CHICAGO, Feb. 14, 2023 /PRNewswire/ --The Soybean Food & 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% from 2022 to 2027 according to a new report by MarketsandMarkets™. 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.
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Expanding complexity of taste buds and awareness of regional cuisines present chances for soybean products to lead culinary innovation.
The soybean food and beverage products industry is growing fast. Opportunities arise since soybeans can be a significant protein and vegetable oil source for the average person. Soybeans include 38% protein, 18% oil, 35% carbs, and 5% minerals in terms of their nutritional makeup. The creation of new food products involves both creativity and science. According to a report published by the US National Library of Medicine in 2020, most humans lose about 65% of their capacity to digest lactose; soy-based products are a good alternative. So, eating soybeans can be helpful in these situations.
The soy food products market is a rapidly growing food & beverage market as plant-based alternatives are catering the demand for consumers.
The diversity of ingestible forms and the nutritive content of soy food products is driving the growth of soy food products. As people transition to healthy eating practices, soy food items are a suitable replacement for diets rich in dairy, beef, and poultry. Soyfoods are suitable for modern lifestyles. Soyfoods are commonly available in grocery shops, affordable, and offer options that are shelf-stable. Because of their adaptability, soy components enable specialized diets including dairy-free, low-cholesterol, vegan, and diets high in protein. To increase the nutritional value while preserving the flavor and texture of the original recipe, TSP (Textured Soy Protein) can be readily added to popular vegan and vegetarian food products like plant-based chili mixes, sauces, burgers, tacos.
The demand for proteins in animal feed is increasing along with the consumption of high-quality meat.
One of the key factors driving the growth of the soy protein market for animal feed applications is the urgent need for naturally occurring resources to enhance the nutrition of livestock and pets. Soy protein used in animal feed has advantages over other protein sources like milk and meat, including a high concentration of essential amino acids. Soybean meal is also recognized as the most practical and economical protein feed for cattle in developing nations like India. However, it is anticipated that in the years to come, the industry's general growth trajectory will be supported by the expansion of animal husbandry and the growing public awareness of livestock emissions. The Royal DSM unveiled Bovaer, an innovative feed additive that can reduce the methane emissions from cattle by over 30%. As a result of advancements like these, the demand for sustainable protein-based animal feed components is anticipated to rise dramatically over the next few years.
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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).
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Soy Protein Ingredients Marketby Type (Soy Protein Concentrates, Soy Protein Isolates, Textured Soy Protein, and Soy Flours), Application (Food and Feed), Form (Dry and Liquid), Nature, Function, and Region - Global Forecast to 2027
Plant-based Protein Marketby 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
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