Soybean Food And Beverages Products Market By Type (Soybean Food Products, Soybean Additives/Ingredients), Distribution Channel (Supermarkets, Hypermarkets), Source (GM, Non-GM/GE), Application (Bakery & Confectionery, Animal Feed), & Region for 2024-2031
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationSoybean Food And Beverages Products Market By Type (Soybean Food Products, Soybean Additives/Ingredients), Distribution Channel (Supermarkets, Hypermarkets), Source (GM, Non-GM/GE), Application (Bakery & Confectionery, Animal Feed), & Region for 2024-2031
Soybean Food And Beverages Products Market Valuation – 2024-2031
Rise in the prevalence of various health concerning factors such as lactose intolerance is encouraging the adoption of alternate sources of milk products such as soy, almonds, and others. This is likely to enable Soybean Food And Beverages Products Market size was valued at USD 60 Billion in 2023, projecting to reach USD 91.1 Billion by 2031.
The emergence of trend of clean eating is popularizing the consumption of plant-based protein sources instead of relying on the dairy or meat-based sources for the nutritional gains. This rise in inclination toward dairy and meat alternatives is projected to enable the market continue growing at a CAGR of 7% from 2024 to 2031.
Soybean Food And Beverages Products MarketDefinition/ Overview
Soybean food and beverage products refer to a diverse range of consumables derived from soybeans. It is basically a legume native to East Asia, which is widely cultivated owing to its high protein content and nutritional value. These products are appealing to consumers seeking alternatives to traditional animal-derived products and increasing the consumption of plant-based products. Some of the common soy-based food items include soy milk, tofu, tempeh, soy-based meat substitutes (such as burgers and sausages), soy sauce, and soy-based snacks. In the beverage category, soy milk is a notable product substituting dairy milk for individuals with lactose intolerance or ones following a vegan or plant-based diet.
Soybeans are well-known for their complete protein profile, containing all essential amino acids, that help in heart health and cholesterol management. The soybean food and beverage product market is witnessing substantial growth due to the increasing consumer awareness of the health benefits associated with soy consumption and also a rising demand for sustainable and plant-based protein sources. Innovation within the market is projected to encourage development of flavored soy beverages, soy protein isolates for nutritional supplementation, and a variety of plant-based meat alternatives. All these aspects are contributing to the market’s versatility and widespread adoption.
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Will Rising Health Concerns Complement the Growth of Soybean Food And Beverages Products Market?
The Soybean Food And Beverages Products Market is experiencing rapid growth and diversification. The growth is primarily driven by the surging demand for plant-based protein sources and the recognition of soybeans as a versatile and nutritionally rich component.
The consumers seeking alternatives to animal-based proteins due to health and sustainability concerns is shifting the focus toward soy-based products. In addition to this, the demand for other wide range of soybean-based products, including soy milk, tofu, tempeh, soy-based meat substitutes, and soy protein isolates are likely to fuel the growth of Soybean Food And Beverages Products Market.
Soybean food and beverage products are valued for their high protein content, essential amino acids, and numerous health benefits, such as cholesterol reduction and heart health. In addition to their nutritional profile, soy-based offerings are attracting consumers following dietary restrictions, including vegetarians and vegans. The industry is experiencing innovation in product formulations, as the companies are constantly introducing flavored soy beverages, plant-based meat alternatives, and soy-based snacks to serve the needs of diverse consumer preferences.
Geographically, the market is gaining momentum in regions like North America, Europe, and Asia-Pacific. Besides these, the allergen concerns, flavor variations, and competition from other plant-based proteins continue to shape the Soybean Food And Beverages Products Market. The ongoing trend toward healthier lifestyles and sustainable food choices is bolstering the growth, leading to continuous innovation and market expansion in the soy-based food and beverage sector.
Will Increase in Prevalence of Soybean Allergies Challenge the Market Growth?
