Soybean Food and Beverage Products Market Report 2025

The soybean food and beverage products market size has grown strongly in recent years. It will grow from $55.86 billion in 2024 to $58.85 billion in 2025 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to a rise in health consciousness, heart health benefits, dairy alternatives, government support for soy cultivation, and 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 $74.87 billion in 2029 at a compound annual growth rate (CAGR) of 6.2%. 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, and 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.

The growing demand for vegan food is anticipated to drive the growth of the soybean food and beverages market in the future. Vegan food is defined as food made without any animal products or byproducts, promoting cruelty-free and sustainable alternatives. Soybeans are a versatile ingredient used in a wide variety of vegan foods, offering a high-quality, plant-based protein source. For example, in May 2023, the Plant Based Foods Association (PBFA), a U.S.-based organization, reported that plant-based food sales reached $8 billion in 2022, reflecting a 6.6% increase from 5.9% in 2021. Consequently, the rising demand for vegan food is propelling the growth of the soybean food and beverages market.

The increasing popularity of ready-to-drink (RTD) beverages is expected to enhance the growth of the soybean food and beverage products market. RTD beverages are single-use drinks that come pre-packaged and are ready for immediate consumption upon purchase. These beverages are valued for their convenience, enabling consumers to enjoy drinks on the go. Soy-based RTD options, such as soy milk and soy smoothies, cater to those looking for convenient and portable choices. For instance, in November 2023, the International Wine and Spirits Record (IWSR), a UK-based specialist in beverage alcohol data, reported that the frequency of RTD consumption is rising, with 45% of consumers drinking them weekly in 2023, up from 38% in 2022. Therefore, the growing popularity of ready-to-drink beverages is driving the expansion of 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 include 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 2024. 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.

Soybean food and beverage products encompass a diverse range of edible items derived from soybeans, a legume native to East Asia. This category includes plant-based alternatives to traditional dairy and meat products, along with soy-based ingredients employed in various culinary preparations.

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.

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