What Is the Size of Global Soy Based Industry?
Global Soy Based market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F. The Soy Based Market is largely driven by the growing consumer demand for health-centric food products to maintain healthy eating habits.
The increasing popularity of lactose-free products among individuals is anticipated to boost the soy-based food market growth in the forthcoming years. Furthermore, Consumers shifting preferences toward a vegan diet due to rising awareness regarding the health benefits associated is also 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 the government, and has made people more health conscious, which has further fueled the demand for natural and organic products, resulting in an increase in demand for plant-based food, including soy and organic products.
Global Soy Based Market By Product Type
The Global Soy Based market is segmented by Product Type into Meat Substitutes, Non-Dairy Ice Cream, Non-Dairy Cheese, Non-Dairy Yoghurt and Non-Dairy Spread. The Meat Substitute segment held the largest share of the Global Soy-Based Food Market in 2022.
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.
Global Soy Based Market By Distribution Channel
The Global Soy Based Market is segmented by Distribution Channel into Hypermarkets/Supermarkets, Convenience Stores and Online Retail Stores. The Supermarket/Hypermarket segment held the largest share of the Global soy-based food Market in 2022. 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.
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Global Soy Based Market By Application
The Global Soy Based market is segmented by Application into Dairy Alternatives, Meat Alternatives, Bakery and Confectionary, Functional Foods, Infant Foods and Others. The Dairy Alternatives segment held the largest market share of the Global soy-based food Market in 2022, 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.
Global Soy Based Market By Geography
The Global Soy Based market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. Asia Pacific accounted for the largest market share in the global soy-based food market in 2022. 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.
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
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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.
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