According to a new report the global market for food and beverages made from soybean is a staggering $51.4 billion.
Soybeans.
The Soybean Food & Beverage Products Market report, conducted by MarketsandMarkets™, anticipates the market to grow to $68.3 billion by 2027, recording a compound annual growth rate (CAGR) of 5.8%.
“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”, states the report. “The awareness of soy-based protein as food with functional benefits has bolstered the acceptance among consumers.”
“The soybean food and beverage products industry is growing fast”, notes the report. “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.”
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.
“The diversity of ingestible forms and the nutritive content of soy food products is driving the growth of soy food products” notes the report. “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.”
The key players in this market include:
- Kikkoman Group (Japan)
- Vitasoy (Hong Kong)
- Patanjali Foods Limited (India)
- Foodchem International Limited (China)
More information on this report can be found by clicking here.
