Soybean Food & Beverage Products Market

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. Soy-based proteins represent a growing opportunity in the current market scenario for alternative proteins. Meat has been the prime source of protein in developed markets for years, and there has been an increased appetite for traditional protein in developing markets in recent years. The changing consumer preference and interest in plant-based protein sources, due to its nutritional profile, inclination toward clean eating, rise in health concerns (lactose intolerance), environmental concerns, and animal welfare, resulting in the growth of the soybean food and beverage products market. The inclination of consumers toward plant-based protein has grown from its base applications in meat and dairy alternatives and has witnessed abundant usage in other segments, such as performance nutrition and infant nutrition.

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Rising incidence of lactose intolerant and milk allergies globally

Lactose is the major carbohydrate in milk and other dairy foods such as ice cream, cheese, and yogurt. The symptoms of lactose intolerance among individuals include abdominal pain, diarrhea, nausea, gut distension, flatulence, and constipation. According to the American Gastroenterological Association, cow’s milk is a major cause of food allergies among infants and children. The increasing number of lactose-intolerant and dairy-allergic consumers have accelerated the growth of the soybean food and beverage products market.

Market Dynamics

Drivers: Preferred alternative over meat and dairy proteins

Soy proteins are one of the most preferred alternatives to meat and dairy proteins, which has helped food manufacturers control costs and improve the profitability of their products. Due to their functional and nutritional characteristics, they are used for various food applications such as bakery, confectionery, emulsion-type sausages, dairy replacers, functional beverages and nutritional bars, and breakfast cereals. They are also used as nutritional ingredients in livestock feed, aquaculture, and pet food products. Since soy protein has several nutritional benefits, it is an easy replacement for meat and dairy proteins. The rise in prices of meat and dairy proteins has led manufacturers, and consumers to opt for it as a cheaper alternative that offers the same nutritional benefits.

Restraints: Allergies associated with plant-based protein sources, such as soy

According to the Food Allergy Research and Education (FARE) organization, 32 million Americans have a food allergy, with 5.6 million being under 18. Based on data from studies conducted in 2018 and 2019, approximately 1.9 million Americans present symptoms related to a soy food allergy. Soy allergies are more common in infants and young children than adults. Approximately 0.4% to 1.5% of infants in the United States have a soy food allergy. Which is restraining the soybean food and beverage products market. However, research shows that most children diagnosed with a soy allergy will outgrow their allergy by 10 years of age. GMO allergy statistics from 2019 reveal that 94% of soybean crops in America were genetically modified. Many consumers refrain from consuming GMOs from soybeans due to the possible increased levels of a known carcinogen, formaldehyde. Corn and cotton are other crops grown in America that are typically genetically modified. For this reason, considerable diligence is required by those who are allergic to soy protein because it is present in many commonly consumed foods. Sweet rice flour: As an alternative to soybean food and beverage products in gluten-free baking, sweet rice flour can be used. It is sticky and has higher starch content compared to regular rice. It also has a better binding capacity and helps in incorporating the ingredients between, as it is gluten-free.

Opportunities: Soy used for customization of food & beverage to create versatile products

Manufacturers have been using the functional properties of soy protein ingredients to develop versatile food products. Several new products, such as nut butter, cheese, burgers, and instant oatmeal’s have been launched by the manufacturers of soy protein ingredients. New sectors, such as healthcare foods and sports beverages, can provide a better market opportunity for soy proteins. These sectors can boost the growth of soy protein production if they are manufactured in a customized way. With advancements in technology, such as reverse micellar, enzyme-assisted, and membrane ultrafiltration technologies, soy proteins can be isolated and functional properties can be enhanced to provide a wider scope of application. There have been various food products awaiting market introduction that requires consumer appeal. The products are designed with the help of soy proteins to attract consumers based on their nutritive content and palatability. Examples of food product categories featuring plant-based alternatives are refrigerated dips; refrigerated whipped toppings, refrigerated salad dressings, refrigerated desserts, and frozen novelties. Though soy proteins have an uncharacteristic flavor, these limitations have been researched to be overcome by suitable changes in product formulation.

Challenges: Concerns over quality of food and beverages due to alterations of GM

Soybean is among the prominent sources used to obtain plant-based protein and is highly produced in Brazil, the US, Argentina, China, and India. With the augmenting demand for plant-based food & beverages among consumers, the need for soy has also increased. Government regulators in Asia Pacific and Europe regions have made it mandatory to declare the GM/non-GM status of food ingredients on the packaging of all processed food & beverages. GM ingredients are associated with allergic reactions and might consist of herbicidal residues. Their production and usage for producing plant-based foods/ingredients are a challenge for the plant-based protein market. For instance, Impossible Burgers (US) launched GMO-based soybean burger patties but has earned some skepticism from consumers due to the presence of inorganic ingredients and herbicides, which hinders the growth of the soybean food and beverage products market. Thus, the consumption of plant-based food products manufactured by GM soybean has resulted in a point of concern for consumers globally.

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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.

Top Companies in the Soybean Food and Beverage Products Market

The key players in this market include Cargill, Incorporated (US), CHS Inc (US), ADM (US), Hain Celestial Group (US) and Eden Foods (US).

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Scope of the Report

This research report categorizes the soybean food and beverage products market, based on type, application, source, distribution channel and region

Target Audience:

• Soybean food and beverage products raw material suppliers
• Soybean food and beverage products manufacturers
• Intermediate suppliers, such as traders and distributors of soybean food and beverage products
• Manufacturers of food & beverages, feed, functional foods, infant foods
• Government and research organizations
• Associations, regulatory bodies, and other industry-related bodies:
  • Food and Agriculture Organization (FAO)
  • United States Department of Agriculture (USDA)
  • European Food Safety Agency (EFSA)
  • European Association of Specialty Feed Ingredients and their Mixtures (FEFANA)
  • Food Standards Australia New Zealand
  • Organization for Economic Co-operation and Development (OECD)
  • Good Food Institute (GFI)
  • Plant-Based Food Association (PBFA)

Soybean food and beverage products Market Report Scope:

Frequently Asked Questions (FAQ):

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