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Soy Based Foods Market Analysis

The Soy-based Food Market size is estimated at USD 28.32 billion in 2024, and is expected to reach USD 38.71 billion by 2029, growing at a CAGR of 6.45% during the forecast period (2024-2029).

The growing concerns among consumers about the consumption of conventional animal-based food and beverage products and the adoption of vegan diets in the wake of the COVID-19 outbreak due to rising health awareness positively impacted the soy-based growth of the food market. The COVID-19 pandemic has also resulted in the generation of opportunities for many private players to emerge in the market and cater to the inflated demand. Also, the demand for packaged soy-based meat products is consistently high because they are considered safe. According to the Plant-based Foods Association, during the coronavirus outbreak, plant-based meat retail sales increased by 148% more than last year. During the weeks following April, plant-based meat sales continued to grow at a rate of 61%, which was almost twice as high as animal-based meats during the same period.

Over the medium term, the emergence of soy-based food products clearly demonstrates a shift in customer demand from animal-based products to plant-based products, with soy-based foods holding a prominent share. This incremental shift toward a plant-based diet is primarily influenced by ecological concerns, health consciousness, ethical or religious beliefs, and awareness about environmental issues and animal rights.Though animal-based proteins provide the necessary amino acid content, they are associated with high cholesterol levels and other related issues. Thus, consumers in developed countries are increasingly preferring vegan-based protein sources.

Furthermore, the growing preference for plant-based diets and the major meat processors and manufacturers announcing their intentions to join this competition with their line of meat alternatives together present a massive opportunity for plant-based food and beverage consumption. Growing health and sustainability trends are fostering the shift toward vegan/flexitarian diet, which is increasingly favoring soy-based food among consumers, thereby driving the market studied.

Soy Based Foods Industry Segmentation

Soy-based foods are made up of mostly or entirely of soy as their main ingredients with no animal-source foods or artificial ingredients. The global soy-based food market is segmented by type into meat substitutes (sub-segmented into textured soy protein, tofu, and tempeh), non-dairy ice cream, non-dairy cheese, non-dairy yogurt, and non-dairy spread. By distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, online retail stores, and other distribution channels. Based on Geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasting have been done in value terms of USD million.