Soy Food Market Size was valued at USD 42.8 Billion in 2023. The Soy Food industry is projected to grow from USD 44.93 Billion in 2024 to USD 63.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.34% during the forecast period (2024 - 2032). Health and nutrition awareness, rising demand for plant-based proteins, lactose intolerance and dairy allergies, functional properties and versatility, growing demand for non-GMO and organic foods, economic factors, changing eating habits, government support and promotion, sustainable agriculture and environmental concerns, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Lactose intolerance and dairy allergies, which have developed into major market drivers for soy foods, are fueling the demand for soy-based products as viable alternatives to meals based on dairy. These diseases, which affect a substantial portion of the population, prompt consumers to search for alternative vitamin and taste sources, as well as increase consumer knowledge of and promote growth in the soy food sector.
When the body lacks lactase, an enzyme that breaks down lactose, a sugar found in milk and other dairy products, a condition known as lactose intolerance develops. Consequently, persons who have lactose intolerance experience gastrointestinal pain and symptoms including bloating, gas, and diarrhea after consuming dairy products. On the other hand, dairy allergies are brought on by an immune response to the proteins in cow's milk, and they can produce allergic reactions ranging from modest skin rashes to potentially fatal anaphylaxis.
The prevalence of lactose intolerance varies among societies, with certain ethnic groups experiencing a higher rate than others. In regions where lactose intolerance is common, such as parts of Asia, Africa, and South America, there is a natural predisposition towards non-dairy alternatives, and soy-based meals have grown in popularity as a result. But because to rising health consciousness and the acceptance of plant-based diets, the benefits of soy-based products for both lactose-intolerant and non-intolerant persons have been revealed, even in regions where lactose intolerance is less frequent.
Soy milk has become one of the largest beneficiaries of the increase toward lactose intolerance. Since soy milk is lactose-free and derived from plants, it has a creamy texture and nutritional profile that are similar to those of cow's milk. Because it contains vital nutrients including protein, calcium, and vitamins D and B12, it can be a good replacement for those who cannot consume dairy products. Customers seeking a range of flavor profiles have been attracted by the availability of flavored soy milk options, which has enhanced its marketability.
The spread of soy-based products and dairy-free lifestyles has been significantly aided by the popularity of social media and online platforms. Influencers, health bloggers, and celebrity endorsements have helped raise awareness of lactose intolerance, dairy allergies, and the benefits of soy-based alternatives in the general public. Due to the influence of these marketing campaigns on consumer perceptions and purchase behavior, the soy food industry is now expanding. Thus, driving the Soy Food market revenue.
The Soy Food market segmentation, based on type, includes Textured Vegetable Protein (TVP), Soymilk, Soy Oil, Tofu, and Others. The soy oil segment dominated the market in 2022. Soy oil is regarded as healthier than some other types of cooking oils, such as trans-fat-containing partially hydrogenated or palm oil. For consumers who are concerned about their health, soy oil is a heart-healthy option because it has a low concentration of saturated fat and a decent mixture of polyunsaturated and monounsaturated fats.
The Soy Food market segmentation, based on Category, includes Organic and Conventional. The organic category generated the most income in 2022. The organic market benefits from certification processes that are controlled, transparent, and ensure the authenticity and traceability of organic products. Consumers look for certified organic labels to make sure the products they purchase are of the highest caliber and integrity.
The Soy Food market segmentation, based on distribution channel, includes store based and non-store based. The store-based category generated the most income in 2022. Store-based channels frequently provide discounts and promotions for large purchases, enticing customers to buy more soy food products, which increases sales.
Figure 1: Soy Food Market, by Distribution channel, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific Soy Food Market dominated this market in 2022 (45.80%). Soy-based foods have been a staple of Asian diets since antiquity, particularly in countries like China, Japan, South Korea, Indonesia, and Vietnam. Due to soy's cultural significance as a traditional food source, the region has a high level of acceptance and consumption of soy-based products. Moreover, China’s Soy Food market held the largest market share, and the Indian Soy Food market was the fastest growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: SOY FOOD MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Soy Food market is expected to grow at the fastest CAGR from 2023 to 2032. More people are adopting vegetarian and vegan diets throughout Europe. These customers use soy products, especially tofu and plant-based burgers made of soy, as a source of protein in their meals. Further, the German Soy Food market held the largest market share, and the UK Soy Food market was the fastest growing market in the European region.
The North America Soy Food Market accounts for the second-largest market share. North American food producers consistently develop and broaden their selection of soy-based foods. They offer convenient soy-based snacks with fresh tastes and formulas that appeal to a wide range of consumers. Further, the U.S. Soy Food market held the largest market share, and the Canada Soy Food market was the fastest growing market in the North America region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Soy Food market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Soy Food industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Soy Food industry to benefit clients and increase the market sector. In recent years, the Soy Food industry has offered some of the most significant advantages to medicine. Major players in the Soy Food market, including Kerry Inc., The Scoular Company, Fuji Oil Group, Cargill Inc., House Foods Group Inc, E.I. du Pont de Nemours & Co., The White Wave Foods Company, CHS Inc., Archer-Daniels Midland Co. and others, are attempting to increase market demand by investing in research and development operations.
