The global soybean food and beverage products market is estimated to be valued at USD 51.4 billion in 2022. It is projected to reach USD 68.3 billion by 2027, recording a CAGR of 5.8% during the forecast period. Affordability, convenience, taste, and health benefits are important factors that drive the growth of the soybean food and beverage products market. Increasing health concerns such as obesity and high blood pressure are driving manufacturers in the soybean food & beverage industry to develop sustainable measures, such as the usage of healthy and natural soybean oils, soybean ingredients, soybean food & additives etc. instead of artificial and synthetic ingredients as coloring and flavoring agents. Increased health-consciousness and calorie counting have resulted in an increase in demand for soybean food and beverage products; this market is also driven by product innovation and leading to higher purchase volumes of premium soybean food product offerings.
North America is projected to witness the growth of 6.3% during the forecast period.
North America is the largest market for soy protein ingredients. In 2021, it accounted for a 21.3% share of the global soybean food & beverage products market. Growing lactose intolerance among people, which leads them to consume soy products rather than milk and its byproducts, is the secondary driver. Many people who are lactose intolerant live in the US, Europe, Africa, and Asia. Adding various flavors to soy products increases their appeal and demand among consumers. The price of soy is a major selling point because it is significantly less expensive than milk products. More customers are drawn to the products as a result. Given that soy has comparatively fewer calories and several health benefits, health consciousness individuals primarily drive the soy market.
Innovation & developments related to plant-based protein to augment vegan trend .
According to a study published by the European Vegetarian Union in 2019, the vegan population in Europe contributes to more than 6% of the European population.This formed one of the prime factors driving the food & beverage manufacturers toward innovation and development of meat alternatives, dairy alternatives, and protein nutritional beverages, and a boost to plant-based food & beverages.
Manufacturers such as Archer Daniels Midland Company (US), DuPont (US), Roquette Frères (France), Kerry Group (Ireland), Ingredion (US), Beyond Meat (US), and Tyson Foods (US) have been emphasizing the development of plant-based protein food & beverages.
Possibilities of nutritional and vitamin deficiencies among vegan is a restratint in the soybean food and beverage products market .
Vegan diets have been beneficial for human health, but completely cutting animal-sourced food products might pose uncertainty in obtaining crucial nutrients.Plenty of plant protein sources include lentils, beans, chickpeas, nuts, seeds, soy products, and whole grains.
Many consumers have been assuming that getting enough protein on a plant-based diet will not be a problem.Still, eradicating animal-sourced food products can cause a deficiency of vitamin B12, omega-3 fatty acids, iron, and creatinine.
Soy proteins have large quantities of phytic acid, which has the potential to block the absorption of essential minerals such as calcium, magnesium, copper, iron, and zinc.
Therefore, vegetarians who consume tofu as an alternative to meat and dairy proteins are prone to a mineral deficiency.Omega-3 are essential fatty acids that are crucial for adverse effects on brain and heart health.
They are largely sourced from fish and eggs but are also found in walnuts and hemp seeds at comparatively low levels.Meat consists of a type of iron, called heme iron, which is much better absorbed in the human body than non-heme iron sourced from plant-based food.
Non-heme iron is poorly absorbed, and its absorption can be limited further by anti-nutrients present in plant-based food, such as phytic acid. Therefore, these deficiencies in plant-based food products are projected to restrain the global plant-based protein market during the forecast period.
Break-up of Primaries:
• By Value Chain Side: Demand Side – 41%, Supply Side – 59%
• By Designation: Managers – 24%, CXOs – 31%, and Executives- 45%
• By Region: Europe - 18%, Asia Pacific – 51%, North America - 21%, RoW – 10%
Leading players profiled in this report:
• Willmar International Limited (Singapore)
• Cargill, Incorporated (US)
• CHS Inc (US)
• ADM (US)
• Kikkoman Group (Japan)
• Alpro (Belgium)
• Barentz (Netherlands)
• Eden Food (US)
• Caramuru (Brazil)
• Hain Celestial Group (US)
• Patanjali Foods Limited (India)
• Vitasoy (Hong Kong)
• Galaxy Nutritional Foods (US)
• Foodchem International Corporation (China)
• Crown Soya Protein Group (China)
• The Scoular Company (US)
• Northern Soy (US)
• Solbar Ltd (China)
• Farbest Tallman Foods Corporation (US)
• Perdue Agribusiness (US)
• Sotexpro (France)
• Bermil Group (Brazil)
• Rio Pardo Potential Vegetal S.A. (Brazil)
• Good Catch Foods (Pennysylvani)
• Living Foods (India)
The report segments the soybean food and beverage products market on the basis of type, end-user, source, and region. In terms of insights, this report has focused on various levels of analyses—the competitive landscape, end-use analysis, and company profiles, which together comprise and discuss views on the emerging & high-growth segments of the global soybean food and beverage products , high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons to buy this report:
• To get a comprehensive overview of the soybean food and beverage products market
• To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them
• To gain insights about the major countries/regions in which the soybean food and beverage products market is flourishing