The presence of soy allergies is limiting the market’s reach and demanding cautious allergen management when developing or labeling food products. The distinctive flavor of soy-based products or alternative plant-based proteins makes it less appealing as the taste preferences are changing. Also, the stiff competition from a variety of plant-based protein sources, such as pea, almond, and other emerging options, are requiring manufacturers to differentiate their soy-based offerings to maintain a competitive edge.
Additionally, the persistence of genetically modified organisms (GMO) concerns is forcing companies to navigate consumer apprehensions regarding the use of genetically modified soybeans, bringing transparency in sourcing and production practices. Likewise, the weather conditions or geopolitical issues are likely to affect the supply chain vulnerabilities posing risks to consistent production and may impact commodity prices. The deforestation in soy-producing regions has a negative impact on the environment, thereby lowering adoptions of soybean-based products.
Moreover, lack of consumer education about the nutritional benefits of soy and efforts to dispel misconceptions remains a major challenge for the industry. Companies that are successfully capable of navigating these obstacles effectively are likely to contribute to the resilience and growth of the Soybean Food And Beverages Products Market.
Category-Wise Acumens
How can Inclination toward Vegetarian and Vegan Food Products Fare for Soybean Food Products?
The soybean food products segment is anticipated to hold majority of market share in the global Soybean Food And Beverages Products Market during the forecast period. Increasing demand for plant-based protein sources or vegetarian and vegan food products is one of the primary factors bolstering the growth of this segment.
The higher nutritional and protein gains from the soybean food products are enhancing the adoption of soy-based food products. Some of the soybean food products include tofu, soy milk, soy-based meat substitutes, tempeh, edamame, miso, natto, textured vegetable protein (TVP), soy flour and other soy products are gaining a lot of popularity, thereby enhancing the demand for soybean food products.
In addition to this, majority of the eateries, hotels, and cafeterias are making soybean based cuisines around the world that are gaining fondness among vegetarians and vegans. The market for soybean food has been around for centuries, particularly in Asian cultures. This existing market foundation with loyal consumer base strengthens its dominance.
How will the Sales of Organic Products Affect the Non-GM Soybeans Segment?
The non-GM soybeans segment is expected to dominate the global Soybean Food And Beverages Products Market. Growing health and environmental risks associated with the consumption of GM crops. High prevalence of lactose intolerance and other allergic conditions is shifting the focus of consumers from genetically modified (GM) soybean products to non-GM soybeans sources. This is likely to help the non-GM soybeans products gain momentum over the forecast period. For instance, the demand non-GM soy milk is preferred choice for the allergic or health concerned individuals.
Rising public discourse and media coverage about GMOs is highlighting consumer awareness and potential concerns about their safety, driving demand for non-GMO alternatives.
The reason behind the growth is, there is a growing demand for natural and organic food products, and many consumers are concerned about the potential health and environmental risks associated with GM crops. Additionally, some countries have stringent regulations that ban or restrict the use of genetically modified soybeans in food products owing to the ethical concerns. The perception surrounding non-GM soybeans safety and environmentally friendly features are boosting the use of these soybean based food and beverages products compared to GM soybeans.
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Country/Region-wise Acumens
Will North America Become an Opportunistic Source for Soybean Food And Beverages Products Market?
High prevalence of food allergies in the American population is propelling the demand for alternative safe and organic food sources such as soybeans. Similarly, the increase in health concerns such as lactose intolerance is propelling the demand for soymilk. All these factors are likely to increase the production of soybeans in North America, thereby fueling the growth of Soybean Food And Beverages Products Market.
Growing popularity of soy milk, tofu, and soy-based meat alternatives is enhancing the demand for soybean-based products in North America. In addition to these the growing focus on The sustainable and environmentally friendly food choices is creating lucrative opportunities for the growth of the market over the forecast period.