Kerry Group plc (Kerry Group) offers nutritional and functional solutions to the pharmaceutical, food, and beverage industries. Its range also includes flavors, lipids, enzymes, fermented substances, protein fractions, bioactive compounds, probiotics, and metabolites in addition to other nutritional and functional components. A wide range of food products are also sold by the company, including chilled meals, dairy flavor products, texturants, taste-modifiers, natural extracts, meat, cereals, and sweet and savory foods. Kerry Group markets its products under the Wall's, Mattessons, Dairygold, LowLow, Galtee, Charleville, Strings and Things, Naked Glory, Rollover, Denny, and Richmond brands. The company sells ingredients and nutritional items across Europe, the Middle East, Africa, the Americas, and Asia-Pacific. It also offers food products through a variety of merchants, convenience stores, and e-commerce platforms in a few areas. The Kerry Group is headquartered in Tralee, Ireland.
House Foods Group Inc (House Foods) manufactures and sells spices, seasonings, and prepared foods. Soybean-related products, functional beverages, stew and packaged noodles, curry, and spices are among the company's product offerings. Tofu, curries, snacks, desserts, processed meat, starchy dishes, and other products are also sold there. Some of the brand names under which the business sells its products include Vermont Curry, C-vitt, Solid Curry Rox, Prin Mix, Instant Stew, Kurkure Stew, Shanmen Soy Sauce, Tongari Corn, Rokko-No-Oishii-Mizu, Pure-In, and Ukon No Chikara. Additionally, it provides warehousing, import, and export services. House Foods' corporate headquarters are in Higashi-osaka City, Osaka, Japan.
Soy Food Industry Developments
January 2024: In January, Kikkoman launched its new line of organic soy saucers and soy-based marinated products to meet the growing demand for non-GMO products in the soy-based food segment. The latest product portrait aligns with the company's focus on clean and sustainable production and positions Kikkoman for a lucrative business catering to the growing consumer tendency towards organic food.
February 2024: Taiwan Soybean launched a new range of saig-based meat analogs, soy protein sausage, and soy protein burgers. These products stem from shifting consumer trends and are being introduced in light of the growing demand for plant meat substitutes.
March 2024: Mizkan beefed up its portfolio by launching a range of soy-based beverages, including soy protein drinks and soy milk Yo! The products seek to cater to the high protein diet while at the same time being functional and low in sugar. Further, soy trustees will help attract lactose-sensitive consumers.
December 2023: The Hain Celestial Group announced the launch of soy-based snack foods as part of their Earth's Best brand, which aims to attain modest market penetration within the plant-based snack foods industry, taking advantage of Organic soybeans. The launch seeks to reiterate the company's promise of healthy, sustainable snacks and venture away from the mainstream market.
September 2023: Vitasoy launched a soy yogurt alternative made from organic soybeans and natural flavors. The product is meant to cater to the growing trend of veganism and is being promoted as a beverage high in protein and low in sugar.
June 2023: Silk added vanilla and chocolate flavored soy milk to its range to accompany the non-GMO organic soybeans. The growth in the company's offerings is indicative of the increased interest in dairy-free drinks and plant protein among consumers. April 2023: The newly introduced line of plant protein-based meals by Eden Foods is aimed at the niche of vegetarian and plant-based frozen dinners
| Attribute/Metric | Details |
| Market Size 2023 | USD 42.8 Billion |
| Market Size 2024 | USD 44.93 Billion |
| Market Size 2032 | USD 63.1 Billion |
| Compound Annual Growth Rate (CAGR) | 4.34% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Category, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Kerry Inc., The Scoular Company, Fuji Oil Group, Cargill Inc., House Foods Group Inc, E.I. du Pont de Nemours & Co., The WhiteWave Foods Company, CHS Inc., Archer-Daniels Midland Co. |
| Key Market Opportunities | Changing Eating Habits. |
| Key Market Dynamics | Sustainable Agriculture and Environmental Concerns. |
Soy Food Market Highlights:
Frequently Asked Questions (FAQ) :
The Soy Food market size was valued at USD 42.8 Billion in 2023.
The market is projected to grow at a CAGR of 4.34% during the forecast period, 2024-2032.
Asia-Pacific had the largest share in the market
The key players in the market are Kerry Inc., The Scoular Company, Fuji Oil Group, Cargill Inc., House Foods Group Inc, E.I. du Pont de Nemours & Co., The WhiteWave Foods Company, CHS Inc., Archer-Daniels Midland Co.
The Soy oil category dominated the market in 2023.
The store based had the largest share in the market.
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