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 Three of a three-part series on how global trends are increasing the demand for soyfoods.
Today’s Trends Create Tomorrow’s New Product Opportunities for Soyfoods
The worldwide market for meat alternatives is projected to reach $7.5 billion by 2025, up from $4.2 billion in 2017. The soy-based segment is anticipated to dominate the global meat alternatives market, registering CAGR of 7.2 percent. The shelf-stable segment is expected to grow at a CAGR of 9.1 percent. In 2017, textured vegetable protein (TVP)-based meat alternatives claimed the largest market share—35.8 percent.Sloan adds, “With Chinese/Asian cuisine the second most enjoyed ethnic fare around the globe (after Italian), classic Asian soy-based meat alternatives, such as tempeh and tofu, are being contemporized on menus around the world. They are catching the eye of foodies and healthy eaters alike.”
Research & Markets, 2018. Meat Substitute market by Product Type, Source Category—Global Opportunity Analysis and Industry Forecast 2018-2025.
Specialty soybeans, including organic and non-GMO, remain in demand. Although scientifically they have been found to be the same, a recent consumer attitude report found that approximately 87 percent of consumers in 16 countries think non-GMO foods are healthier. In addition, from 2012 to 2017, organic foods experienced a 7 percent CAGR. Organic foods continue to contribute to growth in the global healthy food and beverage marketplace.
Sloan says, “While bakery and confections have traditionally been the heaviest users of soy products in new product formulation globally, the use of soy in ready meals, snacks, sports nutrition, meats, soups, desserts, and supplements continues to grow.”
By offering soy market intelligence and tracking soyfood consumption trends, the U.S. Soybean Export council (USSEC) updates its U.S. soybean growers as well as producers, distributors, and manufacturers throughout the world. As part of its public education initiative, USSEC also provides updates on soybean research, agricultural trends, and opportunities for global market development.
To learn more about the farmers, producers, distributors and others dedicated to helping feed the world with U.S.-grown soybeans, visit http://www.ussec.org.