Soy-Based Food Market to Exceed US$ 27.1 Bn by 2032 due to Multi-functional & Nutritional Value - Future Market Insights, Inc.

The soy-based food market is expected to grow at a rapid pace in East Asia, accounting for the maximum share of 25% by 2022 end. The soy-based food market is expected to account for a highest share of indirect channels by 2032 end

NEWARK, Del., July 5, 2022 /PRNewswire/ -- The global soy-based food market is set to witness growth at a CAGR of 5.8% over the forecast period (2022-2032) and top a valuation of USD 27.1 Bn by 2032.

Nutritious value and versatility of ingestible forms act as growth levers for the global soy-based food market. As consumers move towards health-conscious diets, soy food products present an ideal alternative for dairy, meat, and poultry intensive diets.

Prevalence of heart diseases is creating a lateral shift in consumer preference for cooking oil. Heart diseases are a leading cause of mortality in the US, causing about 650, 000 deaths every year. Health-conscious consumers are looking for low bad-cholesterol heart-friendly alternatives to conventional cooking oil. This has changed the soy-based food market outlook very positively.

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Although presence of alternatives such as olive oil is hindering the soy-based food market growth, the manufacturers are expanding their production capacities to distribute their products at competitive pricing.

According to the World Soy Oil Processors Association (SOPA), the global soy oil production in 2019-2020 was more than 56 million metric tons. Soy-oil is a healthier alternative; and the soy-based food market analysis indicates that the successful marketing campaigns are viewing millennials and geriatrics as their target consumer base.

While consumers have been increasingly shifting towards health-centric products, the COVID-19 pandemic has provided further impetus to the soy-based food market trend. Amid nationwide lockdowns in several countries, many leading meat plants have been shut down in order to avoid further contagion of coronavirus. This potential of scarcity of meat supply is influencing consumers to turn to plant-based meat products, with meat alternatives such as tofu witnessing phenomenal sales in developed regions. Such trends have worked in favour of soy food products market and changed the global outlook drastically.