Rising Demand for Healthy Foods Propels Soy Market to USD 73 Billion by 2032

The variety of consumable forms and the nutritional benefits of soy food products are key drivers of industry growth. As consumers transition to healthier eating habits, soy products provide an excellent alternative to dairy, beef, and poultry.

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.

Soybeans are used to prepare a variety of food products such as soymilk, soy flour, tofu, tamari, tempeh and others. Soymilk is prepared after soaking soybeans in water.

Tofu is a cheese-like food made after curdling the soymilk and is an excellent substitute for cheese for lactose intolerant people. Tamari or soy sauce is made by fermenting soybeans and is used as flavouring agent.

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.

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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