Soy Food Products Market

Soy Food Products Market Size, Growth, Value (2023-2028)

Soy Food Products Market size was worth US$ 48.41Billion in 2023 and is anticipated to reach a valuation of US$ 62.09 billion by 2028 with a CAGR of  5.10% 

Soy Food Products Market Overview

Soy Foods are derived from soybean that contains high levels of proteins. It contains high levels of amino acids that are essential for building body tissues and as nutrition supplements, high fibre as well as omega 3 and omega 6 fatty acids. Soy Products can be converted into a wide range of food products such as tofu, tamari, tempeh, soy flour, and soymilk. Another advantage offered is it being cholesterol-free and has low levels of saturated fats. Some of the products made using soy serve as substitutes for milk products like tofu for cheese. Soy has diverse applications including baked goods, pasta, cereals and meat products. Health benefits offered by soy at low costs attract consumers and will be a major factor in driving the market. The primary driver of the soy market is the growing health awareness among individuals as soy has relatively fewer calories and various health benefits. A secondary driver is growing lactose intolerance among individuals which causes them to consume soy products instead of milk and its products. The majority of lactose-intolerant individuals are found in Europe, Africa, Asia, and the US. Several flavours that are added to soy products raise their appeal and demand among consumers. Another driver for soy is its price: the prices of soy products are significantly lower than that of milk products.  This attracts more customers to the products. Primary restraints of the soy market are the absence of calcium. These products have artificial calcium added to them which is of relatively less nutrient value.

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Soy Food Products Market Growth

Soy is used as a dietary addition in many end-use industries such as sports and nutrition, infant foods, bakery goods, meat extenders etc. Soy in the market in terms of volume amounts to nearly 70-80 million tonnes globally. Due to the availability of soy at a lower cost, it is a good alternative to other sources of protein like milk and meat products. The health benefits offered by soy-based products such increase in bone density, provision of vitamins K1, B12 and B6, maintenance of heart health, breast cancer prevention in women, high content of fibre, omega 3 fatty acid, vitamin C and folate and provision of minerals like iron, phosphorus, manganese, copper, and zinc will fuel the demand for soy over the forecast period. The side effects of soy consumption such as increased incidence of heart failure, high blood sugar levels, low calcium and digestion problems will kidney patients can hamper the growth of the market. New innovations and diversification of portfolio carried out by key players will drive the market demand in the coming years.

Impact of COVID-19:

The COVID-19 pandemic has affected markets all around the world. Although most of the markets have experienced a sharp decline in growth rate, the market for soy food products is predicted to experience a spike in growth rate. Protein-based supplements as immunity boosters are finding immense demand, where soy products will become crucial. The call for functional foods is likely to skyrocket owing to the consumers’ preference for nutrient-rich foods during the coronavirus pandemic. Also, the decline in the consumption of animal meat is determined to accelerate the growth of plant-based proteins in the future. Moreover, the pandemic would also raise more awareness about the importance of a healthy lifestyle and healthy food amongst consumers, which would lead to an increase in demand for soy-based products.

Recent Developments

1. In 2018, Hershey's launched soy milk beverage in the USA. The company focuses on widening its portfolio.

2. In 2019, Invigorate Foods introduced its "Genki-Ya Tofu", a new product made with fresh soy milk extracts. The company also announced to launch other such soy-based products as Genki-ya Silken Tofu, Genki-ya Firm Tofu, Genki-ya Extra-Firm Tofu, Fresh Soy Milk, Flavoured Soy milk, yoghurts and doughnuts.

Soy Food Products Market Drivers

• The rising awareness of people towards healthy food and healthy life have fuelled the demand for soy food products. The demand has increased owing to the fact that it is cholesterol-free with low levels of saturated fats. Also, high level of proteins, high fibre, omega 3 fatty acid, vitamins K1, B12, C and B6, folate and minerals like iron, phosphorus, manganese, copper, and zinc are attracting customers.

• The rise in the call for plant-based protein makes it an ideal element for promoting the expansion of the global soy food products market.

• Expansion of the use of soy in into products of different sectors of food and beverage industry will drive the demand. Diversification into different markets of food and beverage will drive the growth of soy food products.

• Health benefits such as an increase in bone density, breast cancer prevention in women are estimated to contribute towards the global soy food products growth.

• The availability of health benefits at a low cost compared to other high protein alternatives is expected to be a major factor in luring customers.

Soy Food Products Market Restraints

• Several associated side effects after soy-based products consumption such as an increase in blood sugar level (diabetes), probability of heart failure are expected to hamper the market growth.

• Presence of artificial calcium in soy food products could be a restraint to the market.

• Being rich in oxalate it causes kidney problems. Individuals having kidney stones are exempted from consuming soy food thus, decreasing the market growth.

Soy Food Products Market Segmentation

By Type

• Fermented

• Non-Fermented

• Soy additives/Ingredient

• Soy Oils

• Others

Out of these, soy oils hold a large market share. Fermented is expected to be the most promising sector over the forecast period. The rising demand for downstream applications is touted to fuel the demand in this market segment.

By Application

• Bakery and confectionery

• Dairy products

• Meat products

• Functional foods

• Infant foods

Out of these, the use of soy is more popular in products like dairy and meat products alternatives. Due to associated health benefits available at low cost, Soy Food Products market is expected to witness an upsurge. Growth in the functional foods sector is also estimated over the forecast period.

Soy Food Products Market Regional Analysis:

In terms of geography, the market for soy food products is concentrated in

• North America

• South America

• Asia Pacific

• Europe

• MEA (the Middle East and Africa)

The Asia Pacific the most prominent region in terms of market share followed by Europe and North America. Major countries in these regions include Japan, China, India, Australia and New Zealand, Germany, France, UK, Italy, Spain, US, Canada, Brazil, Argentina and Mexico. Dominant regions in terms of global soy food product market share in the Asia Pacific are India, China and Japan

Soybean Food Products Market in Latin America and the Asia Pacific is projected to be the fastest-growing geographies in soy food products market. The whole soy food product is the largest and fastest-growing market category.

Soy Food Products Market Key Players

The main players within the market are:

1. Alpro (Belgium)

2. Archer Daniels Midland Company (US)

3. Dean Foods Company (US)

4. China Yingxia International Inc. (China)

5. Barentz Europe B.V. (Netherlands)

6. Eden Foods, Inc. (US)

7. CHS Inc. (US)

8. Danone (France)

9. Cargill, Incorporated (US)

10. Sunrise Soy Foods (Canada)