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Soy - Based Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Soy - Based Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • August 2021
  • 147 pages
  • ID: 6129764
  • Format: PDF
  • Mordor Intelligence LLP

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The global soy-based market was valued at USD 23,476.78 million in 2020, and it is projected to grow at a CAGR of 6.45 % during the forecast period (2021-2026).

The growing concerns among the people, globally, about the consumption of conventional animal-based food and beverage products, and the adoption of vegan diets in the wake of the COVID-19 outbreak, due to the rising health awareness, impacted positively on the soy-based growth of the food market. The COVID-19 pandemic has also resulted in the generation of opportunities for many private players to emerge in the markets, in order to cater to the inflated demand. Also, the demand for packaged soy-based meat products is consistently high, due to the associated satisfaction of safety. According to the Plant-based Foods Association, during the coronavirus outbreak, plant-based meat retail sales increased by 148% more than last year. During the four weeks following in April, plant-based meat sales continued to grow at a rate of 61%, which was almost twice as fast as animal-based meat, during the same period.

Over the medium term, the emergence of soy-based food products clearly demonstrates a shift in customers’s demands, from animal-based products to plant-based products, with soy-based foods holding a prominent share. This incremental shift toward a plant-based diet is primarily influenced by ecological concerns, health consciousness, ethical or religious beliefs, and awareness about environmental issues and animal rights.Though animal-based proteins provide the body with the necessary amino acid content, they are associated with high cholesterol levels and other related issues. Thus, consumers in developed countries increasingly prefer vegan-based protein sources. Furthermore, the growing preference for plant-based diets and the major meat processors and manufacturers announcing their intentions to join this competition with their line of meat alternatives present a massive opportunity for plant-based food and beverage consumption. Growing health and sustainability trends are fostering the shift toward vegan/flexitarian diet, which is increasingly favoring soy-based food among consumers, thereby driving the market studied.

Key Market Trends

Rising Prevalence of Lactose Intolerant Population

Allergies and intolerances are the major reasons for going dairy-free, especially considering the food allergy initiative’s statistic, that cow’s milk allergy is the leading food allergy in infants and children. Soy-based dairy alternatives are naturally lactose-free, and they are generally considered to be lower in cholesterol and fat than milk from animals. Moreover, they usually offer a similar protein, mineral, and vitamin content. Further, a relative amount of lactose content in cottage cheese (4.62g/125ml), cream cheese (1.60g/50g), and yogurt (3.25g/125 ml), among others, results in the malabsorption of nutrients among the lactase-deficient demographics, paying the way for innovative soy-based, lactose-free portfolios, driving the market demand. Additionally, the market studied is gaining popularity, mainly in urban areas, where people are spending on premium products that have essential macronutrients and amino acids, good quality fatty acid profiled, and vital minerals, along with vitamins, complex carbohydrates, and many phytochemicals. In addition to the excellent nutritional value of soy, scientists have found that consumption of soy-associated products can contribute to reducing the risk of heart disease, Hence, a huge percentage of the population is shifting toward soy-based food and beverages. Taking up the trend, the manufacturers are systematically fortifying micronutrients into the products which is booting the market.

Asia-Pacific Accounting for the Largest Share in Soy Based Food Market

Asia Pacific region is witnessing a growing trend of veganism led by young people, especially teens and millennials, who seem to be more invested in defending and spreading awareness about this trend. Asian consumers are now more open to the idea of plant-based meat products, contributing to a healthy lifestyle. Plant-based meat substitutes are slowly carving out a place for themselves among a new generation of consumers increasingly alarmed by outbreak of diseases, such as Coronavirus and African swine fever. In addition, food companies are partnering to expand artificial meat, in order to cater consumer demand for plant-based meat and to broaden its consumer base. For instance, in May 2021, Starzen, a meat integrated company, together with health food and drink manufacturer Otsuka, developed a brand called ‘ZEROMEAT’ and is selling plant-based sausages, meatballs, and hamburg steak patties made from soy protein and egg whites. In addition to the food manufacturers, the retail and foodservice chains are also the main drivers of this soy-meat trend. In 2020, almost all convenience store chains, including Lawson, Seven Eleven, Family Mart, as well as several food services and cafe chains released soy-based products

Competitive Landscape

The global soy-based food market is a highly fragmented market and comprises regional/local and international players. The market is dominated by players like Kellogg, Gardein, Unilever, Conagra, and Impossible foods, among others. These players are indulging in strategies like product innovation, mergers, acquisitions, partnerships, and production and geographical expansions, which, in turn, has leveraged them to gain an esteemed position in the market.Owing to the changing tastes and preferences of consumers, there have been considerable developments in terms of products by various key players in the market. In order to innovate the product range, leading players are enhancing the product range. Furthermore companies are also increasing their investments in research and development (R&D) and marketing and expanding their distribution channels, to maintain their positions in the market and offer different soy-based food.

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