The soy drinks & soy food market is expected to grow at a CAGR of 4.20% over the forecast period to reach US$73.624 billion by 2027 from US$55.190 billion in 2020. Soy drinks & soy consists of snacks, drinks, and other beverage items such as soy cheese, soy milk, tofu, and tempeh among others which are driven by soybean and high protein content. Such drinks & food items provide numerous health benefits such as they help in lowering blood sugar levels thereby managing diabetes, also they prevent heart diseases such as cardiovascular disease, coronary heart disease, and stroke by improving the blood flow. Owing to their rich health benefits, the drinks & food item made from soybean constitutes a major part of healthy diets. Hence, heart disease prevalence and death have increased over the years, for instance, according to the World Health Organization, 2019, the number of death that occurred through heart disease stood at 17.9 million which showed a significant increase in death count and represented 32% of the total global deaths occurred in the year. Such a growth rate from heart disease will create a shift towards following healthy diets, thereby simultaneously propelling the demand and consumption of soy drinks & soy food items, which will create a surge in their market growth during the forecast period.

Based on the product type, the soy drinks & soy food market is segmented as tofu, soy milk, soy cheese, tempeh, and others. The tofu segment is expected to grow at a relatively higher rate during the forecast period of the soy drinks & soy foods market. The specialty of a such soy food product is that it is rich in protein fiber whose high consumption prevents the risk of colon cancer, and heart disease. For instance, according to the 2020 research study by Harward T.H Chan School of Public Health over 200,000 participants showed that participants which consumed tofu twice a week reduced the risk of heart disease by 18%.

The growing government investments and schemes for promoting vegan or plant-based food products are creating a drive in the market. Plant-based food products are rich in necessary nutrients and antioxidants which help in maintaining better health. The government of countries realizing the essence of following a vegan diet are undertaking various investments and initiatives to promote the consumption of such food products. For instance, recently in September 2022, the Biden Administration revealed its “National Strategy on Hunger, Nutrition, and Health” which aims to increase access to plant-based food products at various federal dining facilities such as in government buildings, museums, parks, hospitals, and prisons. The new plan was supported by the coalition of organizations working related to food farming, and animal and environmental welfare. Also, in October 2021, the Danish government announced investments of up to US$194 million towards plant-based food which came as a part of its climate agreement for food and agriculture. The agreement is meant to create a national plant to increase the production and consumption of plant-based food items and proteins in the country.

Furthermore, in November 2021, the new coalition agreement formed between Germany’s Social Democratic Party, Free the Democrats, and Alliance 90/The Greens aims to promote plant-based nutrition in the country by making the availability of plant proteins. With such favorable schemes and investments, the demand for plant-based food and drinks items especially soy-based drinks and food items is also anticipated to increase, thereby positively impacting the market growth of soy drinks & soy foods.

However, there are various alternatives for soy milk such as rice, coconut, and almond milk which is projected to hamper the market demand and consumption of soy milk, thereby reducing the market growth during the forecast period.

Recent development and expansion

• In January 2022, Benson Hill announced the acquisition of ZFS Creston LLC for US$102 million. ZFS Creston is a manufacturer of soy flour in Southwest Iowa and the acquisition came as part of Benson Hill’s expansion strategy for its soy-based products.
• Archer Daniels Midlands (ADM), in July 2021, acquired Sojaprotein which is a manufacturer of non-Gmo soy ingredients, and the acquisition would enable ADM to provide soy protein food products in the European market.
• February 2021, Life Health Food Pvt Ltd launched So Good Protein+ soy beverage products containing 25% more protein than regular soy milk and can be easily consumed by lactose intolerant patients as well as by those also, who are looking to reduce their dairy consumption.

Covid-19 Impact on the Soy Drinks & Soy Foods Market

The lockdown restrictions imposed by the COVID-19 pandemic resulted in a slowing of development. However, due to the fear of not having enough food, the panic buying done by the people led positively impacted the consumption scale of soy drinks such as soy milk, soy cheese, and tofu. Furthermore, keeping in mind the health factors, plant-based food items witnessed a significant increase in their consumption. For, instance, according to the Plant Based Food Association, in March 2020, retail sales of plant-based food items in the US saw a 25% increase in comparison to the last for the same corresponding period. Hence, such an increase in plant-based food buying positively impacted the soy drinks & soy food market.

Soy Drinks & Soy Foods Market Scope:

Segmentation

• By Product Type
  • Soy Milk
  • Soy Cheese
  • Tofu
  • Tempeh
  • Others
• By Distribution Channel
  • Online Retail
  • Offline Retail
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • United Arab Emirates
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Thailand
    • Taiwan
    • Others