Soybean Food and Beverage Products Global Market Report 2024

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 observed during the historical period can be attributed to an increase in health consciousness, the recognition of heart health benefits, a growing demand for dairy alternatives, government support for soy cultivation, and the 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 anticipated growth in the forecast period can be attributed to the rise of plant-based diet movements, the expansion of functional beverages, increased applications in food processing, a growing focus on nutritional fortification, the rise in allergen-free products, and the expansion of e-commerce. Major trends expected in the forecast period encompass innovation in soy protein isolates, adherence to clean label and non-GMO trends, the development of soy-based beverages and milk alternatives, as well as a heightened emphasis on sustainability and ethical sourcing.

The anticipated increase in demand for vegan food is set to drive the growth of the soybean food and beverages market in the future. Vegan food, which excludes any animal products or byproducts, promotes the use of cruelty-free and sustainable alternatives. Soybean, being a versatile ingredient, finds widespread use in various vegan foods, offering a high-quality, plant-based protein option. For example, data reported by the Plant Based Foods Association (PBFA) and Good Food Institute (GFI) in March 2022 revealed a 6% growth in the plant-based food industry in the US in 2021, three times faster than the overall food industry growth rate, bringing the total market size of the plant-based food industry to $7.4 billion. Consequently, the increasing demand for vegan food is a driving force for the soybean food and beverages market.

The growing popularity of ready-to-drink (RTD) beverages is expected to contribute to the expansion of the soybean food and beverage products market. RTD beverages are single-use beverages conveniently packaged for immediate consumption. Known for their convenience, RTD beverages, such as soy milk or soy-based smoothies, cater to consumers seeking on-the-go options. For instance, a report from the Distilled Spirits Council in September 2022 highlighted the increased sales and volume of spirits-based RTDs. Revenue from pre-mixed cocktail or spirits-based RTDs saw a 42.3% increase to $1.6 billion in 2021, with volume rising by 56%, selling 13.1 million more cases than in 2020. Therefore, the growing preference for ready-to-drink beverages is propelling the soybean food and beverage products market.

Product innovation emerges as a significant trend in the soybean food and beverage products market, with major companies focusing on developing innovative products to capitalize on the health benefits of soybeans. For instance, in March 2022, Otsuka Pharmaceuticals Co. Ltd., a Japan-based pharmaceutical company, introduced SOYJOY, a series of innovative whole-soy nutrition bars. Integrating fruits, nuts, and other components into a gluten-free dough made from whole soybean flour, SOYJOY offers a diverse range of foods with distinct textures and flavors, supporting healthy and positive between-meal consumption. This plant-based lineup provides a quick, delicious, and enjoyable way to incorporate soy, a significant source of plant protein.

Major companies in the soybean food and beverage products market are prioritizing technological advancements, such as the soya drink processing method, to maintain their market position. This method focuses on a comprehensive approach to utilizing the entire soybean in the production of soy drinks. For example, in February 2023, Tetra Pak, a Switzerland-based food packaging and processing company, unveiled the revolutionary 'Whole Soya' technology for soya drink production. This innovative method utilizes the entire soybean, resulting in a soy drink with 1.2% fiber, a substantial increase compared to traditional soybean drinks. Tetra Pak's technology not only reduces waste but also enhances the beverage's nutritional profile by incorporating the soybean's fiber component, okara. Through experimentation with different grinding solutions, Tetra Pak successfully integrated okara particles into the final product, creating a versatile, high-fiber beverage.

In February 2023, Morinaga Nutritional Foods, a Japan-based tofu manufacturer, acquired Tofurky for an undisclosed amount. This strategic acquisition strengthens Morinaga's efficiency and production capabilities by integrating Tofurky's staff with Morinaga's operations. Tofurky, a US-based manufacturer of soy-based food and plant-based meats, aligns with Morinaga's focus on soy-based products.

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.

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. The countries covered in the soybean food and beverage products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of soybean food and beverage products consist of soybean food products, soybean additives or ingredients, and soybean oil. Soybean additives or ingredients refer to compounds derived from soybeans and employed in a wide array of culinary and non-food products. These sources may be genetically modified (GM) or non-genetically modified (non-GM)/genetically engineered (GE), and they are distributed through various channels such as supermarkets, hypermarkets, specialty stores, online retailers, convenience stores, departmental stores, among others. These soybean-derived products find applications in diverse sectors, including bakery and confectionery, animal feed, dairy products, functional food and supplements, meat products, infant foods, and more.

The soybean food and beverages products market research report is one of a series of new reports that provides soybean food and beverages products market statistics, including soybean food and beverages products industry global market size, regional shares, competitors with a soybean food and beverages products market share, detailed soybean food and beverages products market segments, market trends, and opportunities, and any further data you may need to thrive in the soybean food and beverages products industry. This soybean food and beverages products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The soybean food and beverage products market consists of sales of soy milk, tempeh, soy sauce, soy-based meat and soy flour. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.