With increased consumer interest in plant-based products, several plant-based ingredients have grown in popularity in both consumption and manufacturing to meet consumer demands and trends toward plant-based lifestyles. Soy is such an ingredient.
According to Future Market Insights, the Soy Food Products market was valued at USD 45 billion in 2022 and has been projected to grow at a CAGR (compound annual growth rate) of 5.1 percent over the next ten years, reaching an approximate value of USD 73 billion by 2032.
Soy is a whole protein with various health benefits aligned with consumers' values, underpinned by three key features such as health, environmentalism, and animal welfare. The health-conscious consumer demographic is shifting its preference toward consuming soy-based goods due to the high amount of plant proteins, lack of cholesterol, and reduced percentage of saturated fats in soy-based products.
The diversity of ingestible forms and the nutritional content of soy food products makes the ingredient rich for growth and flexibility within the food and beverage industry. Soy food products offer an excellent substitute for diets high in dairy, beef, and poultry as people transition towards plant-based lifestyles.
New studies show that twice as many consumers under 35 drink soy every week compared to those over 55. Furthermore, approximately 80 percent of consumers have tasted some of the most popular soy-based foods or drinks.
Consumers have been increasingly shifting toward health-centric products, with the pandemic being a significant catalyst that propelled the plant-based health industry forwards. Amid nationwide lockdowns in several countries, many leading meat plants have been shut down to avoid further contagion of coronavirus.
This potential scarcity of meat supply and growing knowledge and consciousness towards animal welfare is influencing consumers to turn to plant-based meat products, with meat alternatives such as tofu witnessing phenomenal sales in developed regions.
The soybean is a versatile and flexible ingredient that can be a crucial source of vegetable oil and proteins in the human diet. Regarding nutritional composition, soybeans comprise 38 percent protein, 18 percent oil, 35 percent carbohydrates, and 5 percent minerals.
With the increase in the popularity of soy and soybeans, manufacturers are capitalising on the ingredient's neutral flavour and texture flexibility through food technology innovations to include the ingredient in various products, making it an appealing ingredient for manufacturers and consumers alike.
