The global soybean food and beverage products market is estimated to be valued at USD 51.4 billion in 2022. It is projected to reach USD 68.3 billion by 2027, recording a CAGR of 5.8% during the forecast period. The global soybean food and beverage products market has been influenced by some of the macroeconomic and microeconomic factors witnessed in some key countries. This would prove strong enough to drive the market significantly in terms of value sales during the forecast period. The inclination of consumers toward soy-based protein has grown from its base applications as meat and dairy alternatives and has witnessed abundant usage in other segments, such as performance nutrition and infant nutrition. The awareness of soy-based protein as food with functional benefits has bolstered the acceptance among consumers.
Asia-pacific is projected to reach USD 35.2 billion during the forecast period.
A growing number of customers now believe that plant-based meals are healthier than animal-based foods, which has caused a movement away from traditional dairy products like cow milk and toward plant-based alternatives. Additionally, an increasing number of consumers are being persuaded by worries about animal welfare to pick plant-based beverages and other consumables over those made from animals. The growing number of health-conscious consumers and the numerous health benefits of soy milk, including lower cholesterol and a decreased risk of heart disease, are further market drivers. The market for soy food and beverages is being driven by consumers’ growing preference for goods that are protein-rich, low in calories, and free of artificial additives. Vegetable or mixed proteins are available in plant-based beverages, satisfying the growing demand for a healthy lifestyle. In order to satisfy their desire for novelty and variety, customers who are interested in health and wellbeing are increasingly looking for lactose-free dairy substitutes made from plant sources. The key players in this market include Kikkoman Group (Japan), Vitasoy (Hong Kong), Patanjali Foods Limited (India), and Foodchem International Limited (China).
North America showed a significant growth in the soybean food and beverage products market, growing at a CAGR of 6.3% during the forecast period.
North America is the largest market for soy protein ingredients. In 2021, it accounted for a 21.3% share of the global soybean food & beverage products market. As per ERS of USDA, The United States and Brazil account for over 80 percent of global soybean exports. Much of this trade is influenced by the policies of importers, including China, many Asian countries, and the European Union (EU). Brazil, the world’s largest soybean exporter, is projected to increase in 2025/26 by 35 percent to 76.4 million tons. Soybean exports from the next largest exporter, the United States, are expected to grow 6 percent to reach 52.4 million tons in the same time period.
The world trade in soybeans is anticipated to grow by 22%, soybean meal by 20%, and soybean oil by 30%, according to USDA Agricultural Projections for 2025. Population and economic growth, fueling an increase in the demand for animal products worldwide, as well as policies put in place by major agricultural importers and exporters, are the main drivers of the global trade in soybeans and related products. These cover domestic and border regulations that deal with items made for cattle from soybeans.
Plant-based Protein Market by Source (Soy, Wheat & Pea), Type (Isolates, Concentrates, & Textured), Application (Food (Meat Alternatives, Dairy Alternatives, Performance Nutrition & others) and Feed), Form, Nature and Region – Global Forecast to 2027