, regional players as well as a large number of country-niche players with their niche in adopting advanced technology, such as fermentation technology to enhance the taste, and texture of products. Moreover, companies are competing on various parameters such as partnerships, new products offering, business models, marketing strategies, pricing, campaign, and more.
Country-Niche players constitute about ~50% of the total competitors, while regional players represent a share of ~35%. Some of the major players in the market include ADM, Danone S.A., Eden Foods, Pacific Foods of Oregon, Llc., The Sahmyook Foods, Nordic Soya Oy, Cargill, Incorporated, The Hain Celestial Group, Blue Diamond Growers, Miracle Soybean Food International Corp., and among others.
Recent Developments Related to Major Players and Organizations
- In August 2022, the Archer-Daniels-Midland Company (ADM), a U.S.-based food processing company, partnered with Benson Hill, a U.S.-based food tech company, to commercialize ultra-high protein (UHP) soybeans to use in ingredients for plant-based food and beverages across North America by early 2023.
- In May 2022, Cargill, a U.S.-based food corporation, announced its plans to construct new soybean processing plants in Southeast Missouri to meet rising domestic and global demand for oilseeds prompted by food, feed, and fuel markets. The facility will have an annual production capacity of 62 million bushels of soybeans.
Conclusion
The global soy-based food market is forecasted to continue an exponential growth that is witnessed since 2017. The major driving factor contributing to the expansion of radiography systems is the rising prevalence of lactose intolerance and the increasing adoption of veganism across countries. Though the market is highly competitive with around ~200 participants, few country-niche players control the dominant share and regional players also hold a significant share.
Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and report delivered within maximum 2 working weeks.
Ken Research has recently published report titled, “Global Soy-Based Market Size, Segments, Outlook, and Revenue Forecast 2022-2028” market is segmented by product type, distribution channel, and application. In addition, the report also covers market size and forecasts for the four major regions’ Soy-Based Food Markets. The revenue used to size and forecast the market for each segment is US$ billion.
Market Taxonomy
By Product Type
- Meat Substitutes
- Non-Dairy Ice Cream
- Non-Dairy Cheese
- Non-Dairy Yoghurt
- Non-Dairy Spread
By Distribution Channel
- Hypermarkets/Supermarkets
- Convenience Stores
- Online Retail Stores
By Application
- Dairy Alternatives
- Meat Alternatives
- Bakery and Confectionary
- Functional Foods
- Infant Foods
- Others
By Geography
- North America
- USA
- Canada
- Mexico
- Europe
- France
- Italy
- Germany
- Spain
- UK
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia Rest of Asia Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Players
- ADM
- Danone S.A.
- Eden Foods
- Pacific Foods Of Oregon, Llc.
- The Sahmyook Foods
- Nordic Soya Oy
- Cargill, Incorporated
- The Hain Celestial Group
- Blue Diamond Growers
- Miracle Soybean Food International Corp.