Most importantly, the increase in consumers switching to vegan diet or vegetarian diet in this region is upsurging the sales of plant-based products. As per analysis, a confluence of all these factors is estimated to support North America retain its dominant position in the market.
How will the Popularity of Soy-based Asian Cuisines Boost the Growth of Market?
Asia-Pacific is likely to experience rapid growth over the forecast period as a result of an increase in the consumption of soy-based products since ancient times in the Asian countries. Developing economies like China, Japan, and South Korea have a long-standing cultural tradition of using soy in different forms, such as tofu, tempeh, miso, and soy milk. Thus, Asia-Pacific remains a major contributor to the global soy food market.
Increase in the population switching toward vegetarian food in support of animal welfare is another important factor striking the sales of soybean food and beverages products.
Also, the desire for healthier and more varied food options, including soy-based products, has surged as a result of the rapid economic growth in many Asian countries and the resulting rise in disposable income. The availability and accessibility of food products made from soy to a wider customer base has also been assisted by the spread of urbanization and contemporary retail channels in the Asia Pacific area.
Competitive Landscape
The competitive landscape of the global Soybean Food And Beverages Products Market was characterized by the presence of several key players and a growing number of companies entering the space. The market dynamics are influenced by factors such as innovation, product differentiation, sustainability practices, and the ability to cater to evolving consumer preferences.
Some of the prominent players operating in the Soybean Food And Beverages Products Market include
Archer Daniels Midland Company, Cargill, Inc., DuPont de Nemours, Inc. (now part of DowDuPont), The Hain Celestial Group, Inc., Bunge Limited, Wilmar International Limited, Olam International Limited, Fuji Oil Holdings Inc., CHS Inc., AGROCORP, Kerry Group plc., Vitasoy International Holdings Limited, Hain Celestial Group, Alpro, Ingredion, Beyond Meat, Impossible Foods, Ripple, Farbest Tallman Foods Corporation, Galaxy Nutritional Foods, Kikkoman Group, Patanjali Foods Limited, Caramuru, Foodchem International Corporation, and Bermil Group.
Latest Developments
- In October 2022, Cargill debuted the PlantEver range of plant-based proteins together with the Sun Valley product line. Plant-based meatballs and nuggets are its items that are available. Cargill claims that PlantEver has the flavor, texture, and nutritional content that consumers who are concerned about their health expect.
- In October 2023, Olam International acquired OL Groupe. This boosted Olam’s distribution network for food and beverage products, including soy-based offerings, in Europe.
- In October 2023, Puratos Group acquired Fourayes. This strengthened Puratos’ position in the fruit fillings market, expanding their product portfolio and geographic reach.
- In March 2023, Baldwin Richardson Foods acquired Aseptic Solutions USA Ventures. The acquisition broadened Baldwin Richardson’s capabilities in aseptic cold-fill technology, enabling them to offer shelf-stable soy-based beverages
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2018-2031 |
| Growth Rate | CAGR of ~7% from 2024 to 2031 |
| Base Year for Valuation | 2023 |
| Historical Period | 2018-2022 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
|
| Regions Covered |
|
| Key Players | Kerry Group plc., Vitasoy International Holdings Limited, Hain Celestial Group, Alpro, Ingredion, Beyond Meat, Impossible Foods, Ripple, Farbest Tallman Foods Corporation. |
| Customization | Report customization along with purchase available upon request |
Soybean Food and Beverages Product Market, By Category
Type
- Soybean Food Products
- Soybean Additives/Ingredients
- Soybean Oil
Distribution Channel
- Supermarkets
- Hypermarkets
- Specialty Stores
- Online Retailers
- Convenience Stores
- Departmental Stores
- Other
Source
- Genetically Modified (GM)
- Non-genetically Modified/ Non-Genetically Engineered (Non-GM/GE)
Application
- Bakery & Confectionery
- Animal Feed
- Dairy Products
- Functional Food & Supplements
- Meat Products
- Infant Foods
- Other
Region
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
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