Global soy food market is anticipated to reach USD 56.66 billion by 2025 from USD 36.67 billion in 2017, and is expected to register a growth rate of 5.6% from 2017 to 2025. Consumers’ increasing health concerns and awareness of food benefits are resulting in a shift to healthy alternatives. Soya food products contain all three essential amino acids, several minerals and macronutrients which form the ideal substitute to animal protein. Soy consumption includes cosmetic benefits such as moisturizing and anti-aging attributes which will result in increased consumption, thereby ramping up the growth of global soya food market.
Soya oil is the popular product in the global soy food market due its lower cholesterol levels which help in reducing hypertension, increasing bone density, lowering the risks of few types of cancers, and regulating glucose levels in diabetic patients. The versatile benefits associated with soya consumables is resulting in an increased demand for global soya food market across all regions.
Some of the major soy food production countries include Brazil, U.S., Argentina, China, India, and Paraguay. Together they account for world’s 93.0% of soy production. From 2008 to 2017 global soy production has increased 22.0% globally, thereby boosting the traction of global soy food industry.
As of 2017, it is estimated that soya oil market will grow at a CAGR of 5.4% over the forecast period. Around 77.0% of the consumers believe that soybean oil is healthier than vegetable oil. The demand of soya oil is increasing as vegetable oil. The nutritional benefits of soya oil are one of the major factors for its increasing popularity in the market. Major factors driving the increasing acceptance of soya oil is the presence of less saturated fats as compared to other oils. It is a primary source of Vitamin E and omega three fatty acids, which is why consumers are increasingly shifting towards its usage, thereby contributing to the growth of global soya food market.
Soy milk contributes majorly to the growth of global soy food market. It accounts for around 40.0% of the global market. Increasing popularity of soy milk is one of the key trends driving the growth for this market over the forecasted period. Soy milk is manufactured by finely grinding, boiling, and soaking soybeans in water. It contains only vegetable proteins and dairy free products. Owing to this, soy milk became one of the popular milk alternative in the market for lactose intolerant people globally.
Asia pacific accounts for the largest consumer of soya oil. In 2017, more than 30% of the market revenue is contributed by soya oil in Asia Pacific. This region possesses the largest consumers of soy food followed by North America and Europe. North America is the second largest consumer of soya oil. In 2017, North America soy oil consumption was estimated USD 3.04 billion. It is observed that around 26.0% of Americans are aware of specific health benefits of soy in their diet and 45.0% of consumers seek out products specifically because they contain soy.
European market accounts for more than 15% of the global market share and it is growing at a CAGR of 5.3% over the forecasted period. Germany, France, and U.K. are the major contributors in Europe soya food market followed by Switzerland, Belgium, Denmark, and Sweden. Soya oil is one of the main constituents in meals in Germany, Italy, and U.K. and is slightly used in other Europe countries. Sales of Non-dairy drinks are boosting in European market. People are buying healthy alternatives to dairy milk. Manufacturers are focusing on development of new products with new launches including fresh soya drinks and soya juice mixes. U.K. is one of the fastest growing market for soy food in Europe. It is estimated that U.K. soya food industry will grow at a CAGR of 6.3% till 2025.
Global soy food industry is marked by the presence of many small and large number of players thereby leading to a fragmented market. Manufacturers are focusing on developing extensive product line of soy foods. Besides selling soy milk, sauce and oil, manufacturers are also including beauty products such as face creams, shampoos, body washes, and some sunscreens on their product line. For instance, Japan based soy product manufacturer FUJI OIL CO., LTD is selling soy milk cream.
Archer Daniels Midland, Miracle Soybean Food International Corp., Cargill, Blue Diamond Growers, Dean Foods, Hain Celestial, Eden Foods, Freedom Food Group are some of the major manufacturers of global soy food market. Industry participants are implementing merger and acquisition strategies to expand their product portfolio and geographical reach. For instance, Archer Daniels Midland has acquired a France based manufacturer Aston to increase its vegetable oil production. Archer Daniels Midland has also acquired Chamtor SA to increase its product line into animal feed.
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Hexa Research has segmented the Soy Food Market report based on product, application and region:-
Segmentation by Product
• Soy Milk
• Soy Oil
Segmentation by Application
• Food and Beverage
Segmentation by Region
• North America
• Asia Pacific
• Middle East & Africa
• Central & South America
Key players analyzed
• Archer Daniels Midland
• Miracle Soybean Food International Corp.
• Cargill, Incorporated
• Nordic Soya Oy
• Victoria Group
• Hain Celestial
• Eden Foods
• Adisoy Foods & Beverages Pvt. Ltd.
• Northern Soy