The soy protein ingredients industry was valued at USD 7.7 billion in 2022 and is projected to reach USD 10.8 billion by 2027, reflecting a compound annual growth rate (CAGR) of 7.0% during the forecast period from 2022 to 2027. Soy protein ingredients are produced by processing soymeal to obtain products with elevated protein levels, making them ideal for diverse applications in food and animal feed. The rising demand for soy protein in these sectors is driven by its health advantages, versatile functional properties, and cost-effectiveness as an alternative to animal protein. As a result, this market is anticipated to grow at a much faster rate than other vegetable protein sources.
Soy Protein Ingredients Market Trends:
Increasing Demand for Plant-Based Protein: Consumers are showing a rising interest in plant-based alternatives to animal products, driven by factors such as health awareness, environmental sustainability, and concerns over animal welfare. Soy protein stands out as a versatile, cost-effective plant-based option that can be incorporated into a wide variety of food and beverage products.
Heightened Health and Wellness Awareness: As consumers become more conscious of the role protein plays in maintaining good health, soy protein emerges as a valuable source of essential amino acids. Research has linked soy protein to several health benefits, including a reduced risk of heart disease, stroke, and certain cancers.
Rapid Expansion of the Asia Pacific Market: The Asia Pacific region is projected to be the fastest-growing market for soy protein ingredients in the coming years. This growth is fueled by factors like rising disposable incomes, increased urbanization, and heightened awareness of soy protein’s health benefits.
Innovative Product Development: Food and beverage manufacturers are continuously developing new products that incorporate soy protein ingredients. This innovation is expanding the range of options available to consumers, including plant-based meat substitutes, dairy alternatives, and protein-enriched snacks.
Emphasis on Non-GMO and Organic Ingredients: There’s a growing preference for non-GMO and organic soy protein ingredients among consumers, driven by concerns about the safety of genetically modified organisms (GMOs) and the environmental impact of conventional farming practices.
Soy Protein Ingredients Market Drivers: Demand for cheaper protein source
The expansion of crop cultivation in developing regions like South America and Asia Pacific, combined with existing global practices, has led to a greater availability of soy proteins. As a result, raw materials are easily sourced from contract farmers or oilseed crushers supplying soy meal. The low processing costs associated with soy protein align well with the operational needs of manufacturers, enabling them to invest more effectively in product development. Consequently, soy proteins are more cost-effective compared to other protein sources such as meat, dairy, and whey. Furthermore, with the recent rise in prices of conventional dairy products, soy protein stands out as a highly competitive alternative in terms of affordability.
North America is estimated to dominate the soy protein ingredients market share.
The ethical limitations and consumer awareness regarding personal and environmental health have contributed greatly to the mass shifting of people toward adopting veganism and flexitarian diets. According to a recent report published in March 2022 by the Plant-Based Foods Association (PBFA), the US plant-based food retail sales reached USD 7.4 billion, outpacing total food retail sales and showing a growth rate of 6.1% in 2021 from the previous year, despite supply chain interruptions and pandemic restrictions. This growth and increase in the demand for and consumption of plant-based foods are likely to continue during the forecast period and present significant business opportunities for soy protein ingredients.
North America is a significant production base for plant-based protein manufacturers, and the US is a key producer of soybean and wheat in the region.
Top Soy Protein Ingredients Companies:
The key players in this market include ADM (US), Wilmar International Co., Ltd. (Singapore), Cargill, Incorporated (US), CHS, Inc. (US), and Fuji Oil Holdings Inc (Japan).
Key Questions Addressed by the Soy Protein Ingredients Market Report:
What are soy protein ingredients?
What are the primary applications of soy protein ingredients?
What are the health benefits of soy protein?
How is the soy protein ingredients market expected to grow in the coming years?
What factors are driving the demand for soy protein ingredients?
What are the challenges faced by the soy protein ingredients market?
Who are the major players in the soy protein ingredients market?
What regions are the largest markets for soy protein ingredients?
What trends are currently shaping the soy protein ingredients market?
How big is the soy protein ingredients market?
What is the estimated growth rate of soy protein ingredients market?
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