The global soybean food and beverage products market is estimated to be valued at USD 51.4 billion in 2022. It is projected to reach USD 68.3 billion by 2027, recording a CAGR of 5.8% during the forecast period. Due to greater soy availability and scientific evidence of the bean’s numerous health benefits, such as lowering blood cholesterol and lowering the risk of some malignancies, soy-based foods and beverages are gaining popularity. Additionally, due to their high nutritional value, soy foods and beverages are frequently used in substitution of lesser-healthy alternatives. In addition to providing a full source of protein, soy-based foods also include other vital nutrients like fibre, B vitamins, and omega-3 fatty acids. The market for soy beverages is being driven by the growing health consciousness in both developing and industrialized nations.
Key players in this market include Willmar International Limited (Singapore), Cargill, Incorporated (US), CHS Inc (US), ADM (US) and Kikkoman Group (Japan). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.
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Cargill, Incorporated offers goods and services to the global marketplace with 150 years of experience to help people succeed alongside farmers, customers, governments, and communities. Cargill, Incorporated engages in the marketing, processing, and distribution of salt, cotton, sugar, cereals, oilseeds, meat, and other food products, as well as activities related to the trading of petroleum, financial instruments, futures, and feed and fertilizer. The brands Nutrena, Provimi, Cargill, EWOS, Sun Valley, and Purina are used by Cargill to sell its goods. It operates in the Americas, Europe, the Middle East, Asia Pacific, and Africa. In March 2021, Cargill, Incorporated expanded in the US by investing in expanding its soybean processing facilities across seven states of US. The company also planned to open a soybean processing plant in Missouri to meet the expanding demand for oilseeds in the food, animal feed, and fuel industries. The factory, which has a 62-million-bushel capacity for annual soybean production, is anticipated to begin ground early in the upcoming year with an operational start date of 2026.
ADM is an agricultural origination and processing company. The business manufactures nutrition products for both humans and animals. ADM has been working to create environmentally friendly alternatives to materials and fuels made from petroleum products in agriculture, energy, and bio-based products. By incorporating SojaProtein, ADM has increased their technological knowledge and alternative protein footprint to improve product development capabilities and better fulfill customer needs. Since 1977, SojaProtein has been supplying top-notch soy products locally in Europe. Today, ADM and SojaProtein represent the continent's largest grower and manufacturer of premium soy components. ADM's SojaProtein offers a variety of adaptable and effective soy protein component solutions grown and processed by Serbia's stringent non-GMO standards. In August 2022, ADM and Benson Hill (US) entered a long-term strategic relationship to scale new soy components. To satisfy savory, sweet, and dairy client needs, the alliance will service a variety of plant-based food and beverage sectors. Similarly in September 2022, ADM announced opening a new extrusion plant in Serbia to increase production of non-GMO textured soy protein as the firm works to satisfy the expanding market for meat alternatives in Europe and the Middle East. A new extrusion facility was established in response to a US-based company's acquisition of SojaProtein, a manufacturer of non-GMO soy products. The origination and textured soy extrusion capabilities provided by ADM's new location help the company support its SojaProtein business.
Kikkoman Corporation is one of the key sauce manufacturers in the soy food & beverage products market. Manns Wine, one of the popular brands in Japan, is produced and distributed by Kikkoman. The company also manufactured healthy goods, including brown rice and vegetable juices under the Del Monte name, owned and ran the Colza restaurant and bar chains, and had a wine garden in Tokyo. Kikkoman's soy sauce is produced at eight factories worldwide in the United States, Asia, and Europe and is cherished in over one hundred countries worldwide. In April 2022, Kikkoman Group launched Oyster Flavored Sauce which is 100% vegetarian and can be used both ways, vegetarian and non-vegetarian. The group successfully created a product with a flavor profile specifically designed for India. The company targets both vegetarian and non-vegetarian with a variety of cuisines such as Chinese, Asian, and India Chinese.
Soybean Food & Beverage Products Market by Type (Soybean Food Products, Soybean Additives/Ingredients, Soybean Oil), Source (GM, Non-GM/GE), Distribution Channel (Supermarkets, Hypermarkets), Application, and Region - Global Forecast to 2027
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