Overview and Scope
Soybean food and beverage products refer to a diverse range of edible products made from soybeans, an East Asian legume. Plant-based alternatives to traditional dairy and meat products, as well as soy-based ingredients used in a variety of food preparations, are included in this category.
Sizing and Forecast
The soybean food and beverage products market size has grown strongly in recent years. It will grow from $53.03 billion in 2023 to $55.86 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to rise in health consciousness, heart health benefits, dairy alternatives, government support for soy cultivation, globalization of food markets.
The soybean food and beverage products market size is expected to see strong growth in the next few years. It will grow to $69.9 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to plant-based diet movements, functional beverage growth, expanding applications in food processing, increasing nutritional fortification, rise in allergen-free products, e-commerce expansion. Major trends in the forecast period include innovation in soy protein isolates, clean label and non-gmo trends, soy beverages and milk alternatives, sustainability and ethical sourcing.
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Segmentation & Regional Insights
The soybean food and beverage products market covered in this report is segmented –
1) By Type: Soybean Food Products, Soybean Additives/Ingredients, Soybean Oil
2) By Source: Genetically Modified (GM), Non-Genetically Modified (Non-GM) /Genetically Engineered (GM)
3) By Distribution Channel: Supermarkets, Hypermarkets, Specialty Stores, Online Retailers, Convenience Stores, Departmental Stores, Other Distribution Channels
4) By Applications: Bakery And Confectionery, Animal Feed, Dairy Products, Functional Food And Supplements, Meat Products, Infant Foods, Other Applications
North America was the largest region in the soybean food and beverages products market in 2023. The regions covered in the soybean food and beverage products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for vegan food is expected to propel the growth of the soybean food and beverages market going forward. Vegan food refers to food that is made without any animal products or byproducts and it promotes the use of cruelty-free and sustainable alternatives. Soybean is one of the versatile ingredients that can be used in a wide range of vegan foods, and it provides a high-quality, plant-based protein option. For instance, in March 2022, according to the data reported by Plant Based Foods Association (PBFA), a US-based organization and Good Food Institute (GFI), a US-based non-profit organization indicates that the plant-based food industry in the US experienced a six percent growth in 2021, which is three times faster than the overall growth rate of the food industry, bringing the total market size of the plant-based food industry to $7.4 billion. Therefore, the increasing demand for vegan food drives the soybean food and beverages market.
Key Industry Players
Major companies operating in the soybean food and beverage products market report are Cargill Incorporated, The Archer-Daniels-Midland Company, Nestle SA, Willmar International Limited, CHS Inc., Danone SA, Conagra Brands Inc., Kerry Group Plc., Caramuru Alimentos S.A., Kikkoman Group, The WhiteWave Foods Company, Patanjali Foods Limited, Hain Celestial Group, Monde Nissin Corporation, Vitasoy International, Barentz International BV, The Scoular Company, SunOpta Inc., Alpro, Impossible Foods Inc., Pacific Foods of Oregon LLC, Eden Foods Inc., Sotexpro, Good Catch Foods, Burcon NutraScience Corporation, Bermil Group, Rio Pardo Potential Vegetal S.A., Northern Soy, Solbar Ltd., Galaxy Nutritional Foods Inc.
The soybean food and beverage products market report table of contents includes:
1. Executive Summary
2. Soybean Food And Beverage Products Market Characteristics
3. Soybean Food And Beverage Products Market Trends And Strategies
4. Soybean Food And Beverage Products Market – Macro Economic Scenario
5. Global Soybean Food And Beverage Products Market Size and Growth
…
32. Global Soybean Food And Beverage Products Market Competitive Benchmarking
33. Global Soybean Food And Beverage Products Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Soybean Food And Beverage Products Market
35. Soybean Food And Beverage Products Market Future Outlook and Potential Analysis
36. Appendix
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