Business & Policy
Global soy foods market expected to grow by 4.92 per cent per year
By Top Crop Manager
A new study from research firm IMARC Group estimates that the global soy food market reached a value of USD $44.7 billion in 2021.
This study focuses on soy-based foods such as textured vegetable protein, tofu, soy milk, soy oils and other foods based around the core component of soy, including organic and non-organic foods.
IMARC expects the market to reach USD $60.7 billion by 2027, which represents a CAGR of 4.92 per cent over five years. The report includes COVID-19 and its resulting uncertainties.
According to IMARC, tofu “exhibits a clear dominance in the market.”
In 2021, according to Statistics Canada, Canada produced 6.27 million metric tonnes of soybean, a slight dip from the 6.36 metric tonnes produced in 2020. The vast majority of Canada’s soybeans are produced in Ontario. Of that, 4.37 million metric tonnes were exported, with more than 500,000 metric tonnes each exported to China and Iran. Canada remains among the top-10 soybean-producing nations.