The Soy Food Products market is projected to surge from USD 45 billion in 2022 to a whopping USD 73 billion by 2032, driven by a growing appetite for healthy and sustainable food options.
According to a recent survey by FMI, twice as many consumers under the age of 35 drink soy every week as those over the age of 55, and about 80% of customers have tasted some of the most popular soy-based foods or drinks.
A lateral change in consumer preference for cooking oil is also being brought on by the frequency of cardiac illnesses. In the US, heart illnesses account for around 650 000 deaths annually, making them a major cause of mortality.
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Top Trends Driving the Market:
- Health is Wealth:Consumers are ditching meat for plant-based alternatives, and soy steps up as a protein powerhouse. Soy milk, tofu, and edamame are all excellent sources of protein, fiber, and essential nutrients.
- Plant-Powered Planet:With concerns about climate change and animal welfare, consumers are seeking eco-friendly food choices. Soybeans require less water and land than traditional livestock, making them a sustainable protein source.
- Global Craving for Variety:Soy’s versatility is a major advantage. From tofu scrambles to creamy soy lattes, the possibilities are endless. This variety is attracting new consumers and keeping existing ones engaged.
Soy Innovation Heats Up:
- New Kids on the Block:Innovative soy-based meats are hitting the market, offering realistic textures and delicious flavors that are satisfying even for meat lovers.
- Functional Food Focus:Soy’s potential health benefits are being explored further. Look out for new soy-based products formulated to boost gut health, manage cholesterol, and more.
- Catering to All Tastes:From low-fat to organic, manufacturers are developing a wider range of soy products to cater to diverse dietary needs and preferences.
What Consumers Want:
- Healthy and Delicious: Consumers want plant-based foods that are not just good for you but also taste great.
- Clear labeling that highlights the health benefits and ingredients of soy products is essential for building trust with consumers.
- Sustainable Sourcing: Consumers are increasingly interested in where their food comes from and how it’s produced. Sustainable and ethical sourcing practices are becoming a key differentiator for soy food companies.
What product type is Pushing up the Sales of Soy food products?
As soy-based foods may lower the risk of several health issues, such as cardiovascular disease, stroke, coronary heart disease (CHD), and some malignancies, as well as enhance bone health, they are expected to account for a sizeable portion of food sales in 2022.
Tofu, edamame, soymilk, soy nuts and sprouts, miso, tempeh, natto, and soy sauce are a few of the most popular soy-based foods.
What is the largest Application of soy-based food products?
In terms of application, Functional Food held the biggest market share. Because of the high-quality protein, it contains, soybeans are considered to have excellent nutritional value, which has generated significant interest in their use in human diets. Soybeans are a well-known source of phytochemicals, and many of these substances have significant advantages for both human and animal health.
Country-Wise Insights
China is the fastest-growing market because it is one of the product’s largest consumers and the production of soy in China also fuels consumption. The country’s market for soy-based food products is anticipated to expand at a CAGR of 7.2%.
The United Kingdom is the third-largest user of dairy substitutes in the world and its soy food market is growing at a CAGR of 8.6%.
Competitive Landscape
The market for soy food products worldwide exhibits a modest level of fragmentation. The market for soy food products is extremely competitive, as seen by the presence of so many active businesses. Stakeholders are using a variety of organic techniques to retain their dominant position in this situation.
The market for soy is expanding as a result of rising health concerns among consumers and improvements in R&D activity. The market is expanding due to elements including their multifunctional advantages across numerous applications and their use as sugar substitutes.
Key Companies Profiled
- Archer Daniels Midland Company
- Alpro
- Caramuru
- Barentz Europe B.V.
- China Yingxia International Inc
- Dean Foods Company
- Chs Inc
- Eden Foods, Inc.
- DuPont Solae
- Northern Soy Inc.
- Whole Soy & Co.
- Solbar Ltd.
- Cargill Inc.,
- The Scoular Company
- Linyi Shansong Biological Products Co. Ltd.
- Others
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Soy Food Products Market By Category
By Product Type:
Food
Beverages
Oils
Additives
By Application:
Bakery and confectionary
Dairy products
Meat products
Functional foods
Infant foods
By Region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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