New spins on traditional soyfoods hold appeal for contemporary consumers. “The world is moving toward more plant-based and flexitarian eating. It’s not surprising that the global soyfoods market is poised to enjoy a vibrant growth rate of nearly 6 percent per year, reaching over $55 billion by 2025,” says A. Elizabeth Sloan, President of Sloan Trends, an Escondido, California-based firm that tracks consumer food and beverage trends and behaviors, as well as health and nutrition attitudes, eating patterns, and emerging medical markets. This is Part Two of a three-part series on how global trends are increasing the demand for soyfoods.
U.S.-Grown Soybeans Help Fulfill Global Food and Beverage Needs
In addition to dietary choices and health considerations, environmental factors continue to influence the plant-based eating trend. Sloan says, “China has dietary guidelines reminding consumers to be mindful of their consumption of meat.” She points out that from 2013 to 2017, plant-based product claims on new food and beverage introductions increased globally by 62 percent. Soyfoods also ride the wave of the protein trend. According to Sloan, “With a new active lifestyle demographic of ‘fit’ consumers who exercise more than three days a week for more than 30 minutes—accounting for more than half of the adults in both the U.S. and China—the high protein trend will continue to fuel interest in high protein food, drinks and supplements for years to come.”
Additionally, soybean oil and infant formulas are among the major soyfood segments expected to experience global growth by 2025. Soybean oil is currently one of the main components of meals in Germany, Italy and the U.K. The largest consumer of soybean oil is the Asia Pacific region—accounting for more than 30 percent of the market’s revenue in 2017— followed by the U.S. The soybean oil market is projected to experience a compound annual growth rate (CAGR) of 5.4 percent.[1] Globally, infant formula is the largest and fastest-growing packaged food product, with soy being a major ingredient. The infant formula market is projected to climb from $24 billion in 2018 to 43.5 billion by 2025.[2]
[1]Hexa Research, 2019. Soy Food Market Size and Forecast by Product (Milk, Oil, Other), By Application and Trend analysis, 2015-2025.
[2]Allied Market Research, 2019. Global Baby Infant Formula Market.
