Soy -based Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Global Soy-Based Food Market is segmented by Type (Meat Substitutes, Non-dairy Ice Cream, Non-dairy Cheese, Non-dairy Yogurt, and Non-dairy Spread); by Distribution Channel (Supermarkets/Hypermarkets, Convenience stores, Online retail stores, and Other Distribution Channels); and by Geography (North America, Europe, Asia-Pacific, South America, and the Middle-East and Africa). The report offers market size and forecasts in value terms in USD million for all the above segments.

Soy-Based Food Industry Overview

mordor
Study Period: 2018 - 2028
Fastest Growing Market: Middle East and Africa
Largest Market: Asia-Pacific
CAGR: 6.45 %

Major Players

rd-img

*Disclaimer: Major Players sorted in no particular order

setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

Soy-Based Food Market Analysis

The global soy-based market is projected to record a CAGR of 6.45 % during the forecast period (2022-2027).

The growing concerns among consumers 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 rising health awareness positively impacted 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 market and cater to the inflated demand. Also, the demand for packaged soy-based meat products is consistently high because they are considered safe. 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 weeks following April, plant-based meat sales continued to grow at a rate of 61%, which was almost twice as high as animal-based meats during the same period.

Over the medium term, the emergence of soy-based food products clearly demonstrates a shift in customer demand 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 necessary amino acid content, they are associated with high cholesterol levels and other related issues. Thus, consumers in developed countries are increasingly preferring 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 together 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.

Soy-Based Food Industry Segments

Soy-based foods are made up of mostly or entirely of soy as their main ingredients with no animal-source foods or artificial ingredients. The global soy-based food market is segmented by type into meat substitutes (sub-segmented into textured soy protein, tofu, and tempeh), non-dairy ice cream, non-dairy cheese, non-dairy yogurt, and non-dairy spread. By distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, online retail stores, and other distribution channels. Based on Geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasting have been done in value terms of USD million.

By Product Type
Meat Substitutes
Textured Vegetable Protein
Tofu
Tempeh
Non-Dairy Ice Cream
Non-Dairy Cheese
Non-Dairy Yogurt
Non-Dairy Spread
By Distribution Channel
Hypermarkets/Supermarkets
Convenience Stores
Online Retail Stores
Other Distribution Channel
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
France
Russia
Spain
Rest of Europe
Asia-Pacific
China
Japan
Japan
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
South Africa
Saudi Arabia
Rest of Middle-East and Africa

Report scope can be customized per your requirements. Click here.

Soy-Based Food Market Trends

This section covers the major market trends shaping the Soy-Based Food Market according to our research experts:

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 stating that cow 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 profiles, vital minerals, 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 considerable 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.

mordor

Asia-Pacific Accounting for the Largest Share

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 outbreaks of diseases, such as Coronavirus and African swine fever. In addition, food companies are partnering to expand artificial meat to cater to consumer demand for plant-based meat and broaden their consumer bases. 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

mordor7

Soy-Based Food Market Competitor Analysis

The global soy-based food market is a highly competitive 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. , There have been considerable developments in terms of products by various key players in the market owing to the changing tastes and preferences of consumers. In order to innovate product ranges, 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.

Soy-Based Food Market Top Players

  1. Danone SA

  2. Good Catch Foods

  3. Impossible Foods Inc

  4. Unilever PLC

  5. Nestle SA

*Disclaimer: Major Players sorted in no particular order

Screenshot SOY.png

Soy-Based Food Market Recent Developments

In February 2021, Danone signed an agreement to acquire 100% of shares in Earth Island, the maker of Follow Your Heart brands and plant-based foods. This acquisition will enable Danone to bolster its plant-based business. Earth Island owns dairy-free and egg-free mayonnaise brand Vegenaise and manufactures cheese alternatives and dressings.

In June 2021, Atlante launched its plant-based yogurt in the Netherlands. The product is now sold in Superunie stores, with its label Melkan.

In October 2020, Before the Butcher launched Mainstream Soy-based Patties. These burgers, which are made for the freezer section and sold in 2-pound packages of eight quarter-pound patties, are priced at USD 0.99 per package. These burgers are available on retail and food service channels.

Soy-Based Food Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definitions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Meat Substitutes

        1. 5.1.1.1 Textured Vegetable Protein

        2. 5.1.1.2 Tofu

        3. 5.1.1.3 Tempeh

      2. 5.1.2 Non-Dairy Ice Cream

      3. 5.1.3 Non-Dairy Cheese

      4. 5.1.4 Non-Dairy Yogurt

      5. 5.1.5 Non-Dairy Spread

    2. 5.2 By Distribution Channel

      1. 5.2.1 Hypermarkets/Supermarkets

      2. 5.2.2 Convenience Stores

      3. 5.2.3 Online Retail Stores

      4. 5.2.4 Other Distribution Channel

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Russia

        5. 5.3.2.5 Spain

        6. 5.3.2.6 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 Japan

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 South Africa

        2. 5.3.5.2 Saudi Arabia

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Active Companies

    2. 6.2 Most Adopted Strategies

    3. 6.3 Market Positioning Analysis

    4. 6.4 Company Profile

      1. 6.4.1 Danone SA

      2. 6.4.2 Good Catch Foods

      3. 6.4.3 Monde Nissin Corporation

      4. 6.4.4 Nestle SA

      5. 6.4.5 Conagra Brands Inc

      6. 6.4.6 Impossible Foods Inc

      7. 6.4.7 Vitasoy International Holdings Ltd

      8. 6.4.8 Hain Celestial Group

      9. 6.4.9 Unilever PLC

      10. 6.4.10 The Amy's Kitchen

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. IMPACT OF COVID-19 ON THE INDUSTRY

**Subject to Availability
You can also purchase parts of this report. Do you want to check out a section wise price list?

Soy-Based Food Market Research FAQs

The Soy- Based Food Market is studied from 2018 - 2028.

The Soy- Based Food Market is growing at a CAGR of 6.45% over the next 5 years.

Middle East and Africa is growing at the highest CAGR over 2018 - 2028.

Asia-Pacific holds highest share in 2021.

Danone SA, Good Catch Foods, Impossible Foods Inc, Unilever PLC, Nestle SA are the major companies operating in Soy- Based Food Market.

Soy- Based Food Industry Reports

In-depth industry statistics and market share insights of the Soy- Based Food sector for 2020, 2021, and 2022. The Soy- Based Food research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Soy- Based Food report PDF.

close-icon
80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!