Soy Drinks and Soy Food Market - Forecasts from 2024 to 2029

The soy drinks and soy food market is evaluated at US$60.996 billion for the year 2022 and is projected to grow at a CAGR of 4.68% to reach a market size of US$83.979 billion by the year 2029.

Soy drinks & soy food consist of snacks, drinks, and other beverage items such as soy cheese, soy milk, tofu, and tempeh among others which are driven by soybean and high protein content. Such drinks & food items provide numerous health benefits such as they help in lowering blood sugar levels thereby managing diabetes, also they prevent heart diseases such as cardiovascular disease, coronary heart disease, and stroke by improving the blood flow. Owing to their rich health benefits, the drinks & food items made from soybeans constitute a major part of healthy diets. Hence, heart disease prevalence and death have increased over the years. The growth rate from heart disease will create a shift towards following healthy diets, thereby simultaneously propelling the demand and consumption of soy drinks & soy food items, which will create a surge in their market growth during the forecast period.

MARKET TRENDS:

Several factors are essential to drive the soy food and drink business, with the main drivers being the growing desire for plant-based alternatives and health consciousness. There is a noticeable trend in consumer preference towards including soy-based alternatives in daily diets as they become more aware of the nutritional advantages provided by soy products, such as being a rich source of plant-based protein, important nutrients, and possible health benefits. The increasing inclination towards plant-based diets due to ethical, health and environmental concerns is fueling the demand for soy beverages and food items. Soy's increasing market presence is further aided by its adaptability as a main component in a variety of food and beverage categories, such as snacks, dairy substitutes, and meat substitutes.

MARKET DRIVERS:

Growing government investments and schemes are anticipated to propel the market.

Plant-based food products are rich in necessary nutrients and antioxidants which help in maintaining better health. The governments of countries realizing the essence of following a vegan diet are undertaking various investments and initiatives to promote the consumption of such food products. For instance, in October 2021, the Danish government announced investments of up to US$194 million towards plant-based food which came as a part of its climate agreement for food and agriculture. The agreement is meant to create a national plant to increase the production and consumption of plant-based food items and proteins in the country.

With such favorable schemes and investments, the demand for plant-based food and drinks items especially soy-based drinks and food items is also anticipated to increase, thereby positively impacting the market growth of soy drinks & soy foods.

Rising demand for plant-based alternatives might impact market growth.

The soy drinks and soy food market is being significantly impacted by the growing desire for plant-based substitutes. Soy-based goods are becoming more and more popular due to health and wellness trends, an increasing number of people who are vegans and vegetarians, and a general shift in consumer behavior towards sustainable and ethical practices. Owing to its well-known nutritional makeup and adaptability, soy has emerged as a mainstay of plant-based diets, providing customers with a healthy, high-protein substitute for conventional animal-derived goods.

The market is growing because a wide range of dietary preferences are catered to by the growing availability and diversity of soy beverages, dairy substitutes, tofu, and other soy-based foods. Consumers are placing increasing importance on environmental sustainability and personal health, and the soy food industry is well-positioned to fulfill the changing needs of a conscious customer base looking for wholesome products.

MARKET RESTRAINTS:

Numerous obstacles might affect the soy drinks and foods market's rate of expansion. One drawback is that soy sensitivities can be linked to allergens, which could prevent certain people from eating soy-based goods. A further problem is taste and texture preferences, as some customers can find soy alternatives less enticing than standard choices due to their unique qualities. In addition, a variety of plant-based substitutes, including goods made from almonds, oats, and coconut, compete in the market, adding to the diversity of the environment.

North America is anticipated to be the major regional market.

The soy drinks and soy foods market in North America is fueled by several causes, the most important of which is consumers' increasing awareness of health and well-being. The nutritional advantages of soy, such as its high protein content and other important elements, make soy beverages and meals an appealing option for people looking for better dietary options. The growing popularity of plant-based eating, driven by ethical and environmental concerns, is driving up demand for soy-based goods in North America. Soy's adaptability, which enables it to be included in a wide range of food and drink categories, adds to its appeal to customers searching for a variety of sustainable plant-based solutions.

Key Developments:

• In February 2023, Milo introduced "Milo Soy". This product combines the advantages of barley-extracted malt with soybean. With a high calcium content and protein content of up to 5,000 mg, the new drink offers a whole range of health advantages from soy milk's nine essential amino acids.
• In December 2022, Tetra Pak created a novel soy drink processing technique that makes use of the whole soybean during manufacturing. The final product, which meets growing customer demand for healthful, immunity-boosting goods, has 1.2% fiber content as opposed to 0.26% for typical, extracted soybean beverages.
• In February 2022, Otsuka Pharmaceutical Co., Ltd. (Otsuka) declared the opening of a new line of tasty, easily transportable whole-soy nutrition bars called SOYJOY Plant-Based. The new SOYJOY Plant-Based bars, which come in white chocolate and banana flavors, are made entirely of plant-based components.

Segmentation:

By Product Type

• Soy Milk
• Soy Cheese
• Tofu
• Tempeh
• Others

By Distribution Channel

• Online Retail
• Offline Retail

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others 
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others 
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others 
• Asia Pacific
• China
• Japan
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others