Soy Food Market Size, Share, Industry, Forecast and outlook (2024-2031)

Soy Food Market is segmented By Type (Soy Milk, Soy Oil, Tofu, Tempeh, Edamame, Soy Yogurt, Soy Sauce, Others), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Others), By Application (Functional Foods, Infant Nutrition, Bakery & Confectionery Products, Others), By Region (North America, Europe, South America, Asia Pacific, Middle East, And Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Soy Food Market Overview

The "Soy Food Market" is estimated to reach a high CAGR of 4.8%  during the forecast period (2024-2031).

Soybean, or soya bean is a legume widely known for its edible nature and nutrient rich properties and is considered as the largest grown legume in the world. Beyond utilization of soybean meal for animal feed application, soybean is used as staple food source in several parts of the world. Consumption of soy-based food products such as Tofu and Tempeh are increasing owing to the rising interest towards sustainable production practices and demand for meat substitutes.

Soy Food Market Summary

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Soy Food Market Dynamics

The utilization of soy-based foods has been rapidly increasing across the globe owing to the rising awareness about its potential health benefits. According to The U.S. Department of Agriculture (USDA), the global production of soybean reached 362.8 million metric tons in 2020. Soy is considered as an effective alternative to dairy foods owing to its rich protein and low cholesterol content. The increasing lactose-intolerant population is driving the growth of soy-based food products such as soy yogurt, soy ice cream, and soy sauce globally. Approximately 65% of the human population has a reduced ability to digest lactose after infancy. Soy is also used as a ‘meat analog’.  Furthermore, rising veganism is likely to provide immense growth potential for the market over the forecast period. According to The Vegan Society, the vegan population in U.K. increased from 150,000 in 2014 to 1.1 million in 2020. However, the GM issues associated with soy beans is the primary factor hindering the growth of soy foods market. Isoflavones, diphenolic compounds, which are found in uniquely-rich amounts in soy beans, may increase the likelihood of high-risk women developing breast cancer and worsen the prognosis of breast cancer patients.

Impact of Covid-19 on Global Soy Foods Market:

While the global trade came to halt during the lockdowns imposed to control the spread of novel coronavirus, the food industry has been impacted by severe freight challenges. Most of the food categories including soy-based foods witnessed decline in sales volume due to lack of demand and supply chain disruptions. The sales of soy foods declined in the food industry, particularly in food service and HoReCas. This weakened business in global food industry imposed a negative impact on soy foods market.

USA, Brazil, Argentina are among the most effected regions due to Covid-19, also happens to produce 82% of global soybeans. The restrictions on exports due to imposed lockdowns had a severe impact on the global soy food market. However, increase in general health consciousness among the people due to the pandemic will have a positive impact on soy foods, considering the rich nutrition value of soy foods.

Soy Food Market Segmentation Analysis

The global soy foods market is segmented by type into soy milk, soy oil, soy yogurt, soy sauce, tofu, tempeh, edamame and others. Tofu evolved as the largest segment with a share of over 30% in terms of sales value in 2020. Tofu, also known as bean curd, is a food prepared by coagulating soy milk. The increasing demand for meat substitutes and meat mimicking capability of soy both by texture and nutritional content is increasing the consumption of tofu. Tofu is a good source of protein and contains all nine essential amino acids. It is also a valuable plant source of iron and calcium and the minerals manganese and phosphorous. In addition to this, it also contains magnesium, copper, zinc and vitamin B1. Tofu is estimated to hold its market dominance owing to the increasing veganism and vegetarianism across the globe. Bakery and Confectionery is leading the soy foods market By Application. The demand for soy condiments such as sauces and flour in baking products has increased significantly. Soy sauce is used in wide array of food processing activities.

Soy Food Market Geographical Share

By geography, the global soy foods market is segmented into North America, South America, Europe, Asia Pacific, Middle East and Africa. North America is the leading global soy foods market owing to the well-established functional foods and infant formula production companies in the U.S. Infant formulas for lactose intolerant children use soy as the major dairy alternative. The large production of soybeans in American nations is supporting the growth of soy foods in this region. According to USDA, nearly 82% of the global soybean production is accounted by the U.S., Brazil, and Argentina. Asia Pacific is also holding significant share in the market owing to the soy consumption as staple food in countries such as Indonesia and China. In 2019, China's Soybean consumption was 106.50 million tons out of which 18.10 million tons was homegrown while 88.51 million tons was imported.

Soy Food Market Companies and Competitive Landscape

The global soy foods market is highly fragmented with the presence of large number of companies. The high product differentiation is resulting in entry of new companies into the market with novel soy-based food formulations. The differentiation in products and limited geographic reach is limiting the competition among players, thus resulting in price hikes in recent times. The companies are focusing towards development of organic soy foods owing to the rising consumer concerns towards GM foods. Some key companies include Archer Daniels Midland Company, Cargill, Incorporated, SoyBoy, Nutrisoy Pty Ltd, Dragonfly Foods, Tofurei, The Tofoo Co., Noble Bean Inc, Lalibela Farm, Danone S.A.

Archer Daniels Midland Company:

The Archer-Daniels-Midland Company, commonly known as ADM, is an American multinational food processing and commodities trading corporation founded in 1902 and headquartered in Chicago, Illinois. It has about 40,000 employees and operates in 160 countries

Product Portfolio of Archer Daniels Midland Company:

Oilseeds

Corn

Wheat

Cocoa

Other Agriculture Products

• ADM Ventures, the corporate venture capital arm of Archer Daniels Midland Co., in February 2021, announced its collaboration with the Genesis Consortium, founded by Silicon Valley-based investors SOSV and Mayfield Fund, to promote next-generation startups driving advancements at the intersection of sustainability, nutrition, health and wellness.
• Archer Daniels Midland Co. on May 10 announced that it will build a $350 million soybean crushing plant in North Dakota, which would create 70 jobs and process up to 150,000 bushels of soybeans daily. It’s expected to be completed by the 2023 harvest.

**The global soy foods report will provide access to approximately 61 market data tables, 59 figures, and 220 pages.