The global soy-based food market is set to witness growth at a CAGR of 5.8% over the forecast period (2022-2032) and top a valuation of USD 27.1 Bn by 2032.
Nutritious value and versatility of ingestible forms act as growth levers for the global soy-based food market. As consumers move towards health-conscious diets, soy food products present an ideal alternative for dairy, meat, and poultry intensive diets.
Prevalence of heart diseases is creating a lateral shift in consumer preference for cooking oil. Heart diseases are a leading cause of mortality in the US, causing about 650, 000 deaths every year. Health-conscious consumers are looking for low bad-cholesterol heart-friendly alternatives to conventional cooking oil. This has changed the soy-based food market outlook very positively.
Although presence of alternatives such as olive oil is hindering the soy-based food market growth, the manufacturers are expanding their production capacities to distribute their products at competitive pricing.
According to the World Soy Oil Processors Association (SOPA), the global soy oil production in 2019-2020 was more than 56 million metric tons. Soy-oil is a healthier alternative; and the soy-based food market analysis indicates that the successful marketing campaigns are viewing millennials and geriatrics as their target consumer base.
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While consumers have been increasingly shifting towards health-centric products, the COVID-19 pandemic has provided further impetus to the soy-based food market trend. Amid nationwide lockdowns in several countries, many leading meat plants have been shut down in order to avoid further contagion of coronavirus. This potential of 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 have worked in favour of soy food products market and changed the global outlook drastically.
Key Takeaways from Market Study
- East Asia is expected to dominate the soy-based food market by accounting for the maximum market value share of about 25% by 2022 end.
- Rising demand for meat substitutes is expected to result in a subsequent increase in the demand for soy-based food in different regions across the globe which is predicted to rise considerably during the assessment period (2022-2032)
- By product type, tofu is expected to account for a considerable market value share of the global market by 2022 end
- Presence of soy-based food products as ingredients in non-vegetarian dishes makes them easy to digest and enhances their flavor which is predicted to influence the demand for soy-based meat products in the near future
- Indirect channel is expected to account for a highest soy-based food market share by 2032 end.
“Vegetarians who can’t consume meat products are looking for an alternative that provides the same amount of nutritional value owing to which the demand for soy-based food is expected to show an impressive increase in the coming decade”, says a Future Market Insights analyst.
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Manufacturers are adopting various marketing strategies such as new product launches, geographical expansion, merger and acquisitions, partnerships and collaboration to identify the interest of potential buyers and create a larger customer base in the soy-based food market.
The market is highly competitive without much role of dominant players such as Nestle S.A., Danone SA, Solbar Ltd, Cargill Inc., ADM Company, and others.
Atlante introduced its vegan yoghurt in the Netherlands in June 2021. The item is currently available in Superunie stores under the Own Label Melkan brand.
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global soy-based food market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
By Product Type, Global Soy-based Food is segmented as:
- Meat Substitutes
- Textured Vegetable Protein
- 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:
- Convenience Store
- Specialty Stores
- Independent Retailers
- Online Retailers
By Region, Global Soy-based Food is segmented as:
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
Frequently Asked Questions
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How is the plant-based industry transitioning from a niche sector to a mainstream industry? Get the answers in Future Market Insights plant-based market blog!