Nutritious value and versatility of ingestible forms act as growth levers for the global soy food products market. As consumers move towards health-conscious diets, soy food products present an ideal alternative for dairy, meat, and poultry intensive diets. Recent surveys have revealed that about 40% consumers below 35 years consume soy at least once a week, twice that of consumers aging 55 years or older.
As per latest data, nearly 80% of consumers have tried some of the most prevalent soy food products or beverages. Driven by such factors, the global soy food products market is expected to grow at an impressive CAGR over the forecast period, 2022-2032.
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Soy Food Products Market – Growth Drivers and Trends
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.
Although presence of alternatives such as olive oil is hindering market growth, 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; successful marketing campaigns are viewing millennials and geriatrics as their target consumer base. Players must capitalize on soy oil will to maintain their positive trend in the marketplace.
Soy Food Products Market – Growth Restraints
Some studies have associated soy food products with possible side effects such as menopause symptoms, cancer risk, and increased cholesterol levels. In addition, soy allergy is among the most common food allergies, particularly in toddlers and infants. Studies find that about 0.4% of infants are allergic to soy. While in some cases, the allergy subsides during infancy, in worst cases, the problem continues through adulthood.
COVID-19 Impact on Soy Food Products Market
While consumers have been increasingly shifting towards 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 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 are working in favor of soy food products market amid the pandemic.
Soy Food Products Market: Region Wise Analysis
North America remains the frontrunner in soy food products market owing to presence of key soy oil processing locations – the US and Canada. According to SOPA estimates, the US produced the highest soy oil at a substantial 11 Mn metric tons. Revenue opportunities will also come from continued growth in consumer demand for soy oil and soy-based products. Increasing health consciousness among consumers is driving financially rewarding traction for soy food product manufacturers. Miso, tempeh, and tofu are some of the most popular dairy and alternative meat products. Further, soy is also the only plant-based protein to carry a Food & Drug Administration (FDA) heart health claim.
However, Asia Pacific (APAC) will emerge as a lucrative soy food products market. Rising consumption of convenience foods owing to fast-paced lifestyle is creating a fertile breeding ground for manufacturers. In addition, consumers are showing greater preference for functional food products. As such, market players must tap these opportunities to expand their footprint in APAC.
Soy Food Products Market: Competitive Landscape
Major players are enhancing their product portfolio by investing in R&D activities and new product launches. For instance,
- Frutarom has launched Organic SoyLife, a new array of organic soy ingredients. Organic SoyLife is derived from soy germ and has received BE-BIO-01 organic certification by Certisys.
- Invigorate Foods has released Genki-Ya Tofu – derived from soy milk extracts – in India.
- Asahi has introduced plant-based variant of its cultured milk drink – Calpis – that contains soy milk rather than regular milk.
Key players in the global soy food products market are,
- DuPont Solae
- Northern Soy Inc.
- Whole Soy & Co.
- ADM Inc.
- Solbar Ltd.
- Cargill Inc.,
- The Scoular Company
- Linyi Shansong Biological Products Co. Ltd.
Region-wise Analysis
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
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Report Highlights
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Global Soy Food Products Market Segment Analysis
The global soy food products market can be segmented on the following basis:
By Type
- Food Products
- Additives
- Oils
By Application
- Bakery and confectionary
- Dairy products
- Meat products
- Functional foods
- Infant foods
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