The new report by Expert Market Research titled, ‘Global Soy Protein Market Report, Size, Share, Price, Growth, Outlook and Forecast 2023-2028’, gives an in-depth analysis of the global soy protein market, assessing the market based on its segments like product type, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2021): USD 9.19 Billion
- Forecast CAGR (2023-2028): 7.0%
- Forecast Market Size (2028): USD 15.65 Billion
The growing trend of health and wellness diets, which require a high protein intake, is driving the soy protein market. The industry is also benefitting from rising consumer demand for plant-based protein alternatives to animal-based food and beverage products. As consumers become more health-conscious, the industry is being driven by the multiple health benefits of soy protein. Its growing use in the sports nutrition industry is also contributing to the industry’s growth. Soy proteins are becoming popular as a low-fat, calorie-free, cholesterol-free protein source.
They are also becoming more popular in soy-based infant formulas. In addition, soy protein concentrate is widely used as a functional or nutritional ingredient in a variety of food products, mainly in baked foods, breakfast cereals, and in some meat products, which is expected to boost the soy protein concentrates market significantly in the next few years. Since soy protein consists of several nutritional benefits, it is an easy replacement for meat and dairy proteins. The rise in prices of meat and dairy proteins has led manufacturers and consumers to opt for it as a cheaper alternative that offers the same nutritional benefits.
Soy Protein Industry Definition and Major Segments
Soy protein is produced from dehulled and defatted soybean meal. It is the protein isolated from soybeans. They are commercially available as high-protein products such as isolate, concentrate, and soy protein flour, among others.
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Based on type, the industry is divided into:
- Soy Protein Flour
The industry can broadly be categorised on the basis of its application into:
- Bakery and Confectionery
- Functional Foods
- Meat Additives
On the basis of region, the industry is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Soy Protein Market Trends
The rise in the number of people adopting a vegan diet is also fuelling the soy protein industry. While veganism remains a niche interest, the market for vegan foods and beverages is expanding, driven primarily by younger consumers. Vegan alternatives to traditional products are being introduced by major manufacturers and food retailers. Vegans and those with dairy-based allergies are increasingly turning to soy protein as an alternative to dairy proteins. The industry is progressing as a result of companies conducting multiple research and development projects.
The rising innovation taking place in the industry is also providing an impetus for its growth. The rapid urbanisation and increase in disposable incomes globally are also aiding the industry growth as they define and change the consumption patterns. The diversification of products comprised of plant-based proteins like soy proteins is expected to drive the soy protein market in the coming years.
Key Market Players
The major players in the market are Archer Daniels Midland Company, Ingredion, Dupont, Cargill Incorporated, Wilmar International Limited, and CHS Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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