Market Size of Soy-based Food Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 28.32 Billion |
| Market Size (2029) | USD 38.71 Billion |
| CAGR (2024 - 2029) | 6.45 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Soy Based Foods Market Analysis
The Soy-based Food Market size is estimated at USD 28.32 billion in 2024, and is expected to reach USD 38.71 billion by 2029, growing at a CAGR of 6.45% during the forecast period (2024-2029).
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.
